Geithner, at the Council on Foreign Relations, said the U.S. is "open" to a headline-grabbing proposal by the governor of the China's central bank, which was widely reported as being a call for a new global currency to replace the dollar, but which Geithner described as more modest and "evolutionary."

"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.


Ben Smith's Blog: Geithner 'open' to China proposal - POLITICO.com

WTF.. is he trying to kill the dollar?

__________________
Obama, Making it Rain Beotch!!

March 25 (Bloomberg) -- Treasury Secretary Timothy Geithner sent the dollar tumbling with comments about China’s ideas for overhauling the global monetary system, only to drive it back up by affirming that it should remain the world’s reserve currency.

Geithner was initially asked at a Council on Foreign Relations event in New York about proposals from People’s Bank of China Governor Zhou Xiaochuan for a new international reserve currency. He said “as I understand his proposal, it’s a proposal designed to increase the use of the IMF’s special drawing rights. And we’re actually quite open to that.”

The dollar slid as much as 1.3 percent against the euro within 10 minutes of news accounts of Geithner’s remarks. The U.S. currency was down 0.6 percent at $1.3553 as of 12:31 p.m. in New York.
Geithner Remarks on IMF Roil Foreign-Exchange Market (Update1) - Bloomberg.com

JESUS!!!! THSI MORON SHOULD RESIGN TODAY!

__________________
Obama, Making it Rain Beotch!!

dow was up 200 now down 50

you can dress them up but you cant take them out

__________________
Socialism doesn't create a rising tide that lifts all boats. It drains the lake and teaches the boat riders not to help themselves by rowing.

Jesus loves you, allah wants you dead

"Every government interference in the economy consists of giving an unearned benefit, extorted by force, to some men at the expense of others."

Ayn Rand

Thi si breaking news that our treasurt secretary casues a 1.3 slide in teh dollar with one dumb sentance...

__________________
Obama, Making it Rain Beotch!!

This is.... well I am at a loss as to how this guy cannot know that what he says has real concrete, consequences, he needs to think before he speaks. IF he cannot answer questions as it seems in past hearings etc. with alacrity, this is the opposite, he put his mouth in gear before he thought, so which is it? Unreal.



The Barack Obama Amateur Hour continues today, with Treasury Secretary Tim “Literally The Only Man Who Can Do The Job” Geithner speaking at the Council of Foreign Relations today. A panelist asked Geithner about China’s call to move away from the US dollar and to create a new strategic reserve currency based on international organizations. Geithner said that sounded great, and got the utterly predictable result:


In a blink of an eye, the U.S. dollar has collapsed against the Euro, Japanese Yen and other major currencies. The trigger was comments from Tim Geithner who said that the U.S. is “quite open” to China’s suggestion of moving towards a Special Drawing Right (SDR) linked currency system. If the world adopts the SDR, which was created by the IMF as an international reserve asset, it would mean that countries around the world would need to hold less U.S. dollars. The U.S. is probably open to this suggestion because a weaker dollar is stimulative for the U.S. economy and would relieve the U.S. from having to implement effective monetary policy while balancing the international demand for a reserve currency.

Geithner’s comments indicate that the U.S. is not taking China’s suggestion with a grain of salt and instead is giving it legitimacy. This is extremely important ahead of the G20 meeting. The only question is whether this is another amateur mistake by the new U.S. Treasury Secretary.
Question answered:

The dollar pared losses versus the euro on Wednesday after U.S. Treasury Secretary Timothy Geithner said the dollar was likely to remain the world’s reserve currency for a long time.
The U.S. dollar fell to a session low against the euro after Geithner said he was “quite open” to China’s suggestion of moving toward SDR-linked currency system.


The dollar began regaining some lost ground after the moderator nudged Geithner into a clarification. Kathy Lien asks whether any grown-ups work in the Obama administration at all:


These contradictory statements are clearly the act of an amateur Treasury Secretary that has been thrust onto the public forum and is struggling with the need to be very particular in his choice of words. Geithner is learning the hard way about the impact that his comments can have on the currency market and despite his attempt to pacify investors, his words have left air of uncertainty in the U.S. dollar.

