(Roughly) Daily

Posts Tagged ‘Around the World in Eighty Days

“Exorbitant privilege”*…

Economic history books will commemorate the era we currently live in as the second wave of financial globalization, following the first wave during the Classical Gold Standard period. Our era is characterized by an unprecedented expansion of global financial flows. Partly, these flows form the counterpart to global value chains and the globalization of trade in goods and services. In the last few decades, however, they have been increasingly decoupled from the real sector. The financial infrastructure that enables this expansion is the international monetary system…

In its current shape, [the international monetary system] has a hierarchical structure with the US-Dollar (USD) at the top and various other monetary areas forming a multilayered periphery to it. A key feature of the system is the creation of USD offshore – a feature that in the 1950s and 60s developed in co-evolution with the Bretton Woods System and in the 1970s replaced it. Since the 2007–9 Financial Crisis, this ‘Offshore US-Dollar System’ has been backstopped by the Federal Reserve’s network of swap lines which are extended to other key central banks. This systemic evolution may continue in the decades to come, but other systemic arrangements are possible as well and have historical precedents. This article discusses four trajectories that would lead to different setups of the international monetary system by 2040, taking into account how its hierarchical structure and the role of offshore credit money creation may evolve. In addition to a continuation of USD hegemony, we present the emergence of competing monetary blocs, the formation of an international monetary federation and the disintegration into an international monetary anarchy…

Americans tend to take the global primacy of the U.S. Dollar for granted (indeed, often complaining about the current account imbalances to which huge quantities of off-shore dollars lead). But there’s no mistaking that this system has been been hugely advantageous to the U.S. Yet, as Steffen Murau (@steffenmurau) explains, it may not last: “The evolution of the Offshore US-Dollar System: past, present and four possible futures.”

See also Mernau’s “International Monetary System” (from whence, the image above), and Ben Bernanke’s “The dollar’s international role: An ‘exorbitant privilege’?

* Valéry Giscard d’Estaing (then the French Minister of Finance; later French President), referring to the benefit that accrues to the U.S. as a result of the U.S. Dollar being the world’s reserve currency

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As we count our blessings, we might recall that it was on this date in 1890 that journalist Nellie Bly completed her 72-day trip around the world.

In 1888, Bly suggested to her editor at the New York World that she take a trip around the world, attempting to turn the fictional Around the World in Eighty Days into fact for the first time.  A year later, at 9:40 a.m. on November 14, 1889, with two days’ notice, she boarded the steamer Augusta Victoria, and began her 24,899-mile journey.

She brought with her the dress she was wearing, a sturdy overcoat, several changes of underwear, and a small travel bag carrying her toiletry essentials. She carried most of her money (£200 in English bank notes and gold in total as well as some American currency) in a bag tied around her neck.

Bly traveled through England, France (where she met Jules Verne in Amiens), Brindisi, the Suez Canal, Colombo (Ceylon), the Straits Settlements of Penang and Singapore, Hong Kong, and Japan.  Just over seventy-two days after her departure from Hoboken, having used steamships and existing railway lines, Bly was back in New York; she beat Phileas Fogg’s time by almost 8 days.

Nellie Bly, in a publicity photo for her around-the-world voyage. Caption on the original photo reads: “Nellie Bly, The New York World‘s correspondent who placed a girdle round the earth in 72 days, 6 hours, and 11 minutes.”

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“Now I have a machine gun. Ho ho ho”*…

 

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Ok, enough bickering and fighting. Let’s settle this once and for all in the only way I know how – going into a topic in way too much detail.

As we prepare to enter the year 32 ADH (a.k.a. After Die Hard), the world is gripped by a constantly nagging question.

No, it’s not “Why does everyone call Hans Gruber and his gang ‘terrorists’ when they were clearly bank robbers?”

Today we’re going to use data to answer the question “Is Die Hard a Christmas movie?”

Along the way, we’re going to test Die Hard’s Christmas bona fides against all movies in US cinemas for the past thirty years, using a variety of methods…

Stephen Follows tackles a perennial poser: “Using data to determine if Die Hard is a Christmas movie.”

[Image above: source… which also weighs in on the Die Hard question.]

* Hans Gruber (Alan Rickman), reading what John McClane (Bruce Willis) had written on a dead terrorist’s shirt

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As we just say Yippie-Ki-Yay, we might recall that it was on this date that Phileas Fogg completed his circumnavigation of the globe in Jules Verne’s Around the World in Eighty Days.  (As the book was published in 1873, the putative year of the journey was 1871 or 1872.)

In 1888 American journalist Nellie Bly convinced her editor to let her attempt the feat.  She completed her round-the-world journey in 72 daysShe completed her round-the-world journey in 72 days.

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First edition of Verne’s tale

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Your correspondent is headed into his annual Holiday hiatus; Regular service will resume on or around January 2…  Meantime, many thanks to all for reading– and Happy Holidays!

 

Written by (Roughly) Daily

December 21, 2018 at 1:01 am

You say tomAto, I say tomahto…

All one needs to know about why the Superbowl played out as it did…

Fritzcrate,” a Swedish music blogger, found himself with some down time, and then put it to good use:

Yesterday RyanAir changed my plans. Today I changed my plans, too. I did not feel fit enough to start building my SoundCloud / Echonest comment based remix machine and hacked around, but did nothing real this morning. After reading about the new Metreo Charts in last.fm’s API I finally built “My City vs. Your City“– a JavaScript based app that compares to what artists people listen to in different cities.

One can give it a whirl– comparing any two cities from a long and global list– here.

As we celebrate the rich and diverse pageant that is life, we might spare a grateful thought for the extraordinary Jules Verne– originator of last Thursday’s Almanac item and imaginative writer non pareil.  He was born in Nantes on this date in 1828.

Best known for his novels A Journey to the Center of the Earth (1864), From the Earth to the Moon (1865), Twenty Thousand Leagues Under the Sea (1869–1870), Around the World in Eighty Days (1873) and The Mysterious Island (1875), Verne is the second most translated (individual) author of all time, behind Agatha Christie.  He is considered, with H.G. Wells, the founder of science fiction.

Verne was startlingly prescient: Paris in the 20th Century, for example, describes air conditioning, automobiles, the Internet, television, even electricity, and other modern conveniences very similar to their real world counterparts, developed years– in many cases, decades– later.   From the Earth to the Moon, apart from using a space gun instead of a rocket, is uncannily similar to the real Apollo Program: three astronauts are launched from the Florida peninsula– from “Tampa Town” ( only 130 miles from NASA’s Cape Canaveral)– and recovered through a splash landing.  And in other works, he predicted helicopters, submarines, projectors, jukeboxes, and the existence of underwater hydrothermal vents that were not invented/discovered until long after he wrote about them.

Jules Verne

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