Zero Dollar Bill

Hi everyone

I thought of this class when i saw this so i decided to share =)

http://news.yahoo.com/nphotos/Zero-Dollar-Bill/ss/events/bs/100808zerodollargilb

Tribal Gaming and Gambling

Calvin Cheung
Melissa Flores
Angela Khai
Ali Sander

The dictionary definition of gambling is “to stake or risk money, or anything of value, on the outcome of something involving chance.” This risk and the adrenaline rush that comes with it, has been a part of people’s lives for thousands of years. Evidence of gambling, such as ancient dice, has been found from ancient China, Egypt, Greece, and Rome. It was first brought to the United States in the 1600s when the English colonies were established. The first types of gambling were lotteries and betting on horse races. Casino gambling with dice and card games was not fully established and accepted until the 1800s. However, scandal and cheating by professional gamblers was prevalent, and this eventually led to gambling prohibition in some states. Click here to learn more about the history of gambling, and the experience of gaming in one of California's Indian casinos.

The Tontine

Belinda Uy
Jenny Lien
Tanya Kim

Q: Why do people take part in a tontine?

A: For money.

Q: Well, is there a special reason? Or is that the only reason?

A: We need money. That’s it.

Q: For bills? For anything in particular?
A: For getting money. That’s it! Simple. We need it. We get it.

Does anything dealing with money simple? In this capitalist society money ensures survival. Without it, some of life’s rewards, luxuries, and even necessities shall be denied. Money as the American cultures knows it; is one, if not the, facet that determines one’s status in life. However, a practice a few centuries old, have allowed people to accumulate riches. That practice is named, tontine. Tontine, in its purest form, really does bring truth to the statement that time truly does mean money. Those who come together for a tontine all share and invest their riches, but after time passes, the last person in the pact, gains all the money. To better comprehend tontine, its history must be understood. The history reveals the origins of the scandals and deceit tontine has bestowed upon the world. Its dramatic past only confirms the varied and complex behaviors that money has over people. Along with the many reactions, also comes with the many forms of tontine. This paper shall showcase the Cambodian Tontine and divulge the intricacies within it. The Cambodian Tontine allows people to realize that the evolution and goals of tontine varies within every culture and even with every group that takes part in one. It is a reminder that certain traditions, customs, and practices can not be forgotten, but certainly modified. Click here to learn more about tontines.

Tipping

Gianna Linnert
Angelina Fierro
Debbie Anderson
Angela Cheng
Daniel Jimenez
Janali Torres

Despite it being commonplace, there is an air of ambiguity within the current tipping culture in Orange County. This ambiguity is best demonstrated when these current tipping practices are juxtaposed to tipping practices of different countries and/ or different eras. The current tipping practices remain unchanged through time and cultures in the duality of being both personal and impersonal because of monetary exchange for services. The following history and interviews explore how the tipping practices, specifically at restaurants, can and have been personalized and whether or not this personalization should occur. The interviewees in this collection of ethnographic accounts are individuals who are either senior citizens or recent immigrants, selected in order to gain a perspective of current tipping practices in Orange County across different cultures and periods of time. Click here to learn more about tipping practices across time, space and culture.

Recycling and Cash Redemption Value

Nancy Hagan
Raquel Gutierrez
Subhana Nisar
Jeff Schauer
Walter Wu

Money can set you free. Money can imprison you. Or, it can do both simultaneously. The drastic range of reactions to the entity which permeates our lives (money) demonstrates its plurality, and its conceptual existence, parallel to (but often-overlooked in everyday life) its entrances and exits from our wallets. From Georg’s Simmel’s early twentieth century tract on “The Philosophy of Money,” to the musings of a twenty-first century former-cab driver at an Albertson’s car park, opinions on money run the spectrum. However, not all uses of money are straightforward transactions in the way that we often think of them. The practise of recycling provides a framework for analysing not only different uses of money (and ways of obtaining it), but different conceptions of it as well. In the course of several interviews, and a tour of a recycling centre, we gained some insight into how people view the money behind recycling, in the form of the California Redemption Value (CRV) deposit, and were able to explore their rationales for partaking in activity that is both obviously global and intensely local. Recycling and its corresponding hidden monies can keep individuals or families in neighbourhoods from total destitution, but can also generate international concerns over labour exploitation. Recycling relates to locally-based initiatives, but also to the international “green movement”. A diverse range of experiences puts recycling, CRV, and money into perspective. Click here to learn more about CRV and the strange economy of recycling.

