Roads and Highways will go Private, thanks to Iraq War

from Wired Magazine [and Tanya!] Full article here.

At the outset of the Iraq war, the Bush administration estimated that it would cost roughly $50 to $60 billion to oust Saddam Hussein and set that nation on the road to democracy. Five years later, the price tag is $600 billion and counting. As the economy sours, it becomes clear that one overlooked casualty of this war will be America's creaking infrastructure.

Free markets may be the only way to save the nation's roads and highways. They might even be the best way to save them. The Department of Transportation, under this Administration, has made no secret of its desire to lease highways to private companies, to use tolls and congestion pricing, to auction off fast access to those willing to pay and to otherwise let free markets drive transportation. Under this view, breaking up the government monopoly on transportation could lead to innovation and more choices for the public. Let those who use a resource pay for it, without burdening everyone else with the costs. Let the pain of price ease gridlock. It will reduce both fuel consumption and emissions. Heck, it might even drive down your insurance premiums.

Designer credit cards compete for wallet share

Credit cards are turning arty. Card issuers are trying to catch the eyes of customers with innovative designs, as the entire industry is in a fierce battle for a bigger piece of the credit pie. Kookmin Card this week unveiled a card with its front covered with a leather-like pigment. The design upgrade will be applied to its KB Star Card product set to debut next week and it will have two types: ostrich and crocodile.

http://joongangdaily.joins.com/article/view.asp?aid=2886836

Gold plummets as dollar inches higher

The precious metal loses some luster as signs of economic recovery draw investors to more risky investments.

NEW YORK (CNNMoney.com) -- Gold prices tumbled Wednesday, as the dollar regained strength, to sink nearly $100 below its record high set Monday - leaving some traders wondering if this is the beginning of the end for gold's impressive run.

COMEX gold for April delivery fell $59 to settle at $945.30 an ounce Wednesday. Gold had set an intraday record of $1033.90 Monday.

Gold began to slide shortly after the Federal Reserve cut interest rates Tuesday by 3/4 of a percentage point, instead of the full percentage point that some market participants had expected.

The dollar, which has hit a series of record lows, began to advance against the euro in response to the Fed's announcement. Normally, interest rate cuts depress the value of the dollar. However, since the cut was less aggressive than many expected, the greenback benefited.

"It looked like the sky would fall, which is why we got up to those record levels Monday," said Jon Nadler, senior analyst at Kitco Bullion Dealers in Montreal. "But when the dollar started a bit of a gain this morning, people pulled the trigger across the commodity board."

Gold is priced in dollars, making it an attractive investment for overseas buyers. But if the dollar begins to strengthen, investors from overseas markets are more likely to sell their gold.

Moreover, gold's reputation as a safe-haven investment, one that holds value in times of economic volatility, contributed to the metal's record-breaking run.

'A major shift in psychology'

Buying gold and other commodities like oil and wheat is seen by many as a way to hedge against inflation, which has also helped support the gold market recently.

As the dollar continues to post gains against the euro, some analysts think gold is heading south after growing nearly 40-fold since its trough of $253 in August 1999.

"If gold drops below $915, it will represent a major shift in psychology," said Nadler, who believes gold could fall to about $850 in the next week.

With lower mortgage resets, the upcoming elections - which tend to boost the dollar - and the coming seasonal lull for gold, Nadler sees gold slipping to around $650 to $750 in the summer.

"That represents a good equilibrium level for gold, as jewelers will be able to sell gold again," he said.

Still, some analysts think Wednesday's selloff is largely a hiccup - a temporary reaction by speculative buyers to changes in the economic climate, which can dramatically impact on the price of gold.

"When you are operating in a heavily overbought market, corrections like the one we're seeing today are very easy to have," said Nicoals Kavalis, a senior analyst at precious metals consultancy GFMS.

Kavalis notes that the recent run-up in gold prices has been supported by speculative buying. "It's not hard for that 'hot money' to move out of market [when conditions change]," he added.

