US Treasury Secretary Geithner is truly a mental midget that is in way over his head. Mr. Geithner expressed the willingness of the Obama Administration to accept the idea of the Communist Chinese proposal, outlined this week by central bank governor Zhou Xiaochuan, which called for a "super-sovereign reserve currency." The mere fact that Mr. Geithner is even considering the thought that the dollar may cease being the anchor of the global monetary system is unfathomable.
President Obama backpedaled by stating, "I don't believe that there is a need for a global currency. The reason the dollar is strong right now is because investors consider the United States the strongest economy in the world with the most stable political system in the world." The fact is the Dollar is not strong at present and I am not sure we have the strongest economy in the world. The Communist Chinese continue buying our debt and they are being encouraged to buy even more.
The dollar plunged instantly against the euro, yen, and sterling as Mr. Geithner’s comments flashed across trading screens. It seems every time someone from the Obama Administration opens their collective mouths, the markets plunge or the Dollar sinks. It almost seems that there is a concentrated effort to destroy the economy as much as possible. I guess Obama and the liberals have spent all the Dollars available so now is the time to spend some other currency.
Is it becoming apparent to all of you Obama supporters that you might have made a mistake?
We warned you before the election that this guy was bad news.
I have to admit, this guy is worse than I thought he would be.
Mr. Obama nominated a tax cheat as Treasury Secretary and that nominee now supports getting rid of the Dollar.
My God, the Apple Dumpling Gang continues it’s bumbling and is taking this once great country down the road to hell.
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Proof-positive that Obama and company have no idea how a free economy works.
ReplyDeleteYea he backed off that when the dollar tanked. Supporting that would be like cutting our own throats now instead of letting Obama's spending do it over the course of 10 years.
ReplyDeleteThey want the dollar to tank. Their friends get rich, the poor become ever-more reliant on a government body, and - at least in their pea brains - people of the world will see America as a common sufferer in world famine rather than a super power.
ReplyDeleteEvery single thing detrimental to America is a win-win for progressive liberal slimeballs. And there are double-digit millions of people in America who play right along.
Talk about the real bubble!