The Money of Love

Kelly Forster
Debby Blumenthal
Saba Arastu
Paul Lee
Shelley Dutt
Claire Hayati

As a group, our aim was to figure out whether or not money can buy love in person, or more recently, via the internet. We explored various avenues such as culturally general matchmaking services, culturally linked online dating services, general online matchmaking services, as well as mail-order brides. We found that money can buy love in some situations, but chemistry comes from within and not from a dating service. Click here to learn more about modern-day matchmaking.

The Wedding Dollar Dance: Monetary Practices at Wedding Receptions

Janis Martinez
Ana Urzua
Magaly Guerra

“Will you take this dance to be in your wedding?”

A wedding checklist can include such things as; facility, decorations, flower arrangements, bartender, caterer, but in addition many couples have to decide if they want to include the “Dollar Dance” in their wedding reception. “Dollar Dance”, “Money Dance”, “Bridal Dance” or and “Apron Dance” are various names for this very popular custom performed in many wedding receptions all over the world. The origin of the dance is credited to Poland in the early 1900’s by most sources but there is not solid evidence that verifies the specific location where it originated. The concept of the “Dollar Dance” is that male guests asked for permission from the groom to dance with his bride by “paying” for the privilege and the female guests pay for the privilege to dance with the groom. The guest form one line for the groom and one line for the bride, usually the best man and maid of honor are at the head of each respective line to help collect the money. The father of the bride would lead the dance by pinning money on her dress, followed by the best man and groomsmen and then other male guest. On the side of the groom, his mother will reciprocate by pinning the money on his suit, followed by the maid of honor and bridesmaids and other female guests. As tradition goes, the money collected should be used by the newlyweds as extra cash for their honeymoon or to set up their household expenses. Our research explores the differences of the “Dollar Dance” in various cultures, the significance of gift money and gender in the dance, as well as the critiques and benefits that take place. We conducted interviews on individuals from the Punjabi and Mexican culture to find out the significance of the “Money Dance” in their culture, the personalization or depersonalization of money in their customs, the importance of gift exchange in their social life and how the dance has evolved throughout the years. Click here to learn more about the wedding dollar dance.

Credit or Debit?

Ann Medina
Jamie Luong

Within our society today, there are many ways to make a payment. Purchases are made during every moment of the day and many have opted for an alternative solution to paying for goods and services other than cash, such as with credit and debit cards. Both have many meanings within our society, and have different positive and negative connotations that are based on the influences of age and class. The existence of debit and credit cards has made a definite impact within our society economically, socially, and politically. These cards are often a substitute for cash. They have quickly become widespread all around the world. Click here to learn more about people’s everyday experiences of and ideas about the differences between credit cards and debit cards.

Sting Operations: The Dirty Side of Your Dollar

Nick Rockoff
Erica Christensen
Chris Gutierrez
Kalpan Patel
Brett Kohout
Emre Gurol

As a man dressed in all black approaches the target, officer Hoyt whispers into his microphone, “Everyone stay put until the transaction has been made.” The man quietly removes a couple of hundred dollar bills from his wallet, and offers them to an unsuspecting drug dealer. The drug dealer casually reaches into his pocket and reveals a plastic bag containing a white substance, offers it in exchange for the money, and walks away. Five seconds later, police sirens sound and the man is quickly subdued, handcuffed, and arrested. What this unlucky criminal was unaware of was that the man dressed in all black was, in fact an undercover officer, and that he had unknowingly been the target of a “sting operation.” For over 40 years, modern law enforcement agencies have been using sting operations to catch criminals in the act. During this span, agencies have devised hundreds of different ways to mimic real life situations in hopes of learning about and preventing different types of crime from occurring. Click here to learn about how law enforcement uses money to catch criminals, and how criminals use money to try to hide their tracks.

Barter: Let's Trade!

Dominic Adam
James Grant
Jon Heston
Connie Hsu
Brandon Nguyen
Alice San

Barter and Trade

Barter is better defined by what it does rather than what it is; it allows agents to create value. Not necessarily value from fiat, but value from negotiation, bargaining, comparison, turmoil, haggle, and stress; all forms of labor and personal interaction. However, barter has one requirement—a double coincidence of wants (Hayashi, 1994). And from this stance we can presume that the earliest encounters with trade and bartering occurred when people first created items and wanted other items. What better place to start an exploration of barter than with the ancients of 500 B.C. Click here to read the complete paper, including a barter experiment on Ring Road that turned a pile of junk into $248 worth of goods and services.

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