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Saturday, January 8, 2005

dollar eclipsed

in that british way, the economist has news on the eclipse of the dollar – unfortunately, it’s a print thing, so i can’t link to it. but i can share the teaser from their “premium content”:

In December, we warned that the dollar’s role as the world’s main currency was under threat if America continued in its profligate ways. Yet the dollar has been dethroned even sooner than we expected. It has been superseded not by the euro, nor by the yen or yuan, but by another increasingly popular global currency: frequent-flyer miles.

fortunately, in this vastly-connected media world, you can catch a re-interpretation of that at the guardian.

By the end of 2004, almost 14 trillion frequent flyer miles had been accumulated worldwide, worth between 1p and 6p apiece.

oddly enough, i happen to know someone that can be held personally responsible for the flood of currency.

i bring this up today, for two reasons… one is to remind (or rather, direct your attention to) the idea of donating frequent flier miles to make a difference.

and the second is to raise the question of the impending “bank failures” in this miles-economy as american airlines all fight to drive themselves out of business.

posted by roj at 8:46 am