The Great Dollar Debate

Beijing has already mentioned that it would like an alternative to the dollar as the world reserve currency, and it wants the topic discussed further at a summit this week, according to Reuters. Leaders from the Western economic powers, Russia, China, India, and Brazil will meet this week to mull over "global challenges." Reuters calls the discussion of the dollar "the most delicate issue" that the leaders will face in terms of the economy. Some sources say that Brazil and India have backed Beijing's call for the currency debate, but among the G8, there's been resistance to the change.

American homeowners who have seen the value of their homes plummet are pushing back against the government for lower property taxes, the New York Times reports. The appeals, which the paper says have reached "record numbers," are hurting local governments at a time when budgets are already strained. It's a widespread occurrence, too—from high-tax areas like New York City to whole towns that were hard hit by the real estate bust.

According to today's Wall Street Journal, "a humble highway fixture"—the rest stop—is increasingly at risk because of strained state budgets. The country's 2,500 interstate rest areas are built and maintained by the states, some of which are choosing to shut them down instead of spending money to repair or maintain them. The paper says, "Louisiana has closed 24 of its 34 rest areas since 2000, four of them last year. Maine, Vermont and Colorado have recently announced plans to shutter more rest areas because of cash constraints. Rhode Island, Tennessee, Arizona and others are thinking of doing likewise."

California's economic woes may be an investment opportunity, Jane Bryant Quinn reports in today's Washington Post. According to the article, "as California hurtled toward its budget deadlines last month, interest rates on its tax-free bonds jumped. Residents can get yields north of 5 percent on intermediate-term general obligation bonds and 6.2 percent on long-term bonds. Nonresidents can buy into the bonds through many national municipal funds, which buy the bonds of many states." Other advisers warn to stay away, unless the state's credit rating drops to BBB from an A, making its bonds more appealing.

The U.S. Justice Department has confirmed that it's investigating a settlement between Google (GOOG) and its authors and publishers due to antitrust issues, according to the Wall Street Journal. The agreement presently gives Google copyright licineses over the digital books it has scanned since 2004 to include in a book search service and for digital sales. Opponents have alleged that the settlement blocks other from entering the digital book market. The hearing is slated to take place in October.

China's business hub, Shanghai, is making plans to install its own version of Wall Street's famous charging bull statue, according to Reuters. The China Daily reported that the statue would weigh 6 metric tons, compared with Wall Street's 3.2 ton bull. The newspaper said that the bull should "bring confidence and fortune to the Chinese people in times of economic uncertainty."