Results tagged “currency”

Leave it to starving artists to create a new kind of currency! The Brooklyn Torch Project consists of a group of creatives whose aim is to "create a local currency to benefit the local area businesses and artists" and "bring together both artist communities and immigrant communities in our area to improve integration of social groups and economies and boost our pride." The Daily News reports on the idea today, noting the Treasury Department is totally cool with people printing their own money in the U.S.; it will be subject to the same taxes as the dollar, and the exchange rate will be one to one (though "businesses might provide incentives for shoppers to spend money locally, ultimately raising the Torch's value"). The artists point out that there is a similar program in Ithaca, which began in 1991; “An Ithaca HOUR will generate 30 times more economic activity than [a dollar] will," meaning more money for the community. Expect to see Torch bucks being passed around Greenpoint, Williamsburg and Bushwick by the Fall; currently the group is looking for a design to grace the bills, and you can help!

Treasury Secretary-designate Timothy Geithner, who was recommended for confirmation by the Senate Finance Committee (vote: 18-5), has strong words for China. The written statement read, "President Obama — backed by the conclusions of a broad range of economists — believes that China is manipulating its currency." The NY Times points out, "The Bush administration purposely did not use the term 'currency manipulator' to avoid antagonizing the Chinese, even when it was criticizing China’s trade policies." A China-U.S. relations expert tells Reuters "China is going to be extremely unhappy, to say the least. For administration officials, I do not think any one has ever pointed a finger so strongly at China," and a former U.S. Trade official said to Bloomberg, "It opens a Pandora’s box. We need the Chinese to hold onto their Treasury and agency debt." However, Rep. Charles Rangel was on board: "What they can’t work out diplomatically we can work out legislatively. The [Ways & Means] committee has been saying for years [that China has manipulated the yuan’s value.]" China has about $1 trillion of U.S. debt.