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Posts Tagged ‘New York World

“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.”

 source

Location, Location, Location…

From Alien Loves Predator, the New York Movie Map…  Can readers spot all (91) of them?

Click here for a hi-res version, with the films numbered 1-91.

As we we slip off into Big Apple dreams, we might recall that it was on this date in 1972 that Willie Mays, in his first game as a NY Met, hit the homer that beat his alma mater, the (San Francisco) Giants, 5-4.

On this same date in 1888, baseball enthusiast and (then New York) Giants fan, DeWolf Hopper first performed Ernest Thayer’s then-unknown poem “Casey at the Bat” at a game between the Giants and the Chicago Cubs.  “The audience literally went wild,”  the New York World reported the next day.  “Men got up on their seats and cheered… it was one of the wildest scenes ever seen…”  By coincidence, August 14th, 1888 was Ernest Thayer’s 25th birthday.  Hopper’s gift to Thayer kept on giving: Hopper was the prime agent of the poem’s growing fame:  he went on to recite it publicly over 10,000 times– in theaters, over the radio and on record (click here to hear), and ultimately in an early film.

Hopper, mid-recitation (source)

Twas the Night Before Christmas: The Art House Edition…

Clement Clarke Moore’s famous poem, originally entitled “A Visit From St. Nicholas,” has been a Christmas staple since it’s publication (in The New York Sentinel) on December 23, 1823.  But it has surely never been as deeply explored nor as richly interpreted as by the director of Caves Of Forgotten Dreams, Encounters At The End Of The World, and Grizzly Man:

Readers might also enjoy Germany’s cinematic treasure reading Curious George, Where’s Waldo, and Madeline… just visit Ryan Iverson’s “Stupid is the New Awesome” channel on You Tube.

As we sigh at the Existential ennui of it all, we might recall that it was exactly 90 years later– on this date in 1913– that Arthur Wynne’s “word-cross,” the first crossword puzzle, was published in the New York World:

2-3.    What bargain hunters enjoy.        6-22.    What we all should be.
4-5.    A written acknowledgment.         4-26.    A day dream.
6-7.    Such and nothing more.                2-11.    A talon.
10-11.    A bird.                                            19-28.    A pigeon.
14-15.    Opposed to less.                           F-7.    Part of your head.
18-19.    What this puzzle is.                     23-30.    A river in Russia.
22-23.    An animal of prey.                      1-32.    To govern.
26-27.    The close of a day.                      33-34.    An aromatic plant.
28-29.    To elude.                                      N-8.    A fist.
30-31.    The plural of is.                           24-31.    To agree with.
8-9.    To cultivate.                                     3-12.    Part of a ship.
12-13.    A bar of wood or iron.                20-29.    One.
16-17.    What artists learn to do.            5-27.    Exchanging.
20-21.    Fastened.                                      9-25.    To sink in mud.
24-25.    Found on the seashore.             13-21.    A boy.
10-18.    The fibre of the gomuti palm.

solution (source)

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