In the ultimate economic Catch-22, New York's tourism office is worried that European travelers—who've been keeping the city afloat in these tough times—may stop coming now that the dollar is rising in value. XE currently says one Euro is worth $1.23, the lowest rate in a year. But NYC & Co, chief George Fertitta isn't worried yet, telling Crain's [subscription required], “European visitors who want to experience the energy and excitement of New York City will visit regardless of the cost and distance." more ›

Treasury Secretary Timothy Geithner gave a few details about the Treasury's draft bill giving it "unprecedented emergency powers to wind down faltering nonbank firms such as American International Group Inc.," the Wall Street Journal reports. more ›

While the rising dollar may be good some people, some are warning that its strength could hurt NYC real estate and tourism. A former NY State deputy comptroller and NYU professor Rosemary Scanlon tells the Sun, "Europeans are going to start pulling back, to change business and personal vacation planning. [Foreign tourism] has been a really good buffer for us all summer, but now, we'll be much more at the mercy of whatever the local downturn may be." Another interesting scenario is foreigners betting against the Euro: "One international buyer who recently purchased the entire 10th floor of the I.M. Pei-designed Centurion Condominium at 33 W. 56th St., for example, asked to pay the $15.5 million price tag up front rather than at closing, in expectation that the euro would continue to weaken against the dollar, according to the director of sales at the Centurion." more ›

Yesterday, the Dow Jones Industrial Average took a 400-point-drop bath, prompted by rising oil prices and higher unemployment numbers, and stirred up more recession fears. more ›

Today the Post looks at how the turbulent economy is affecting the lifestyle of one family of four on the Upper East Side, and, surprise surprise, reports that it’s not really such a big deal for some people. Sure, their cost of living expenses have risen by $1,000 a month compared to this time last year, but Mr. and Mrs. Gary Foodim aren’t sweating it – they vacationed at Disney World last year and there's no way the recession is going to stop this year's trip. more ›

The image below isn’t a rejected Rage Against the Machine album cover, but rather an ad campaign for a leading Brazilian business newspaper, Gazeta Mercantil. Designed by illustrator Pedro Izique for the São Paulo office of ad agency JWT, the print ad redesigns the Dollar, Euro and Yen with images of “some of the most important events of the last century.” more ›

New York City has a buoy helping it resist the receding economic tide: Tourists. In particular, foreign tourists who are relatively flush with currency that has strengthened against the American dollar. The city's marketing agency NYC & Company says tourism increased by one million visitors during the first quarter of 2008 versus the same period in 2007, and that 20% of those visitors arrived from abroad. And last year a record 46 million visited the city! more ›