Has the Dollar Jumped the Shark?
Two news stories from yesterday about the intersection between entertainment and finance were sobering.
Gisele Bündchen, the world’s best paid supermodel, reportedly demanded that Proctor and Gamble pay her in Euros in return for her promoting Pantene shampoo.
Gisele’s decision looks like a cool and smart economic hedge against the possibility of a continued decline in the dollar. But Jay-Z is a tastemaker, and his video may signal dark days ahead for our economic hegemony. After all, our economy rests, in part, on continued faith that the dollar will be the accepted medium of global exchange. Revealed preferences of global citizens don’t lie.