Geithner 'open' to global currency???????????????

Discussion in 'Economy' started by DavidS, Mar 25, 2009.

  1. DavidS
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    DavidS Anti-Tea Party Member

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    WTF is this????

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

    Geithner 'open' to China proposal

    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."
    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."
    President Obama flatly rejected the notion of a new global currency at last night's press conference.
    UPDATE: Evidently sensing a gaffe, moderator Roger Altman told Geithner that it would be "useful" to retun 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."
     
  2. wimpy77
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    wimpy77 Member

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    go to cnbc.com and hear the entire quote. he was highly misquoted by politico.
     
    Last edited: Mar 25, 2009
  3. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    We shouldn't be surprised that the CHiCOmms are looking to dump the dollar, they seem to be the only ones who understand economic nowadays.
     
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  4. mash107
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    mash107 Active Member

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    The dollar and anyone that uses it is so screwed.

    Imagine when all the demand for this good goes away, how worthless it'll be.

    $5 for gas will be the "good days" :X
     
  5. Annie
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    Annie Diamond Member

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    How about a link, genius?
     
  6. xsited1
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    xsited1 Agent P

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    I would like to thank everyone who voted for Obama. YOU REALLY SCREWED UP THIS TIME!
     
  7. SwingVoter
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    SwingVoter VIP Member

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    because McCain was an economic genius?

    GOP puts up Romney or someone who can read a balance sheet, and they'll get my vote back
     
  8. xsited1
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    xsited1 Agent P

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    Obama and McCain were not the only two running for President. However, it's beginning to look more and more like McCain would have been the lesser of the two evils.
     
  9. wimpy77
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    wimpy77 Member

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    why don't you go to yahoo financial section and fucking look it up youself.
     
  10. Zoom-boing
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    Zoom-boing Gold Member

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    That was why I voted for him.
     

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