RSSTreasury Sec Geithner Was the Only Man for the Job? Geithner Talks Down Dollar “quite open” New Global Currency to Replace the Dollar
What is the Obama Administration doing … Are they that obtuse or is it intentional?
Barack Obama touted Tim Geithner, Secretary of the Treasury, when he was nominated as too important and the only man in America that could do the job. Really Mr. President, are you sure? Geithner has been nothing short of being over his head and not up to the task. Then again, it would appear so has Barack Obama. This is the individual that is too important to replace? Surely, you can’t be serious.
I was quite open to the $US being replaced as the international reserve currency, before I was against it.
Once again it has occurred where the Obama Administration fails to understand the magnitude of their words. One of the most important jobs of the Treasury Secretary is to defend the US dollar. However, what did Tim Geithner do … talks down the dollar and says that he was “quite open” to a suggestion that the $US be replaced and an international reserve currency.” The result, the US dollar lost value abroad and the stock markets were stunned and tanked.
As if the dollar didn’t have enough problems, Timothy Geithner took China’s bait yesterday and said he was “quite open” to its suggestion this week to displace the greenback with an “international reserve currency.” The dollar promptly fell and stocks followed, before the Treasury Secretary re-emerged to say “the dollar remains the world’s dominant reserve currency. I think that’s likely to continue for a long time.”
Mr. Geithner is learning on the job, and yesterday’s lesson is that it isn’t smart to fool with currency markets when you are already tempting fate with a gigantic U.S. reflation. Treasury and the Federal Reserve are flooding the world with dollars to break the recession, and the world is rightly getting nervous.
Geithner made these comments when answering a question to something he had not even read. Sounds a lot like the Stimulus bill that no politician read either prior to signing. As The Corner states, Geithner is obviously Obama’s fall guy for the economy and at some point will be thrown under the bus; however, until that occurs could someone “keep him duct-taped to a chair in the basement”.
“I haven’t read the governor’s proposal. He’s a very thoughtful, very careful distinguished central banker. I generally find him sensible on every issue,” Geithner said, saying that however his interpretation of the proposal was to increase the use of International Monetary Fund’s special drawing rights — shares in the body held by its members — not creating a new currency in the literal sense.
“We’re actually quite open to that suggestion – you should see it as rather evolutionary rather building on the current architecture rather than moving us to global monetary union,” he said.
Geithner later clarified his comments; however, the fact that a sitting United States Secretary of the Treasury would even entertain thoughts that the US dollar would cease being the anchor of the global monetary system should cause all to be alarmed.
“The mere fact that the US Treasury Secretary is even entertaining thoughts that the dollar may cease being the anchor of the global monetary system has caused consternation,” he said.
Mr Geithner later qualified his remarks, insisting that the dollar would remain the “world’s dominant reserve currency … for a long period of time” but the seeds of doubt have been sown.
Posted March 26, 2009 by Scared Monkeys Barack Obama, Economy, Government, Politics, World, WTF | 22 comments |
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22 Responses to “Treasury Sec Geithner Was the Only Man for the Job? Geithner Talks Down Dollar “quite open” New Global Currency to Replace the Dollar”
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I do believe that we are seeing the Book Of Revelation in action. folks, this is just the first 100 days. think about what you have done.
the beast has reared it’s ugly head and the destruction begins !
Global Fascism … Please Mr President, do not sell out the USA.
I wonder if the Obama admin. is open to UN being the worlds defense also?
Please pass the Excedrin Extra Strength. Just another massive headache coming on…the more we hear–the worse it gets.
Hope the Repubs/disgrunteled Dems who have spoken up regarding Geithner’s recent AIG Bail Out SCAM keep the pressure on & remain insistent on asking Geithner to step down. Even though Obungle is “supporting” him and “won’t accept” his resignation, (hence, egg on the face syndrome)…this does not appear to be getting any better.
USD is not going to be replaced.
Do think its better if they come up with a new global currency (idea by Keynes was pretty good, currency based on several resources).
K.I.S.S.
Keep it simple stupid plan
Dear Mr. President,
Here’s a simple solution to some of the country’s problems.
Patriotic retirement:
There are about 40 million people over 50 in the work force; Pay them $1 million apiece severance with three stipulations:
1) They leave their jobs. Forty million job openings – Unemployment fixed.
2) They buy NEW American cars. Forty million cars ordered – Auto Industry fixed.
3) They either buy a house or pay off their mortgage- Housing Crisis fixed.
All National financial problems fixed!!!
Sincerely,
John Q. Public
#1 – well said!!!!
#6: right on ! all i hear is do this ,do that for the taxpayers. it’s all lies and deceit. the taxpayers have not benefitted at all from all our money being wasted by obama. they want to bail out the criminal and let the taxpayer take the hit.
none of these bailouts should have happened. we should be bailed out. at least it would be our money being used for us by us. just as the czech pm said “obama’s way is the road to hell !
here’s one for you: rahm emanual on the board of freddie mac for 14 months made over 320,000.00 off the crooked deals made by freddie.
all crooks in the obama administration.
I trade stocks regularly. Not great at it, but do beat the majority by showing profits. It was so very easy for over two years now to trade…watch the liberals talk the economy, gov, patrotisum, all traditions down…act accordingly. Then for two years, seeing the rock star become president, I worked many hours a day preparing survival of a depression. Barns, food, bartar items etc. ANd buy a few market issues ‘he’ long ago announced as his pet sciences and biase.
