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Salesman Cleared in $2 Billion African Scam in Blow to U.S.
There, too, they argued that the transactions had passed through the East River and were therefore governed by the Eastern District, in Brooklyn, as well as the Southern District, in Manhattan. In that case, they won two convictions.
finance  dollar  jurisdiction 
5 days ago by yorksranter
How to diagnose your own Dutch disease | FT Alphaville
Is being the Saudi Arabia of money good for America?

So let's go back to the original research on Dutch disease. We have a basic model of an economy where the export of a single commodity raises the exchange rate, discouraging the export of manufactured goods. If the commodity is the dollar, then demand for the dollar raises the value of the dollar itself — this isn't too hard to wrap our heads around, and since 1980 the dollar has appreciated, even as the US has declined as a share of global GDP.

We'd expect to see inflation in nontradable services, like medical care and college tuition, but not in tradable goods, like t-shirts and TV sets. And we'd expect a decline in the value added to GDP from manufacturing. None of these are dispositive, and Alphaville is sadly not an econometrician. But they have all happened.

It gets more interesting when we look at the more recent research on Dutch disease, around institutions and inequality. The federal government alone controls over the most important dollar-producing lode: Treasuries. Foreign central banks treat US federal debt obligations like money. It's liquid, holds its value, and is denominated in dollars. And when people in capital markets say they're "going to cash," they don't actually buy dollar bills. They buy Treasuries.

So if the US has Dutch disease, from reading Robinson et al (2006) we'd expect for the value from the creation of new federal debt to be distributed as patronage, to a small group of people with access to power. We'd expect the federal government to over-produce debt, without considering long-term value or sustainability of production. And we'd expect the right to produce debt to raise the value of being in power.

This is a fair description of the Tax Cuts and Jobs Act of 2017.
inflation  money  currency  dollar  finance 
7 weeks ago by max_read
The high price of dollar safety
Raising the price of a luxury good is unlikely to discourage demand for it: indeed taxing DDSAs could even increase demand in much the same way as the Fed tightening monetary policy does, since it would send a clear signal that the US government wished to reduce the supply. So gross dollar inflows would increase and the dollar exchange rate would rise.

Alternatively, we can regard dollar safety as an essential good for which demand is completely inelastic because there are no substitutes for it. In this scenario, too, dollar inflows would increase and the dollar exchange rate would rise. Thus the Bill's aim could only be achieved if investors stopped looking for dollar safety. Frankly, given the present political turmoil, they are more likely to emigrate to Mars.
dollar  currencies  tradewar  finance  economics 
september 2019 by yorksranter
Opinion | Elizabeth Warren’s Radical Plan to Fix the Dollar - The New York Times
Several economists have estimated that the dollar must fall by roughly 27 percent in order to rebalance trade flows in three to five years. Such a revaluation is possible, however, and there are different means to accomplish this // very odd that this plan to *devalue* by 27% is described as revaluation!
dollar  currencies  economics  trade  warren 
june 2019 by yorksranter
Opinion | Elizabeth Warren’s Radical Plan to Fix the Dollar - The New York Times
Wall Street’s self-interest should not be allowed to stand in the way of finally fixing it.
dollar  currencies  Wall  Street  economics  Warren  Trump 
june 2019 by KMP
The Iconic Dollar Pizza Slice of NYC - Street Food Icons - YouTube
Scott Weiner from this video (around ≈2:40) confirms that if pizza is over 170°, it’ll burn your mouth.
pizza  youtube  2019  dollar  nyc 
may 2019 by handcoding

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