Religion and money: Islamic finance

Asma Hanif18 Mar 2008

Islamic finance is on the rise in what in many parts of the world can be called an anti-Sharia age, and it has been proven compatible with Western financial systems and legislation. But challenges have still to be faced.
Although implementation of Sharia law often sparks deep controversy in today's world, it seems that finance is a subject where the "Islamization process" spreads at great speed, but with least objection.Islamic finance is estimated to manage nearly $500 billion. A recent report by Moody's, a New York-based company carrying out financial research, suggests that the amount has annually risen by 15% over the past three years and predicts an excellent prospective for the coming years.

link: http://religion.info/english/articles/article_371.shtml

Green Cars for Those with Lots of Green

http://www.businessweek.com/lifestyle/content/mar2008/bw20080318_075883.htm?chan=autos_lifestyle+index+page_top+stories

Can luxury have a conscience? Plenty of research says more and more luxury buyers want a car that is environmentally friendly. And slowly, carmakers are trying to capitalize on it.

Will the US remain US? Or become a neo-USSR?

The population of derivative products has grown to gigantic levels that is beyond the competence of any system, mind, or force to deal with.

S. Gurumurthy

The title is not to tease the reader. If the ongoing debate initiated by Martin Wolf, associate editor and chief economic commentator in Financial Times and Prof. Nouriel Roubini, professor of economics at New York University, is to be given a title, that could be this.
Wolf, whose Wednesday columns in FT are discussed by fifty most influential economists of the world, is a mainline economic thinker. Roubini, who has held different positions in US government, now occupies important seats in academia and runs Roubini Global Economics [RGE] Monitor, an influential Web site.

link: http://www.thehindubusinessline.com/2008/03/19/stories/2008031950080900.htm

Money for nothing -- the allowance question

We decided a while back that it might be a good idea to teach our kid about the value of money and responsibility and saving by giving her an allowance. The Bank of Me, Husband and Co. decided to bestow the generous sum of five dollars a week on said child, after taxes. The allowance, we agreed, would not be contingent on chores or household participation (those she just has to do for the joy of doing them) and we'd sit back and watch her grow into a fiscally responsible human being.

link: http://www.sfgate.com/cgi-bin/blogs/parenting/detail?&entry_id=24973

Wall Street chaos: How to plan your money

Planners advocate prudence - and a cash cushion - to get you through volatile times.
By Jeanne Sahadi, CNNMoney.com senior writer
Last Updated: March 18, 2008: 5:01 PM EDT

NEW YORK (CNNMoney.com) -- The phrase "run on the bank" is really something you never want to hear. Yet that's what best describes Bear Stearns' swift demise - and it has caused investors to wonder if such a run could happen elsewhere.
From the average person's perspective, it's a little hard to know how worried, if at all, to be about your money right now.
While certified financial planners are concerned about the financial news coming out of Wall Street these days, they are far from running scared on behalf of their clients. In fact, they're still encouraging them to stay invested in a well-allocated portfolio.
But they do see value in taking certain prudent measures - many of which make solid sense even when the financial markets aren't as rocky as they are now.
Consider the money you've got in the bank. The Federal Deposit Insurance Corp. will insure your money in checking, savings, certificates of deposit and money market deposit accounts up to $100,000. That's per depositor, per institution. In some instances, you may qualify for more coverage, but generally speaking $100,000 is the cut-off for deposit accounts.
So if you have more than $100,000 combined in all your accounts at one bank, you might consider moving some of it to another institution. "That's a good general rule of thumb," said Jim Whiddon of JWA Financial Group in Dallas.


