American Gangster’s Wad of Euros Signals U.S. Decline

It may be our currency, but it’s your problem” was Treasury Secretary John Connally‘s taunt when the U.S. unhooked the dollar from the gold standard in 1971, unilaterally rewriting the rules of world business in America’s favor.Now the world is taunting back. Almost four decades after the U.S. tore up the monetary arrangements that governed the post-World War II international economy, the dollar’s fall from grace amounts to a tectonic shift in the global hierarchy. This time, the U.S. currency is on the losing side.

In a video for the movie “American Gangster,” hip-hop maestro Jay-Z thumbs through a wad of 500-euro notes on a night of cruising through the concrete canyons of New York, a city where the euro isn’t legal tender. The euro gained against the dollar today as European economic growth in the third quarter accelerated more than forecast.

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~ by spyaokid on November 9, 2007.

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