As if we didn’t already know that from the AIG bonus implosion. Geithner got a reprieve from talk about his ouster with the warm reception of his toxic-asset plan this week by Wall Street, but this should really be the last straw. If Geithner is too inexperienced or obtuse to understand that legitimizing a suggestion to move away from the dollar could be harmful to American interests — especially at a time when President Obama needs to sell trillions more in debt — then he’s too stupid by half to hold his present job.

Hot Air Blog Archive Fumble! Geithner speaks, dollar dives

__________________

"The captain has turned off the `No Dubbing' sign. You are free to speak any language you choose."

Bis interimitur qui suis armis perit...

I said a while back, not sure if it was here, or not, but I said that eventually our economy will be so bad that the bankers will come to our rescue offering us a new currency which they will claim can solve all of our problems.

Admiral Chester Ward, a CFR member for years before he quit, warned that the goal of the CFR is the "submergence of US sovereignty and national independence into an all-powerful one-world government."--Kissinger on the Couch

Rene Wormser who served on the Reece Committee investigating the multi-billion-dollar Tax-exempt Foundations and their interlocks, wrote in his book, Foundations, that "The Council on Foreign Relations" is "virtually an agency of the government," and that it is "financed both by the Rockefeller and Carnegie foundations, [and furthermore it] overwhelmingly propagandizes the globalist concept."

Repeal the Federal Reserve Act and create legislation which forbids any member of the CFR, or Trilateral Commission from holding any Job in the US government, or military.

"Why yes, we're open about abandoning the dollar standard, too!"

Way to inspire confidence in the dollar!

__________________
"The most important single central fact about a free market is that no exchange takes place unless both parties benefit."
- Milton Friedman

"The quickest way of ending a war is to lose it."
- George Orwell

That's just dump remarks, but what is really hurting the dollar are the FED's actions (e.g. another trillion announced to be (basicly) created/printed out of thin air last week), together with the O's bailout/stimulus programs, which were rightly called "a path leading to hell" by the ousted Tchech prime minister Topolanek in the EU parlaiment.

__________________
"Homo Homini Lupus"
Thomas Hobbes

Agreed. Printing $trillions is the real cause, the big cahuna.

__________________
"The most important single central fact about a free market is that no exchange takes place unless both parties benefit."
- Milton Friedman

"The quickest way of ending a war is to lose it."
- George Orwell

Kill the fed. Monetize any and all Gold, Silver, and platinum held in reserve and wipe the size of the federal government by 2/3rds. Simple.

Indeed, your suggestion is "Simple."

But the problem is not.

Thank God we still have the right to vote in America. That's our only hope. As long as we can get rid of Obama and the rest of the liberal clowns we can reverse the damage they cause.

Since we have abandoned limited government, we no longer have any limit on the amount of damage our government can cause.
I really think the majority in our national government hate the idea of America and intend to destroy us.

Federalist No. 62: Madison
"Another effect of public instability is the unreasonable advantage it gives to the sagacious, the enterprising, and the moneyed few over the industrious and uninformed mass of the people. Every new regulation concerning commerce or revenue, or in any manner affecting the value of the different species of property, presents a new harvest to those who watch the change, and can trace the consequences; a harvest, reared not by themelves, but by the toils and cares of the great body of their fellow-citizens. This is a state of things in which it may be said with some truth that laws are made for the few, not for the many.

"What prudent merchant will hazard his fortunes in any new branch of commerce when he knows not but that his plans may be rendered unlawful before they can be executed? What farmer or manufacturer will lay himself out for the encouragement given to any particular cultivation or establishment, where he can have no assurance that his preparatory labors and advances will not render him a victim to an inconstant government?"

What do you bet there were lots of people in and connected to government that had advance knowledge of the Treas. Secs.' statement, and made big profit from the dollars fall?

There are lots of people who have made billions from inside information. When you give a private industry the power to counterfeit money (legally), make interest from it's dispersal and set the rates, you get the most powerful and influential industry on the planet. They make the rules.
A new currency is imminent. And whether it is a newly designed dollar or some new multi-national currency, it will still be fiat. So all it will accomplish is to start the whole process over again. We will have the ever escalating inflation, the un-natural highs and lows and all the bubbles and bursts. And it will meet the same fate as the dollar. The same fate that awaits every single fiat currency ever devised by man. Fiat currency always defaults to it's base value....which is that of the paper it is printed on.

It is not a suggestion. It is a solution. Implementation of my solution is the problem for it would take nothing short of a miracle, divine intervention or civil war.