Author Topic: Geithner 'open' to China proposal (Read 3524 times)

TheSarge · « **on:** March 25, 2009, 01:24:40 PM »

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 havenâ€™t read the governorâ€™s proposal. Heâ€™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.

"Weâ€™re actually quite open to that suggestion â€“ 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 heâ€™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."

http://www.politico.com/blogs/bensmith/0309/Geithner_open_to_China_proposal.html?showall

Duke Nukum · « **Reply #1 on:** March 25, 2009, 01:35:09 PM »

Is it time to don a tin foil hat? Seriously, I habbitually discount conspiarcy theories but more and more it's hard to tell the crazy from the headlines.

ironhorsedriver · « **Reply #2 on:** March 25, 2009, 01:49:34 PM »

The man is a complete MORON. Just like his boss.

NHSparky · « **Reply #3 on:** March 25, 2009, 01:52:18 PM »

This guy is bending over for the Chinese faster than the Clintons did.

DixieBelle · « **Reply #4 on:** March 25, 2009, 02:44:27 PM »

Where's the sign that shows the House floor with "dangerously incompetent" on a poster? Jeeez.

Happy Fun Ball · « **Reply #5 on:** March 25, 2009, 03:33:54 PM »

Guess what happens next...

If you guessed that the dollar pulls a Skylab, then you're right:

Quote

In a blink of an eye, the U.S. dollar has collapsed against the Euro, Japanese Yen and other major currencies. The trigger was comments from Tim Geithner who said that the U.S. is â€œquite openâ€ to Chinaâ€™s suggestion of moving towards a Special Drawing Right (SDR) linked currency system. If the world adopts the SDR, which was created by the IMF as an international reserve asset, it would mean that countries around the world would need to hold less U.S. dollars. The U.S. is probably open to this suggestion because a weaker dollar is stimulative for the U.S. economy and would relieve the U.S. from having to implement effective monetary policy while balancing the international demand for a reserve currency.
Geithnerâ€™s comments indicate that the U.S. is not taking Chinaâ€™s suggestion with a grain of salt and instead is giving it legitimacy. This is extremely important ahead of the G20 meeting. The only question is whether this is another amateur mistake by the new U.S. Treasury Secretary.

It recovered a bit later on when Timmeh! had to...ahem...revise his earlier moronic statement, but the damage was already done, and it makes him look like an even bigger fool.

TheSarge · « **Reply #6 on:** March 25, 2009, 04:51:03 PM »

Bunch of Globalist/statists want to start the U.N. of Banks.

SSG Snuggle Bunny · « **Reply #7 on:** March 25, 2009, 05:20:52 PM »

"Rawr!"

Happy Fun Ball · « **Reply #8 on:** March 25, 2009, 05:38:27 PM »

Honk! Honk!

TheSarge · « **Reply #9 on:** March 25, 2009, 05:41:43 PM »

Are those real?

Hawkgirl · « **Reply #10 on:** March 25, 2009, 05:44:22 PM »

Quote from: TxRadioguy on March 25, 2009, 01:24:40 PM

This is how I grab Obama's penis before I perform fellatio on him.

Odin's Hand · « **Reply #11 on:** March 25, 2009, 05:55:24 PM »

It can be quite depressing to see the Red Chinese set these liars and crooks up, time and time again, to the detriment of this nation.

Chris_ · « **Reply #12 on:** March 25, 2009, 06:42:23 PM »

As 0's administration has went about their "business" since January 20th, I've been thinking to myself that their actions remind me of something, but I hadn't been able to figure out what it reminded me of until just a few minutes ago. It is the last line of this quote from the movie Days of Thunder:

We messed up big time on Sunday. I had sponsors in the stands and I'm huggin' and holdin' hands and kissin'em in the ears and prayin' for a good showin'. And what do we do? We end up lookin' like a monkey ****in' a football out there.

Crazy Horse · « **Reply #13 on:** March 25, 2009, 07:16:16 PM »

Quote from: ChuckJ on March 25, 2009, 06:42:23 PM

As 0's administration has went about their "business" since January 20th, I've been thinking to myself that their actions remind me of something, but I hadn't been able to figure out what it reminded me of until just a few minutes ago. It is the last line of this quote from the movie Days of Thunder:

We messed up big time on Sunday. I had sponsors in the stands and I'm huggin' and holdin' hands and kissin'em in the ears and prayin' for a good showin'. And what do we do? We end up lookin' like a monkey ****in' a football out there.

Scuse me we had a thread on Thumpy's primetime news guesser

Attero Dominatus · « **Reply #14 on:** March 25, 2009, 08:02:35 PM »

Quote from: Duke Nukum on March 25, 2009, 01:35:09 PM

Is it time to don a tin foil hat? Seriously, I habbitually discount conspiarcy theories but more and more it's hard to tell the crazy from the headlines.

Obama and his cronies are doing the really crazy shit that the moonbats accused Bush of doing. And not a peep from them over this! I guess its OKAY to them if a Democrat does it

ironhorsedriver · « **Reply #15 on:** March 27, 2009, 06:50:57 AM »

Whats truly amazing, they've done all this in just two months! Can you imagine four years of these morons? I hope most Americans will hurry up and wake up to how truly dangerous these jackasses really are. Even more so, our Congress.

Attero Dominatus · « **Reply #16 on:** March 27, 2009, 08:15:34 AM »

Quote from: ironhorsedriver on March 27, 2009, 06:50:57 AM

Whats truly amazing, they've done all this in just two months! Can you imagine four years of these morons? I hope most Americans will hurry up and wake up to how truly dangerous these jackasses really are. Even more so, our Congress.

With the way things are going now, I will be surprised if this country is even recognizable in four years.

TheSarge · « **Reply #17 on:** March 27, 2009, 08:17:45 AM »

Quote from: ironhorsedriver on March 27, 2009, 06:50:57 AM

Whats truly amazing, they've done all this in just two months! Can you imagine four years of these morons? I hope most Americans will hurry up and wake up to how truly dangerous these jackasses really are. Even more so, our Congress.

I heard Rush talking about a Greenberg Poll that shows that the Republicans have pulled even with Democrats in who people would voter for in the next election.

It seems the best campaign the GOP has going right now is the sophomoric actions going on now inside 1600 Pennsylvania Avenue.

TheSarge · « **Reply #18 on:** March 27, 2009, 08:18:47 AM »

Quote from: Attero Dominatus on March 27, 2009, 08:15:34 AM

With the way things are going now, I will be surprised if this country is even recognizable in four years.

We as a country have one good shot to stop this mess before it gets worse.

The 2010 mid terms

debk · « **Reply #19 on:** March 27, 2009, 09:47:35 AM »

Put a 5th Grader in charge of the Treasury!

They are smarter than the dipsh*t who is seriously dangerous to our country.

ironhorsedriver · « **Reply #20 on:** March 27, 2009, 09:56:13 AM »

Quote from: TxRadioguy on March 27, 2009, 08:18:47 AM

We as a country have one good shot to stop this mess before it gets worse.

The 2010 mid terms

That's two years down the road. Look what their doing to us in just 2 months. Unbelievable. I don't know where true statesmen quite serving us in our government, but we better sort it out. We can't keep having crooks and traitors of freedom running this country. Or I should say running it into the ground.

News:

Author Topic: Geithner 'open' to China proposal (Read 3524 times)