Link: http://money.cnn.com/2008/03/18/pf/bear_stearns_fallout/?postversion=2008031817

State rep pleads guilty to money laundering

By BILL RANKINThe Atlanta Journal-ConstitutionPublished on: 03/18/08
State Rep. Ron Sailor on Tuesday pleaded guilty to laundering what he believed to be $375,000 in drug money for an undercover officer posing as a drug dealer.
Sailor, 33, a Democrat who represents parts of DeKalb and Rockdale counties, agreed to resign his position in the legislature. Shortly after his arrest three months ago, Sailor admitted his wrongdoing and began providing information for a public corruption investigation.

"It is an active and ongoing investigation," U.S. Attorney David Nahmias said after the guilty plea. Sailor provided "useful information in opening windows into public corruption we were unaware of before his cooperation."
Sailor was arrested by federal agents at a metro Atlanta hotel on Dec. 19, after taking what he believed to be $300,000 in cash from a drug dealer, who actually was an undercover officer.
Sailor entered his negotiated plea before U.S. District Judge Jack Camp, who will sentence Sailor on May 22. Sailor faces a maximum sentence of 20 years in prison but is expected to get credit for his cooperation with authorities, his lawyer, Bruce Maloy, said after the plea.
Money laundering involves structuring financial transactions to conceal the source of funds.
"I was desperate for money and in my desperation I did business with a person I believed was a drug dealer," Sailor told Camp in court. "I offered to launder money for this individual to make money for myself to try to get out of debt. ... I have tried to make amends for my conduct."
In a joint statement, House Minority Leader DuBose Porter (D-Dublin) and House Minority Caucus Chairman Calvin Smyre (D-Columbus) said, "Our credibility and trust is all we have, and it's sad when that trust is broken. This is an unfortunate matter where the public trust is broken."
Smyre said he and Porter learned about the plea before the General Assembly convened Tuesday. "It's something that pains all of us," Smyre said.
"I am disappointed in the bad decisions made by Representative Sailor," House Speaker Glenn Richardson said. "The House of Representatives does not condone his actions."
http://www.ajc.com/news/content/metro/stories/2008/03/18/sailor_0318.html

Chavez Proposes Oil Barter Scheme

Chavez proposes oil barter scheme

Hugo Chavez's Venezuela is a close ally of Cuba

Venezuelan President Hugo Chavez has said Central American and Caribbean states could pay for oil with services or products like bananas and sugar.

http://news.bbc.co.uk/2/hi/americas/7155706.stm

from Shelley

Markets Rattled by Bank Worries

http://news.bbc.co.uk/2/hi/business/7300017.stm
from Shelley -- follow the link!

Counterfeiters Caught Passing Phony Bills at Riverbank Target

Link to Article
Link to Video

Police: Counterfeiters Caught Passing Phony Bills at Riverbank Target

Written by Elizabeth Bishop, Senior Internet News Producer

---

Valerie Craven Clay Roberts Michael Keys

RIVERBANK, CA - Three Riverbank residents have been arrested for allegedly printing and passing phony $100 bills.

Valerie Craven, Clay Roberts and Michael Keys, all in their 50s, were arrested Thursday, according to Mark Copeland with the Stanislaus County Sheriff's Department.

Sheriff's investigators said the bills were passed at the Target store in Riverbank where Craven was a clerk. On three occasions, Roberts, who is Craven's boyfriend, bought items with the fake $100 bills and paid for them at Craven's counter, Copeland said. Craven also paid off a Target credit card with fake $100 bills, according to Copeland. Investigators said they used store video to help track the counterfeit money back to Craven and Roberts.

Copeland said a close look at the counterfeit bills showed they were not the real thing. "They have a different texture and the color's off," he said. "The borders are blurrier because they're photocopying it."

Copeland said another tipoff was the fact that many of the bills had the same serial number on them because they'd been photocopied from the same real $100 bill.

Friday, investigators put on display items they seized, including as much as $30,000 worth of phony $100 bills, a computer, printers, ink, and cutters.

New $5 Bills Set to go into Circulation

by JEANNINE AVERSA, AP Economics Writer Thu Mar 13, 4:00 AM ET

WASHINGTON - Abraham Lincoln is getting a little color in his cheeks.

