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Major Economies Pledge Support for Regime Changes
By not in system - AOL NewsWASHINGTON -- The world's major economies neared an agreement Friday on how to measure the types of dangerous imbalances that contributed to the worst global downturn in seven decades. After an all-night negotiating session, officials said that they had resolved key issues that had blocked implementation of a rebalancing program. The effort will monitor the major economies and prod them to take corrective action when imbalances in such areas as foreign trade or government debt rise to excessive levels. Two G-20 officials, who spoke on condition of anonymity, said that various objections ...
G-7 Countries Announce Joint Currency Intervention
By not in system - AOL NewsWASHINGTON -- Finance officials from the Group of Seven major industrialized countries on Thursday agreed on a coordinated effort to weaken the Japanese yen, which has surged to record levels following last week's earthquake and tsunami. A super-strong yen could cripple Japanese exports, further worsen the economic impact of the disaster that killed thousands and triggered an unfolding nuclear crisis. The coordinated intervention in international currency markets would be the first by the G-7 countries since the fall of 2000, when the G-7 intervened in an effort to bolster the euro. ...
US Wants to Take Your Dollars -- and Replace Them With Coins
By Joseph Schuman - AOL NewsAmericans are a tight-fisted people when it comes to their dollars. So in order to replace the paper currency with dollar coins -- a long-advocated move that could save the government an estimated $5.5. billion over 30 years -- the General Accountability Office called on Congress, the Federal Reserve and the Treasury to help yank the $1 note from circulation. In the past 20 years, the GAO, Congress' investigative arm, has issued four recommendations for a switch to metal dollars in order to save all the money spent to replace worn-out dollar bills. Dollar bills last longer than they used to ...
It Took 84,000 Pennies, But Mom's Giant Coin Really Makes Cents
By Ben Muessig - AOL NewsMake a penny, leave a penny. That's how one cash-strapped Michigan woman obtained the 84,000 pennies she used to construct a gigantic replica of a 1-cent coin, which won her artistic acclaim and allowed her to share her inspirational story. Wander Martich says she only started building her massive coin after she was forced to pinch pennies when she went through a divorce, lost her home to foreclosure and lost her job in 2006. ...
Opinion: Economy Got You Down? Don't Blame China
By Marty Robins - AOL NewsIn light of the state visit of Chinese President Hu Jintao, there has been and will continue to be no shortage of commentary on the need to somehow force China to "redress" its trade imbalance with the U.S. and stop its alleged currency manipulation, so as to spur economic recovery. The best economists can and do argue endlessly as to whether China is manipulating its currency in order to stoke its exports. I don't profess to know whether such action is having this effect, but I do know that it's absurd -- and dangerous -- to blame China for our economic situation. When it comes to our ...
What's at Stake in US-China Summit? Pretty Much Everything
By Joseph Schuman - AOL NewsPresidents Barack Obama and Hu Jintao have a lot to talk about. The Chinese leader arrives in the United States for a state visit at a time when Washington and Beijing are partners, adversaries or both on nearly every substantial international issue -- from Iranian and North Korean nuclear ambitions to disputes over subsidized steel and software piracy, from human rights and climate change to control of sea lanes and currency exchange rates. And the scope of U.S.-Chinese interaction itself has been evolving so rapidly that the White House has described the building of a better working ...
Vegas' Newest Gimmick: ATM That Dispenses Gold
By Steve Friess - AOL NewsLAS VEGAS -- The key difference between the tall yellow machine and the row of video poker consoles next to it is that the yellow machine will definitely give you something if you stick enough money in it. Still, the question remains: Is the small piece of gold that emerges from this rather unique vending machine actually worth the investment, or is it just another way to lose money in Vegas? The Gold to Go machine, billed as a "gold ATM," began dispensing seven different gold products Wednesday at the Golden Nugget Hotel-Casino, the second of its kind unveiled in the U.S. and the 20th ...
Russia-China Deal Aims -- Sort of -- to Ditch Dollars
By Joseph Schuman - AOL News
(Nov. 24) -- Russia and China plan to start conducting their mutual trade in rubles and yuan in a bid to remove the globally predominant U.S. dollar from the equation, but the move seemed more symbolic than financially significant. Russian Prime Minister Vladimir Putin announced the decision Tuesday after meeting with Chinese Premier Wen Jiabao in St. Petersburg, adding that rubles had begun to exchange on Chinese exchanges this week and that the yuan will start trading in Moscow next month. Alexei Druzhinin, Pool / RIA Novosti / AP Russian Prime Minister Vladimir Putin, right, and his ...
Obama Claims Strengthened Hand in Global Dealings
By not in system - AOL News
YOKOHAMA, Japan (Nov. 12) -- President Barack Obama claimed a stronger hand on the world stage Friday despite electoral defeats at home, failure to get a free-trade agreement with South Korea and lackluster international support for his get-tough policy with China on trade and currency disputes. "It wasn't any easier to talk about currency when I was first elected and my poll numbers were at 65 percent," Obama argued at the close of the G-20 summit, after bluntly accusing Beijing of undervaluing its currency. The president flew to Japan for the APEC summit without the coveted trade pact with ...
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