American dollar out of fashion?

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  • American currency falling out of fashion as models and rappers diss the dollar

    IT’S OFFICIAL: EURO is the new bling, the dollar is down and out.

    Just weeks after Gisele Bundchen reportedly asked to be paid in euros instead of dollars, Jay-Z is endorsing the euro in his new video. Along with the usual bling – in this case, a Rolls Royce and a soft-top Bentley – are flashes of €500 notes.

    Wittingly or unwittingly, Jay-Z, whose influence on pop culture is huge, may make the American public, and not just economists, more aware of the reality of the decline of the dollar.

    Another huge hip-hop group, the Wu-Tang Clan, are daring to drop the dollar – click on their website and try to buy their albums, and you’ll see they’re priced in euros, not dollars.

    The dollar has lost 44% of its value against the euro since 2002. But awareness of its downward spiral hasn’t seemed to hit the street.

    ‘It’s ignorance and arrogance,’ commented Clyde Prestowitz, of the Economic Strategy Institute. ‘The candidates, the voters, the country’s elite – they all take it for granted that the US currency is always going to be the world’s currency. It hasn’t hit them yet.’

    But with Jay-Z and Gisele giving the demise of the dollar a soundtrack and a sexy image, Americans may be forced to sit up and pay attention.

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