New $5 bills bearing the gaunt visage of the nation's 16th president — but with some touches of color added — are making their way to banks and cash registers near you.

http://news.yahoo.com/s/ap/20080313/ap_on_go_ca_st_pe/new_money

[from Tanya!]

Elephant among odd college donations

CNN.com - full article

Income and Happiness: An Imperfect Link

from The New York Times - click for full article

By ROBERT H. FRANK

Published: March 9, 2008

DOES money buy happiness? This week, Senator Byron Dorgan, Democrat of North Dakota, will join a long line of people who have taken serious stabs at trying to answer that thorny question. He will hold a hearing exploring whether traditional economic measures like per-capita income accurately capture people’s sense of well-being.

David G. Klein

This has long been a contested issue. Although everyone concedes that income is an imperfect welfare measure, conservative economists have tended to emphasize its virtues while liberals have been more likely to stress its shortcomings.

[posted for Melissa!]

Banks Springing Up to Serve the Underserved

from The New York Times (click here to read full article)

By LIZ GALST

Published: March 8, 2008

AT first glance Raleigh, N.C., may not seem like a logical place to open a Latino-oriented bank. After all, Raleigh is not a city like Los Angeles, for instance, where more than 47 percent of the population is Hispanic.

Jenny Warburg for The New York Times

David Flores, left, chief executive of Nuestro Banco saw an opportunity to offer special banking services like check cashing for immigrants and small-business loan applications in Spanish.

Jenny Warburg for The New York Times

Nuestro Banco opened in September in North Carolina.

But David Flores, a former senior vice president at Chase Manhattan Bank, looked at the skyrocketing Hispanic population in North Carolina — from 1990 to 2006, it rose to 593,385 from a mere 76,726 — and saw a business opportunity.

Hats Off-Who Needs Money?

from the London Telegraph (click for full story)

Last Updated: 12:01am GMT 08/03/2008

Is bartering the answer to the credit crunch? Lucinda Labes on a modern version of an old way of trading

I am in a bakery, collecting a cake that is nearly the size of my toddler. It is red, shiny and looks like Postman Pat's van. It should pass muster at the birthday party next week. But, best of all, I'm not handing over a penny.

	Exchange and smart: Lucinds Labes tries on hats with Richmond milliner Mary Spiteri, who is pinning her trade hopes on the Bartercard scheme

How come? I am the newest member of Bartercard UK, a pool of 4,000 British businesses that trade work, rather than cash, for their endeavours. Many more could soon be on its books if recession hits the country.

NJ students punished for penny payments

READINGTON TOWNSHIP, N.J. - Sometimes a penny for your thoughts isn't a good thing. Readington Township school officials gave 29 students detention after they used pennies to pay for their $2 lunches.
ADVERTISEMENT

Superintendent Jorden Schiff says it started out as a prank. But as the eighth-graders began to get in trouble for taking up so much time, it turned into a protest about Thursday's shortened lunch period.

Schiff said the students were punished for holding up their peers and disrespecting lunch aides.

Schiff said some parents think a two-day detention went too far and others think it wasn't enough.

The school said it wants students to know they can express themselves without disrupting other people.

Aren't pennies money?

Waitress gets $50,000, car from cranky Texan

BROWNSVILLE, Texas - For nearly seven years Melina Salazar did her best to put on a smile and tend to the every need of her most loyal and cantankerous customer.
She made sure his food was as hot as he wanted, even if it meant he burned his mouth. And she smiled through his demands and curses. The 89-year-old Walter "Buck" Swords obviously appreciated it, leaving the waitress $50,000 and a 2000 Buick when he died.
"I still can't believe it," the Luby's cafeteria employee told Harlingen television station KGBT-TV in an interview during which she described Swords as "kind of mean." Swords, a World War II veteran, died in July. But Salazar learned just a few days before Christmas that he had left her the money and car.


