MONEY

Euro Euro Bill, Y’all

From the magazine issue dated Nov 19, 2007

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Hip-Hop culture has long glorified the almighty dollar. But the greenback has fallen on such hard times—it hit a new low this month against several foreign currencies—that even rap moguls are turning on it. In the video for his new song "Blue Magic" (off an album called "American Gangster," no less), Jay-Z can be seen flashing stacks of euros. On the official Web site for Wu-Tang Clan, the New York rappers who coined the phrase "dolla dolla bill, y'all," the group lists its new CD price in euros only. And reports flew last week that supermodel Gisele B?ndchen is insisting on being paid in euros, not dollars, though her sister, also her manager, has denied it. (Jay-Z and Wu-Tang did not respond to requests for comment.) "When pop culture starts doing what the most sophisticated financiers are doing, it makes you think we might be really screwed," says Howard Davidowitz, chairman of a New York investment firm. New euro worship could spark what market pundits call the "point of recognition"—the moment when the public finally wakes up to a market trend. Jay-Z, as usual for the man of a €372 ($547) million empire, is ahead of the curve. "He's very aware of what has the most value," says Rafi Kam, founder of Oh Word, a hip-hop blog. What's next? 50 Cent may have to rechristen himself 50 pence.