“He” and his ‘they’s’ talked the economy down right while not paying taxes and committing treason, then plumitted the economy with control of congress for 2 plus years. Only a rock tar audience would not notice. But the ‘high’ is failing.
America will need a new currency before Geithner and the politicians are finished expanding the debt and destroying the dollar but the solution is a gold backed currency free of government manipulation. The Campaign to Cancel the Washington National Debt by 12/21/2012 through constitutional amendment begins. See our facebook page at http://www.facebook.com/group.php?gid=67594690498&ref=ts
We are also planning to have a booth at FreedomFest 2009, the world’s largest gathering of free minds! July 9–11 http://www.freedomfest.com in Las Vegas. Ron
tuyvnsurvivor, you are a survivor for a reason.
you have good instincts, and you actually listen to what they are telling you & heed those warnings.
some in the generations that came after you have completely lost the ability to do that. they have become as lackadaisical as a domestic house cat.
i love my cat, don’t get me wrong… but after kibble is served to him, and he bats around the multi-colored thing-a-ma-jiggie that has bells on it, that is pretty much a full day to him, aside from the occasional serving of wet stuff. then it is all about the ‘nappie time.’ zzzzzzz
he is kinda like lindsay lohan with whiskers. i do not let him drive, and they shouldn’t let lindsay drive either!
I think global riots will be coming and for the first time in almost 20 years, they will be in the US too. Look to the G-20 London meeting in
April for a sneek preview. As the months get hotter, so will the people.
BE PREPARED MONKEY FRIENDS! Always listen to your
inner voice, unless your inner voice sounds like
Charles Manson’s.
It’s just terrible that Soros, being short the American
Dollar all this time is only making, what, a billion or
so for himself. Geithner, talking down the dollar is
simply coincidental to this windfall we presume. Good
thing someone is making a buck or two on all this
negative stuff.
Please pass the sardines and a plastic fork, thanks.
my cat is f-’d. (and because of that so am I)
moved from a groundfloor appartment (with garden) to a 3rd floor appartment (no garden)
so now he is looking very sad out of the window
and he pisses in my new house
#12—Good advice, Carpe. I also fear much of your post will be proven to be true.
But, as you note—a true survivor is one who heeds the signs of the times and plans, protects, and acts accordingly. Love your analogies about a “cat’s life” and comparisons to LL. Glad to see we can still infuse some humour amongst all this doom & gloom.
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Maggie—K.I.S.S. plan…so simple…brilliant! Wouldn’t that be something, eh? It was nice to languish in the fake/dream scenario for a few minutes on-line, though. Thanks for that.
yes, the record sales of firearms in the last 6 months proves this. people are preparing for the worst. obama already has his army. we will have to rely on our own resources. and i have many !
our own congress and senate now taking contributions from companies that received bailout money. fire them all including king nothing and start all over again.
Firing the idiot Geithner won’t do much; it’s his boss that has to go! Geithner is only the water boy for O’s policies. Wonder why the treasury nominees keep dropping like flies? Apparently the nominees don’t have the stomach for destroying America once they get on the inside and see what’s going on. Besides that, it’s easier for O to keep one person on message instead of having to deal with 18.
we don’t need any new “money czar” that geightner is lobbying for. all we need are honest, competent people in the positions that geightner, dodd, frank, pelosi, waters, and a few more “players” in the govt. that have been bought out by sorry soros. all the above people should be in jail for their crimes against this nation.
dennisintn
Carp, I do think we will have a depression and then a revolution…the spark similiar to the (tax) Revolution of the French.
I went to college only late in life, after refusing 100% military disability — then unloading boxcars by hand, climbing high iron, drywalling, carpentry, contracting and then inventing and manufacturing. Guess school has less time to help an old student, but Iam ennormously grateful to the traditional aged students for sharing welcomed love and space with me.
Since college Ihave traded stocks, when it was only I took economics courses as electives. Also I groom our property and have done do goods to convence myself I have worth. laughing. And not in person to those who know me, thoughin general today I am resented. Worked too hard, had it was too easy I suppose. As well, I loved my kids, held them close, saw that they worked hard and became fair people…resentment for them also I suppose. Would be better I suppose if my kids came from a crack house rising to carry a “change”sign. Only the dictators are to have an extra can of beans in socialisum. Libral economics professors sure go over the top onthe limited resource idea. Could debate that one in long verssion.
Anyway. Use what we store, no wasting. I have been at it now for over two years. There is much to learn of how to store in volume…I learn new tricks almost daily. 10 X one individuals body weight per year. Perhaps one day SM will do a tread which is inviting of this line of ideas.
I am vain. I feel I have such an investemt in this country. To see librals and the star struck young so often, taking America to the trash…because they can. This mess sure depresses me. Inside I mourn for our country. Many physcological developements got us here, at times I wonder if biologically magnetic shift is altering too many brain functions. Whatever, it is sad.
Treat your employees with respect and honest care, outwork the competition, think more wisely, self motivate, be responsible not during a session but the duration, care for your kids most, love several others more than self, admit regretable failings. Be resented by a libral with honor.
#20: WELL SAID !!
[...] that Barack Obama is not the only amateur, apparently. Being an amateur is not just relegated to Treasury Secretary Timothy Geithner, it would appear have been a necessary requirement for all Obama cabinet members. One would think [...]