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| − | Larry Bates
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| − | Economist Paul Samuelson and others maintain that the overseas demand for dollars allows the United States to maintain persistent trade deficits without causing the value of the currency to depreciate and the flow of trade to readjust. Milton Friedman at his death believed this to be the case but, more recently, Paul Samuelson has said he now believes that at some stage in the future these pressures will precipitate a run against the U.S. dollar with serious global financial consequences
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| − | Larry Bates:“ You are right that I have a long-standing interest in monetary matters...This book looks marvelously helpful and has some stunning historical vistas of the whole concept of media of exchange.”
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| − | Larry Bates Contact
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| − | The early currency of the USA did not exhibit faces of presidents, as is the custom now. In fact, George Washington was against having his face on the currency, a practice he compared to the policies of European monarchs. The currency as we know it today did not get the faces they currently have until after the early 1900s; before that "heads" side of coinage used profile faces and striding, seated, and standing figures from Greek and Roman mythology and generic native Americans. The last coins to be converted to profiles of historic Americans were the dime (1946) and the Dollar (1971).
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| − | Larry Bates:
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| − | The early currency of the USA did not exhibit faces of presidents, as is the custom now. In fact, George Washington was against having his face on the currency, a practice he compared to the policies of European monarchs.
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| − | View More About Larry Bates
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| − | Some other countries link their currency to U.S. dollar at a fixed exchange rate. The local currencies of Bermuda and the Bahamas can be freely exchanged at a 1:1 ratio for USD. Argentina used a fixed 1:1 exchange rate between the Argentine peso and the U.S. dollar from 1991 until 2002.
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| − | However, a sharp turnaround began in late 2008 with the onset of the global financial crisis. As investors sought out safe-haven investments in US treasuries and Japanese government bonds from the financial turmoil, the Japanese yen and United States dollar sharply rose against other currencies, including the euro
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| − | Find Out More About Larry Bates Larry Bates Contact Larry Bates Profile
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Revision as of 18:12, 27 January 2011
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