Greenback Toilet Paper
Posted by LoisLane at Sunday, November 18, 2007 6:13 AM and is filed under Black Power,Times in Life,Culture Clash 
I have long held that Hip-Hop artists and rappers have more influence than credited with when it comes to the spending power of millions of fans and listeners but an article saying that quintessential rapper Sean Carter, otherwise known as, Jay-Z, is partly responsible for the plummeting dollar misses its mark.
Consider that in "Blue Magic," his latest video promoting the first single from his “American Gangster” CD, Brooklyn-native Jay-Z flashes stacks of 500 Euro notes instead of American Greenbacks. Likewise, uber-successful, Brazilian-born supermodel Gisele Bundchen said she would work only for Euros.
Last week, MySpace’s ‘Davey D’ reposted a Bloomberg article on his blog that said Carter and Bundchen were aiding the failing buck by acknowledging the European Union’s Euro is currently outshining the U.S. Dollar and has been for some time. (Right now, the American Dollar is only $.68 to the Euro.) The article went as far to say that rappers and models don’t grab headlines for their smarts or fiscal prowess. I say, this is hardly an indication that these two have secreted insights to the American economy but instead a grasp on reality in the world around them, something every rapper and model needs for the proven staying power these two possess. Besides, if you don't know by now, you are only as rich as the value of your bank account in Euros, at the very least.
Since my arrival in Europe, it’s been painfully apparent that our once American juggernaut of an economy is fading fast—and sadly—without much public outcry or discourse. Americans abroad understand the U.S. Dollar is no longer what it once was. Take for instance, the idea that our money has never been on par with its Canadian or Australian counterparts. Today, they are $.97 and $1.12 to the American Dollar, respectively. The idea that the Australian Dollar is worth more should strike you as either laughable or depressing. The situation is so dire, that the aforementioned article stated that a regime change is imminent in the balance of the world’s superpowers. We are teetering on the brink of losing our status and presidential candidates are mud slinging, arguing about flip-flopping on outdated issues while the President deals with Turkey Day travel delays!
If that is not enough to convince you, look at is this way: one Great Britain Pound is worth $2.05. (We are $.48 to the Pound.) At the end of this year, more countries will join the Schengen and eventually, convert their money to Euros, which will only make it stronger. If things don’t change and soon, places like Estonia, Poland and Slovakia will have money worth more than ours.
The saddest part of the whole thing, is when reading an article about the cyclone devastation in Bangladesh, the EU pledged a hefty $2.2 million for aid. Missing was a pledge from the American government (assuming we can afford to donate) but we would have to pledge more than $1 million above that to value match the EU's offer.
Since reading the initial article, I’ve searched the Web looking for stories about the economy’s peril. I wanted to read how our government was strategizing to stop the descent. I found nothing except for a couple of pieces (one by Bloomberg and the other by the BBC) that only mentions the low-value dollar in context to Jay-Z's video. Where are all the newspaper stories? Is the entire Fourth Estate sleeping at the wheel while they struggle to give their readers “local-local” news coverage and as a result, are blatantly ignoring what’s happening to the Dollar? Politicians must act. Americans should know what we could do to stop it. It’s the duty of the Fourth Estate to inform both parties of what they are obviously oblivious to instead of kowtowing to advertisers and reader subscriptions.
This has not happened overnight. It’s been going on for months, if not longer. It’s a sad day in America when the masses have to rely on entertainers to get a dose of the real world. Even though that's what Jay-Z does best, existing on a dollar value less than half of Great Britain's Pound should be a wake-up call to all: the buck stops (dropping) here.
Consider that in "Blue Magic," his latest video promoting the first single from his “American Gangster” CD, Brooklyn-native Jay-Z flashes stacks of 500 Euro notes instead of American Greenbacks. Likewise, uber-successful, Brazilian-born supermodel Gisele Bundchen said she would work only for Euros.
Last week, MySpace’s ‘Davey D’ reposted a Bloomberg article on his blog that said Carter and Bundchen were aiding the failing buck by acknowledging the European Union’s Euro is currently outshining the U.S. Dollar and has been for some time. (Right now, the American Dollar is only $.68 to the Euro.) The article went as far to say that rappers and models don’t grab headlines for their smarts or fiscal prowess. I say, this is hardly an indication that these two have secreted insights to the American economy but instead a grasp on reality in the world around them, something every rapper and model needs for the proven staying power these two possess. Besides, if you don't know by now, you are only as rich as the value of your bank account in Euros, at the very least.
