April 22, 2012 |
European debt problems have kept financial markets on edge during much of the last two years, but it is the debt problem in the United States that is far more likely to precipitate a global crisis. Recently, Lawrence Goodman, a former crisis-prevention analyst at the U.S. Treasury, sounded the alarm that investors balked at low coupon rates last year, forcing the Fed to buy "a stunning … 61 percent of the total net issuance of U.S. government debt. " His view that ballooning deficits and excessive debt put the U.S. economy and markets at risk for a sharp correction also explains why the recovery is so weak and why trillions of dollars remain sidelined.
May 5, 2011 |
This takes money laundering to a different level. Customs and Border Protection agents at Philadelphia International Airport seized more than $11,000 from a Jamaica-bound passenger on Saturday after he tried to hide the cash, stashing some of it in six boxes of Irish Spring Soap in his luggage, officials said today. There is no limit to how much cash can be brought in, or taken out, of the country, but travelers are required to declare amounts in excess of $10,000. The passenger was released and allowed to depart Saturday after agents returned $200 to him and seized the remaining $11,143 he was carrying.
September 20, 1992
Last week's sudden currency crisis in Europe is less about the collapse of monetary values than the collapse of an idea. The idea envisioned 12 Western European nations overcoming centuries of bloody conflict to unite by century's end - one economy, one currency, one foreign policy. But the politicians who shaped this vision failed to consider sufficiently the concerns of ordinary citizens. Nor did they adequately assess the compromises each nation would have to make to reap the gains.
March 7, 1993 |
Through the second half of the 19th century and the early years of the 20th, U.S. currency celebrated the energy of the frontier, national expansion, the rise of technology and its own fiscal stability. The bills, larger than today's, were an engraver's paradise, for they offered a large area to fill with portraiture, landscapes, elegant lettering and often an array of color. One of the most famous engravings is Walter Shirlaw's Electricity Presenting Light to the World, a heroic tableau that spread across the obverse of currency printed in the 1890s.
April 9, 2004 |
In this brave new century, capitalism could finally gain a foothold in the government's business of making money. Really making money - printing currency and striking coins. The opportunity could come should the Supreme Court ever erase the motto "In God We Trust" from in front of Jefferson's nose or from the backside of currency. The court already has been asked to strike "one nation under God" from the Pledge of Allegiance - and if it does, civil-liberties groups have threatened to go after the currency motto as well.
November 25, 2004 |
The U.S. dollar slid to a new low yesterday against the euro, which rose to $1.3172 - breaking a day-old record as jittery markets kept up pressure on the U.S. currency. It was the seventh time this month the dollar has slid to a new low against the euro. The recent rally for the euro has taken it from $1.20 about two months ago, driven by concerns over the U.S. trade and budget deficits. Yesterday's trading brought the euro up from $1.3086 on Tuesday, according to EBS, an electronic currency-dealing system.
September 7, 1998 |
Despite the Asian and Russian economic crises, investment opportunities will become more global, and investors will seek more venues worldwide to get the best return, say Stanley M. Joffe and Stanley A. Barg, of Cozen & O'Connor. Joffe is chairman of the law firm's international-estates and tax group and the managing attorney for the West Conshohocken office. Barg is a member of the international-estates and tax group in the West Conshohocken location, one of 12 Cozen & O'Connor offices.
February 22, 1988 |
A roar went up on the floor of the Philadelphia Stock Exchange the other night. Traders and brokers crowded under the electronic billboard, elbowing each other out of the way. Someone had arrived with dinner from Burger King. So much for the night's excitement. The men quickly downed their Whoppers and onion rings, then returned to their games of gin rummy and Nerf basketball. Last September, Philadelphia's stock exchange became the country's first to trade foreign currency options at night.
November 15, 1992 |
The United Nations will continue heralding its Universal Declaration of Human Rights on Friday with six commemoratives featuring the text of the document and works of art. The stamps will include Articles 19 through 24, with the declaration printed on attached tabs, or margins. This is the fourth year of the series; it will be completed next year with the final six articles. Article 19, upholding the freedom of expression, and Article 20, proclaiming the freedom to hold peaceful assembly, will be depicted on stamps of 29 cents and 50 cents U.S. currency.
April 8, 1994 |
LITHUANIA'S BECOME SO FLUSH IT NOW HAS MONEY TO FLUSH Lithuania's old money, replaced last year by a new currency, has been put back into circulation - this time as toilet paper. In 1992 the former Soviet republic introduced a temporary currency, called the Talonas, during a transition from the Soviet ruble to its own legal tender, the Litas. Now, the government is emptying bank vaults of 30 tons of worthless Talonas notes and sending them to the Grigikes Paper Factory in Vilnius for conversion into toilet tissue.