Geithner 'open' to China proposal to throw away Dollar
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.
"The only thing concrete I saw was expanding the use of the [special drawing rights]," Geithner said. "Anything he’s thinking about deserves some consideration."
Alan note: is he following Obama's policy directive to dismantle the Dollar (sorry, Soros' directive and long standing bet against the Dollar implemented by Obambi) or is Geithner as stupid as this sounds? More likely, based on his track record so far, it's Obama taking another occasion to support anti-American COMMUNISTS and ruin our country at the same time.
The continued use of the dollar as a reserve currency, he added, "depends..on how effective we are in the United States...at getting our fiscal system back to the point where people judge it as sustainable over time."
Alan note: little chance of this the way Oba-Hussein has gone a bankrupting spending spree.
The President of the European Union has termed the Obama Administration's chosen economical path as "the roadway to hell"!
President Obama flatly rejected the notion of a new global currency at last night's press conference. (Sure!)
Alan note: But this denial is almost certainly Obama the shifty Car Salesman's misinformation. As was his response at that same press conference about charity and taxation donations an outright disinformation when he said that in President Reagan's time you could only deduct 29% but under Oba-Hussein, the deduction would be some 39%.
What he failed to disclose was that the maximum tax rate under Reagan was 29% - thus the maximum deduction for charitable contributions was also that same 29% BUT under Oba-Hussein the maximum tax rate will RISE to 39% so the deduction would also be that same 39%.
Sound like an untrustworthy Car Salesman to you, too? Must if you have some brain in your skull,
UPDATE: Evidently sensing a gaffe, moderator Roger Altman told Geithner that it would be "useful" to return to the question, and asked if he foresaw a change in the dollar's centrality.
"I do not," Geithner said, adding several forceful promises, including, "We will do what's necessary to say we're sustaining confidence in our financial markets."
OOOPS!!! All he can do is "say so", ---- not "do so"!
Good Grief America! What have you done to us? Perhaps the whole world.