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In the beginning of October, Venezuela cut six zeros from its currency in an attempt to fight inflation. Similar attempts have occurred, in 2018 for example, but the effects typically don't last more than a few years. Bolivars in cash are rarely used for everyday purchases anymore.

This is really important for the future of crypto currency especially in stabilizing the currency of foreign countries

Guatemala is thinking of following in the footsteps of El Salvador and adopting cryptocurrency as the official currency. A bold and dangerous move

Venezuela has decided to launch a government cryptocurrency: "Venezuela had announced in August that it is revamping its national currency, the bolivar and launching its central bank digital currency (CBDC) - the digital bolivar - on 1 October". While it may not be something they keep forever, it seems like it could help in the short term as Venezuela suffers from hyperinflation.

People in Venezuela have started using the gold standard again because their currency has collapsed to such an extent.

This article talks about one way that Greece could "get out" of the Euro - convert back to the old currency, the drachma. Like Argentina did in 2002 in the midst of its massive financial crisis, converting to the old currency would decrease the value of Greece's currency, but it would absolve it of its debts to other Euro nations.

This may have worked in Argentina, but with the complex interlinkage of Greek debt to the already overstrained European banking system (http://www.economist.com/node/21532294), it could cause a contagion-like effect, provoking a double-dip recession.

Venezuela introduces a new currency to combat inflation.

population Africa Europe

Many competing factors have led to El Salvador's decision to accept bitcoin, like the president want to portray a millennial persona, the bitcoin community hearing for a playground, and a sluggish economy desperate for revitalization. This article details the many threads. However, critics worry that a volatile currency like bitcoin is not a viable currency. But both sides are light on their specifics. How will it play out?

Cool article that ties into the crypto discussion about Latin America

This is an utterly fascinating development! Using decentralized currency basically gives Iran an out from the sanctions that are harming the value of its currency. It marks a step towards globalization as nations and political situations are becoming more blended and also seemingly less relevant.

I've book marked this b/c we have a crypto debate and I may use some of this as evidence.

The Iranian national currency, the rial has been in steady decline for months, and the only method that the government has used to combat the issue is to print more money-- not the best plan of action.

I agree with what Alexander said. I think it would be interesting to investigate whether or not the Obama administration has considered applying economic pressure to Iran in order to achieve diplomatic means. With Iran in such an unstable economic state (which I am surprised isn't covered more by American news media), why would the US government even consider using military force against Iran if the Ahmadinejad regime could be destabilized in another way. We'll see how Obama and Romney treat this issue in the foreign policy debate, as Obama could use an argument based on Iran's economic instability in going against Romney's position on using military force against Iran.

yes!

China's stock market bailout was a significant setback to its decades-long efforts to build a modern financial system. Its currency devaluation shocked global investors and altered the policy calculus at central banks. Statistics coming from within China seem to contradict each other, calling into question the legitimacy of such statistics.

BERLIN - The top leaders of Germany and Italy plan to meet Wednesday as part of an intense round of shuttle diplomacy before several critical decisions that face Europe. The region's leaders are struggling to appease voters questioning the price of unity in the euro currency union after three years of financial turmoil.

I find European economics very fascinating, personally. Germany has been saving much of the Euro economy for three years since the economic crash began, but is not facing its own fiscal issues. In addition, the article discusses the actions of Italy's Prime Minister Mario Monti, who has been frantically attending meetings and important "coffees" with other European heads of states to prevent their country's growing national debt--already at 123% GDP!!!

What are Germany's own economic issues? It has seemed like the bulwark of Europe for the last five years! Are there things that are being ignored, e.g. migrant labor, cost of universal health insurance and old age pensions? Is Angela Merkel still popular? Who might succeed her? What are her party's politics?

After the devaluing of the Chinese currency we now see exactly how much the Chinese economy has faltered- and who this effects.

I think the boom that was attributed to China's huge population has reached its near endpoint; the marginal output from each new worker is now so low (not contributing much) or negative (reducing productivity) that China's huge historic growth rate can only be further sustained by greater education and an increase in the human capital aspect.

It's interesting to look at China as a case study of a country of super rapid development and growth that has the ability to affect the global economy. The fact that China's growth is slowing down and stabilizing means that it is catching up to its earlier developed counterparts. Having read the cap and trade article first, I wonder how the policies of that sector (and the sector itself) will affect China's overall economy and to a more general extent the global economy. Will China's become like Germany? Who can say.

Even though this isn't the direct point of the article, this is a real-world example of how currencies that are backed up strong governments foster economic growth.

This article talked about the benefit of dollarization in Venezuela. I never thought about how other currencies' integration could be an economic tool, but it makes a lot of sense how it could help in this case: "Venezuelans spontaneously began to adopt the dollar in 2019 as a way of fending off hyperinflation".

Venezuela was hit hard by hyperinflation and US sanctions. With distrust in the government's currency and economic systems, cryptocurrency has become increasingly popular in the country: "In Venezuela, crypto is mainly used to hedge against inflation that causes bank deposits to sharply depreciate in weeks or even days"

Not really comparative politics but a fascinating and important article!

I really like the idea of measuring businesses on multiple metrics! It's cool to see business hold themselves to moral and social standards rather than to just profit/monetary success.