http://www.msnbc.msn.com/id/22424002/

Pizza Hut waitress gets a $10,000 tip

Jessica Osborne, a waitress at Pizza Hut, has a dream to go college and pursue a career in photography. But with the lack of money, she can not do so.
But one Friday evening, her dream did come true. Her regular customer Becky, who orders the same pizza every Friday, gave Jessica a $10,000 tip to help pursue her college education. Becky had recently received a huge settlement from an accident that took the lives of her oldest daughter and husband. Becky gave Jessica a $10,000 tip to help pursue her career and thought it was the right thing to do.



http://www.propeller.com/viewstory/2006/08/31/bartender-gets-10000-dollar-tip-on-26-dollar-tab/?url=http%3A%2F%2Fwww.breitbart.com%2Fnews%2F2006%2F08%2F31%2FD8JR9I800.html&frame=true

Bartender Gets $10,000 Tip on $26 Tab

HUTCHINSON, Kan. (AP) - Two weeks ago, one of Cindy Kienow's regular customers left her a $100 tip on a tab that wasn't even half that. This week, he added a couple of zeros.
Kienow, a bartender at Applebee's, got a $10,000 tip from the man—for a $26 meal—on Sunday.
"I couldn't move," Kienow said. "I didn't know what to say. He said, `This will buy you something kind of nice, huh?' And I said, `Yeah, it will.'"
Kienow said the man, whom company officials have declined to name, comes in several times a month and eats at the end of the bar. He has always tipped well, she said, usually leaving $15 on a $30 tab.
Then came the $100 tip, followed by the real shocker.
"He usually signs his ticket and flips it upside down," said Kienow, 35, who has worked at the restaurant for eight years. "But this time, he had it right-side up and said `I want you to know this is not a joke.'"
It's not, company officials agreed.
"This is a great deal for us and a great deal for Cindy," said Rhodri McNee, vice president of operations for JS Enterprises, the owner of the Hutchinson Applebee's. "We did have a guest leave this tip on a credit card, and we're doing everything to make sure it's a valid charge."
The company is in the final stages of verifying the tip, McNee said, while also working to maintain the customer's privacy and make sure the money goes through the proper channels to get to Kienow.
"Nothing would make us happier than to present her with that check," McNee said. "She's been with us for eight years, and she's a great employee who does a great job."
Kienow said that while she always talks with the man when he comes in—usually about current events or the weather—she can't think of anything that would have prompted the huge tip.
"I've been waiting on him for about three years," Kienow said. "We'd just talk across the bar he's a really nice guy. I hope he comes back in so I can tell him thank you, because the other day I was kind of dumbfounded."
Kienow, whose father will have to take some time off work for surgery on both of his knees, said she hasn't decided what to do with the money.
"I'd like to take care of my parents, since they always took care of me," she said. "But I feel like he wanted me to buy something for myself, and there's a Jeep that I've had my eye on for a while."

http://www.propeller.com/viewstory/2006/08/31/bartender-gets-10000-dollar-tip-on-26-dollar-tab/?url=http%3A%2F%2Fwww.breitbart.com%2Fnews%2F2006%2F08%2F31%2FD8JR9I800.html&frame=true

How People Count Cash

This is a very interesting video on how people count cash differently in different parts of the world.
http://www.metacafe.com/watch/1098393/how_people_count_cash/

Cambodian Tontines

This is the project space for Belinda Uy, Jenny Lien, and Tanya Kim!

The concept of tontine developed in France in the late 17th century, since

then it has evolved into other variations in other cultures. Our focus

will be the practice of Cambodian Tontine in Southern California. We will

also lightly discuss more contemporary forms of tontine.

Dollar Bill Origami

Dollar bill origami is also called money origami. As its name suggests, this type of origami uses money instead of paper. Sometimes, an existing diagram can be easily converted into a money model. Other times, because of the shape of money, new sequences of steps are needed before money can be folded into a dollar bill origami model. [Photo: $shirt].

