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View Diary: New: concern trolling the euro (241 comments)

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  •  It may have been debunked right away... (10+ / 0-)

    ...but the meme has a life of its own.  Ten days later, a related story came out that expanded on the idea.

    Rappers join models in insisting on euros as greenbacks fall further out of fashion

    In addition to repeating the Gisele Bundchen urban legend, the story added the following new example:

    Pay attention as you watch the catchy new music video from the mega-star rapster Jay-Z, "Blue Magic", and see if you can't spot the product placement. It is not a fancy car that he is endorsing – although both his rides, a Rolls- Royce and soft-top Bentley, are plenty spiffy – but rather a currency – and it is not the dollar.

    Like so many in the hip-hop genre, the song is a celebration of ostentatious wealth. But capturing the attention of commentators in this clip, shot in the glimmering, neon-lit canyons of New York City, are the repeated glimpses of flickering wads of €500 notes. Jay-Z has thus performed a currency defection: the dollar is not just down, it is out. The euro is the new bling.

    It is only a music video, but Jay-Z, whose influence on pop culture is immense, may, wittingly or otherwise, be bringing America to what some pundits call the "point of recognition" – the moment when the droop of the dollar against other currencies ceases to be the preoccupation only of economists and American tourists in Paris, and enters the popular zeitgeist as a new and unsettling reality.

    There may be other influences at work here, although the weakness of the dollar certainly is a major, if not the primary, factor why these stories have traction. Back in 2003, before the fall of the USD against the Euro began, Eric Schlosser, author of Fast Food Nation, wrote Reefer Madness: Sex, Drugs, and Cheap Labor in the American Black Market. In it, he speculated that the €500 note might surpass the $100 bill as the currency of drug dealers, money launderers, and the rest of the international black market, simply because it allowed more cash to moved around more conveniently, something that would still be true even if the dollar hadn't weakened. While Jay-Z may be reflecting the shift in the dominant international currency, or signaling a new preference in the underground economy, it could be more innocent than either; he might simply be waving around the biggest bills he can lay his hands on.

    "Iraq: the bravest 1% fighting for the richest 1%." ~ An Unknown Kossack.

    by Neon Vincent on Tue Nov 27, 2007 at 12:07:37 PM PST

    [ Parent ]

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