Jay-Z, the new Alan Greenspan


Further to yesterday’s news about UN Secretary-General Ban Ki-Moon’s big up to “my man Jay-Z”, we now have news of currency markets being shaken by rumours that Jay-Z is diversifying his FX holdings from dollars to euros.  The BBC has more:

Wads of dollar bills are usually as much a part of rap videos as fast cars, diamond-encrusted jewellery and scantily-clad models. But in an apparent nod to the low value of the dollar, rapper Jay-Z’s new video Blue Magic features another currency. He is seen cruising the streets of New York in Bentleys and Rolls Royces (now owned by Germany’s Volkswagen and BMW) with a briefcase of 500 euro notes.

The Wall Street Journal quotes Mark Olson thus:

It’s sad that rap stars can no longer show their style with a good old $500 bills (featuring President McKinley) and now need to flash 500 euros (featuring some sort of suspension bridge). I don’t need the chairman of the Federal Reserve to tell me about the state of our economy. I just need Jay-Z, the new Alan Greenspan. I don’t blame Jay-Z. A stack of $50,000 in euros would equal $72,000 in U.S. currency. And you’d need 144 $500 bills to equal a stack of 100 500 euros. I don’t know if even Jay-Z has that large a money clip.