Thanks to the Obama Administration, our dollar (which was the world standard) isn’t worth the paper it’s printed on and the world not only knows it, but is making suggestions. Suggestions Timothy Geithner may be considering.
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.
Just the fact Geithner, the secretary of our treasury, considers a “proposal” to replace the U.S. Dollar as “evolutionary” should be cause, in itself, for his immediate removal.
Almost every day, the Obama Administration produces the once unimaginable.
Mommy RN – When does any administration show they care for the Constitution? I can think on none in my life time and I haven’t read on any from before that.
GarlandAngel, since when does this administration show that they care even a little bit about the Constitution? In fact, I heard an interview (unfortunately I was in the car and only caught a few moments so I don’t know who was grilling Geithner… I’d send the lady flowers if I knew who she was!) where someone kept asking Geithner where in the Constitution it gave him the rights to do what he wanted to do… and he kept referring back to legislation. It went several go arounds and each time he refused to refer to the Constitution. (Hint hint, Tiny Tim… NOWHERE in the Constitution does it grant you those powers!)
I am not, by any stretch of the imagination, a constitution scholar but is this even possible within our constitution? Even so this really does scare the h_ll out of me!
China?
Looks like they’re back to following Russia’s lead then
http://www.e3gazette.com/2009/03/so-lets-review.html
– natural progression when the “Leader” of the free world proves to be incapable of any ssuch thing.
– MuscleDaddy
I’m against monopolies that don’t occur in nature (that is they happen to be the best at what they do and the rest of their potential customers voluntarily do other things knowing full well that they can start competing products if the business that holds the status of natural monopoly begins raising prices arbitrarily) so I’m for competing currencies as much as anything else. No One World fiat currency bullshit. No fiat currency at all!
While you blame Obama for the falling dollar now, know that it has fallen in value ever since it could no longer be traded in for hard currency, ie gold, silver, or like durable, divisible, and scarce substance. That started under FDR and was finished under Nixon with no President since seeking to reverse the trend.
damn frightening. I also saw a story somewhere saying Moneyman Timmy wants unprecedented powers over..something or other, some kind of group of institutions..I forget what it was