It is interesting to note that US bills are 6.14 " X 2.61" (ratio of 7:3) and Canadian dollars are 152.4 mm x 69.85 mm (ratio of 13:6). Paper money from Britain, France, Japan, China, and Australia, and the EUR are all different sizes depending on their denominations.

It is not clear when dollar bill origami began but origami historian David Lister has an article on Paper Money Folding in the BOS web site. He explains that folding paper money may have started as early as the 1800's. But it was not until the mid 1950's before money folds became significantly popular. This is documented in Robert Harbin's book Paper Magic (1956).

Delightfully folded money can be given as tips, for example, in restaurants. They can also be given as wedding present, for example, a dollar bill butterfly. It’s an interesting twist to the age-old concept of cash gifts. [Photo by S Hecht].

Dollar bill folding can be done in any country, but it is particularly popular in USA. Why is this? It is not possible to explain the tendencies of the American public, but here is

one possible reason. The lowest American dollar bill is worth $1, thus you can afford to fold and give away a dollar. In contrast, the smallest Canadian bill is $2; and in Mexico, the smallest bill is $10 neuvos peso. The smallest British note is 5 pound; and the smallest Japanese note is 1000 yen. In Europe, the smallest note is 5 euros. [Photo by C Randall].

There are many diagrams for folding $origami models. On occasion, people will use money to fold modular origami models. Here, two or more bills are folded and combined to form a larger model.

Trang Chung specializes in folding money from different countries into modular stars. Joe Gilardi made a FIT using 30 one dollar bills. Even more amazing is Stephen Watson's modular swan which is made of 500 (scanned) five-pound British notes.

Honestly, if you were to receive such a model, would you unfold it to use the money? Or leave the model folded?

more dollar bill photos

http://www.origami-resource-center.com/dollar-bill-origami.html

New Faces on Sacagawea Coin

By Jim Abrams

WASHINGTON (AP)—Congress on Tuesday approved a redesign of the Sacagawea dollar in hopes of enticing consumer and business use of the gold-colored dollar.

Under legislation passed by voice vote in the House and sent to President Bush for his signature, new editions of the coin honoring the young Shoshone who helped Lewis and Clark on their trek to the Pacific Ocean more than 200 years ago will come out in 2009.

The new coins will continue to depict Sacagawea and her child, but they will feature scenes on the reverse side, changed annually, commemorating the achievements of other Native Americans and Indian tribes.

"These designs will take the American people to a journey of different experiences of native people by exposing them to their unique histories while preserving the memories of Sacagawea," said Rep. Dale Kildee, D-Mich., sponsor of the bill.

The Sacagawea dollar was first minted in 2000 to replace the Susan B. Anthony dollar coin. But like its predecessor, it failed to win public acceptance and today is produced only for sale to collectors.

The U.S. Mint this year has produced about 7.5 million Sacagawea coins. By comparison, through July this year the Mint has made about 775 million of the new presidential $1 coins. Those coins depict U.S. presidents, starting with George Washington, with a new coin coming out every three months.

The bill requires that the newly designed Sacagawea coins comprise at least 20 percent of all $1 coins minted each year and instructs the Treasury Department to carry out an aggressive campaign to encourage commercial enterprises to accept and dispense the coins.

The designs will be decided by the secretary of the Treasury in consultation with Congress, the National Congress of American Indians, the U.S. Commission of Fine Arts and the Citizens Coinage Advisory Committee.

Among design suggestions are the Cherokee written language, the Iroquois Confederacy, the World War II codetalkers and Olympic athlete Jim Thorpe.

Currently, the reverse of the coin shows an eagle with 17 stars representing the states at the time of the 1804 Lewis and Clark expedition.

The bill is H.R. 2358

http://www.reznetnews.org/article/ap/new-faces-sacagawea-coin

Colors Magazine - Money Issue

The interactive graphic is a lot of fun: http://www.colorsmagazine.com/money/