Since my arrival in Europe, it’s been painfully apparent that our once American juggernaut of an economy is fading fast—and sadly—without much public outcry or discourse. Americans abroad understand the U.S. Dollar is no longer what it once was. Take for instance, the idea that our money has never been on par with its Canadian or Australian counterparts. Today, they are $.97 and $1.12 to the American Dollar, respectively. The idea that the Australian Dollar is worth more should strike you as either laughable or depressing. The situation is so dire, that the aforementioned article stated that a regime change is imminent in the balance of the world’s superpowers. We are teetering on the brink of losing our status and presidential candidates are mud slinging, arguing about flip-flopping on outdated issues while the President deals with Turkey Day travel delays!
If that is not enough to convince you, look at is this way: one Great Britain Pound is worth $2.05. (We are $.48 to the Pound.) At the end of this year, more countries will join the Schengen and eventually, convert their money to Euros, which will only make it stronger. If things don’t change and soon, places like Estonia, Poland and Slovakia will have money worth more than ours.
The saddest part of the whole thing, is when reading an article about the cyclone devastation in Bangladesh, the EU pledged a hefty $2.2 million for aid. Missing was a pledge from the American government (assuming we can afford to donate) but we would have to pledge more than $1 million above that to value match the EU's offer.
Since reading the initial article, I’ve searched the Web looking for stories about the economy’s peril. I wanted to read how our government was strategizing to stop the descent. I found nothing except for a couple of pieces (one by Bloomberg and the other by the BBC) that only mentions the low-value dollar in context to Jay-Z's video. Where are all the newspaper stories? Is the entire Fourth Estate sleeping at the wheel while they struggle to give their readers “local-local” news coverage and as a result, are blatantly ignoring what’s happening to the Dollar? Politicians must act. Americans should know what we could do to stop it. It’s the duty of the Fourth Estate to inform both parties of what they are obviously oblivious to instead of kowtowing to advertisers and reader subscriptions.
This has not happened overnight. It’s been going on for months, if not longer. It’s a sad day in America when the masses have to rely on entertainers to get a dose of the real world. Even though that's what Jay-Z does best, existing on a dollar value less than half of Great Britain's Pound should be a wake-up call to all: the buck stops (dropping) here.
Great article - I have noticed the change but only because I have been doing much research in regards to stocks and commodities and the worth of the dollar has come up numerous times... the problem in my eyes in regards to awareness is that many Aamericans dont know or understand many of the impacts of what goes on outside this country...I remember when the dollar was over $3.00 to the German Mark (Before Euro came into effect)..people stationed overseas were spending money like it was nothing, litteraly throwing it away.. now its not worth anything anymore...People need to understand the lack of value of the dollar and how it affects us as well as how the world views this country and ultimately can if it hasnt already affect our trade with others..those of us who dont read or get involved with financials are not aware and never will be aware... to be honest how many people care? thats the problem, they dont understand so they dont bother to learn and thus they dont care!! Although I a sure those with $$, the so called upper class, are aware of this or at least are keeping an eye on it..as well as any investors.. Thats too sad though!! Its also sad that only Bloomberg (Financial company - actually used to be my client) and the BBC (European newscast) are the only ones making a note of this...do you think this would ever reach the local level - when have you seen financial news on the local level??? Great article to make us more aware of whats going on!! Hope all is well !!
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Glad to see a new blog!!!
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We loved your blog!
A lot of people in Europe still believe in the US economy and they invest money especially in the realestate market in the US. This shows that they think the situation will turn around. But we totally agree with you that the government needs to adress these issues. Another thing is the debts of your country that are increasing to a point that it seems that the situation is out of control.
We missed your blogs, great to have a new one!
Love from Atle and Siv-Helen
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Its done to usher in the north american union, its already signed
Also check out real ID and how it was passed that is a story right there
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Keep up the good work and never foget the power of YOUR pen a/k/a blog.
Always stay great!
Love,
Ron
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