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US Treasury Secretary Tim Geithner shocked global markets by revealing that Washington is "quite open" to Chinese proposals for the gradual development of a global reserve currency run by the International Monetary Fund.
The markets appear baffled by the confused statements emanating from Washington. President Barack Obama told a new conference hours earlier that there was no threat to the reserve status of the dollar.
Well, they're certainly tiptoeing around the Chinese, aren't they? I'm not into conspiracy theories but the fact of the matter is that China's got us by the na-nas and Obarmy knows it.
Kook alert! ....The dead enders and right wing conspiracy nuts are going to have field day with this...LOL
How many times has the Administration clarifed that they have no plans to support a "global reserve currency?.....Nine times??? Ten times????
And won't they have to KEEP placating, er, clarifying as long as they continue to say different things to different people at different times. This gang doesn't know what they're doing -- that's why the Celeb-in-Chief is spending most of his time on press conferences and media events. It keeps the MSM reporting what HE is doing and away from everything else.
Well, this is certainly interesting. Let's hope China doesn't call in their chips or we may have no choice :
Guess it's a good thing we aren't hearing much about this in the US press or we may really have a panic.
Quote:
As the bailouts go on– and on, and on– the U.S. and the U.K. will increasingly depend on China, Japan and other nations to buy Treasurys. .... And in the U.S., Treasury Secretary Timothy Geithner implied that the dollar could be replaced as the premier currency for world financial reserves–something recently suggested by Chinese officials. (Geithner later backtracked). The Chinese Yuan: The Next World Currency? - Deal Journal - WSJ
Quote:
International unease about the U.S. dollar stems from the fact that China and other nations are holding large and growing amounts of American debt, according to economist James Dorn of the Cato Institute.
Dorn says, as the largest financier of U.S. deficit spending, China has particular cause for concern.
COLLEGE PARK, Md., March 26 (UPI)
Chinese and Middle East exporters used the dollar proceeds from their large trade surpluses to buy U.S. bonds and property. That kept long-term interest rates low, permitted Americans to borrow recklessly on homes and commercial buildings, and juiced property and stock prices. Outside View: Obama courting disaster - Middle East Times
Last edited by TnHilltopper; 03-28-2009 at 09:22 AM..
Reason: copyright edit
That would be a huge event...and not a good one for the U.S. You can thank Obama and his spending trillions of dollars for the world being concerned about the U.S. dollar. Our debt owned by other contries and the dilution of our dollar makes us like a third-world county. I can't blame them for being worried. I just wish our Congress was! Obama and his administration continues to destroy America on all fronts.
There's rationale to destroying the dollar. At the end of WW2, it was suspected that Marxist agents were responsible for hamstringing Hungary's economy by stealing their gold to pay for war reparations, forcing the tiny country to endlessly print money to sustain itself. Prices doubled on a daily basis, and the largest bill turned out to be 100,000,000,000,000,000,000 Pengos, enough to buy you a nice dinner out on the town. Destroying the currency creates desperation and populist outrage, allowing for sweeping changes and a willingness among the populus to do something, ANYTHING, to stop the suffering. It allows the government limitless powers for "the greater good", which the public of course willingly goes for, even going so far as ratting out neighbors who disobey by hoarding now rationed goods.
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