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Geithner Vows US Will Not Devalue Dollar
CNBC ^ | 10/19/2010

Posted on 10/19/2010 6:54:22 AM PDT by SeekAndFind

U.S. Treasury Secretary Timothy Geithner vowed on Monday that the United States would not devalue the dollar for export advantage, saying no country could weaken its currency to gain economic health.

"It is not going to happen in this country." Geithner told Silicon Valley business leaders of devaluing the dollar.

Geithner broke his silence on the dollar's protracted slide ahead of this weekend's meeting of finance leaders from the Group of 20 wealthy and emerging nations in South Korea, where rising tensions over Chinese and U.S. currency valuations are expected to take center stage.

"It is very important for people to understand that the United States of America and no country around the world can devalue its way to prosperity, to (be) competitive," Geithner added. "It is not a viable, feasible strategy and we will not engage in it."

Answering audience questions before the Commonwealth Club of California in Palo Alto, he said the United States needed to "work hard to preserve confidence in the strong dollar."

Geithner, normally reluctant to publicly discuss currency and market movements, has not uttered the so-called "strong dollar mantra" — a refrain he helped create at Treasury in the 1990s — since February.

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; Culture/Society; Foreign Affairs; Government; News/Current Events
KEYWORDS: devaluation; dollar; timgeithner

1 posted on 10/19/2010 6:54:23 AM PDT by SeekAndFind
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To: SeekAndFind

You already have devalued it Tim, you blithering idiot!


2 posted on 10/19/2010 6:57:28 AM PDT by DarthVader (That which supports Barack Hussein Obama must be sterilized and there are NO exceptions!)
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To: SeekAndFind
That's okay Turbo Timmy, Uncle Ben is doing it for you.

3 posted on 10/19/2010 6:58:50 AM PDT by TSgt (Dwayne Elizondo Mountain Dew Herbert Camacho - 44th and current President of the United States)
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To: DarthVader

4 posted on 10/19/2010 6:59:50 AM PDT by FromLori (FromLori)
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To: SeekAndFind

Dollar devaluation in 3...2...1...


5 posted on 10/19/2010 7:00:58 AM PDT by davius (You can roll manure in powdered sugar but that don't make it a jelly doughnut.)
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To: SeekAndFind

And THIS is how it is screwing all of us!

Here’s the Fed’s game plan in each game. In the domestic economy, the Fed aims to save its Overlords in the banking sector by giving them unlimited credit at zero interest (ZIRP). The banks are free to speculate with this money and earn a higher return. This dynamic—unlimited free money at zero interest—is designed to let the banks “earn” their way of their insolvency.

But that zero interest policy is robbing the citizenry of hundreds of billions of dollars annually. Banks were once required to pay 5.25% interest on all savings accounts. People who saved for retirement could expect to earn at least that on their capital. Thanks to the giveaway to the banks, they now earn basically nothing.

Zero interest is nothing but a transfer of wealth from the citizens to the Financial Power Elites in the money-center and investment banks. Please note the bankers divided up $144 billion in bonuses last year, despite their insolvency. That buys a lot of politicos—basically all of them.

http://www.oftwominds.com/blogoct10/loss-of-trust10-10.html


6 posted on 10/19/2010 7:04:14 AM PDT by FromLori (FromLori)
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To: SeekAndFind
LIAR!

More importantly Tim, LOWER MY TAXES

7 posted on 10/19/2010 7:04:58 AM PDT by Zuben Elgenubi
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To: SeekAndFind
Whacha do Timmy, shut down the presses for a day?
8 posted on 10/19/2010 7:05:17 AM PDT by sniper63 (I am the leader of the TEA Party, I, myself am the leader of me, myself for I am the TEA Party!)
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To: SeekAndFind

These people (Bernanke, Geithner) are living in a dream world.

What I’d give for a relentless Free Press to hold their feet to the fire and DEMAND that they spell out the END GAME to their folly. “What EXACTLY is your exit strategy from QE, Mr. Bernanke? How EXACTLY do you intend that we’ll extract ourselves from this tar pit of debt without devaluation or massive inflation, Mr. Geithner?”

But NO ONE ever asks.


9 posted on 10/19/2010 7:05:43 AM PDT by Nervous Tick (Trust in God, but row away from the rocks!)
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To: FromLori

LOL! The “fill in the blank” bill with Bernanke’s portrait is particularly clever.


10 posted on 10/19/2010 7:07:49 AM PDT by Nervous Tick (Trust in God, but row away from the rocks!)
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To: SeekAndFind

The Federal Reserve will do it


11 posted on 10/19/2010 7:08:02 AM PDT by GeronL (http://libertyfic.proboards.com <--- My Fiction/ Science Fiction Board)
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To: SeekAndFind
1 USD = EUR (0.792957) 1 USD = GBP (0.649141) 1 USD = JPY (84.950141)

Kind of a Duh moment on Timmy's part........

12 posted on 10/19/2010 7:08:20 AM PDT by sniper63 (I am the leader of the TEA Party, I, myself am the leader of me, myself for I am the TEA Party!)
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To: SeekAndFind

If the libtards are saying they will never do it...

Any guesses about when?


13 posted on 10/19/2010 7:09:32 AM PDT by CPOSharky (They ain't "illegals." They are just unregistered democrats.)
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To: SeekAndFind
You lied before.
are you lying now ?
14 posted on 10/19/2010 7:09:54 AM PDT by Eric in the Ozarks (Impeachment !)
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To: FromLori

That’s Bernake from the Fed


15 posted on 10/19/2010 7:11:28 AM PDT by DarthVader (That which supports Barack Hussein Obama must be sterilized and there are NO exceptions!)
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To: SeekAndFind

Tim, not only is that authentic frontier gibberish...


16 posted on 10/19/2010 7:12:34 AM PDT by kingcanuteus
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To: Zuben Elgenubi

Taxes are for little people remember TAX CHEAT TIMMY


17 posted on 10/19/2010 7:12:39 AM PDT by FromLori (FromLori)
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To: SeekAndFind

Historically, if a government official says they will not devalue their currency, it means they’re about to do it.

In our case, it’s already happening, but the fact that Timmy made that statement indicates it’s probably about to get much worse.


18 posted on 10/19/2010 7:12:55 AM PDT by Disambiguator
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To: CPOSharky

November 3.


19 posted on 10/19/2010 7:15:47 AM PDT by Texas resident (Outlaw fisherman)
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To: SeekAndFind

Hey everyone, do you know what day it is? That’s right, it’s “opposite day”! Today we say one thing, but mean the opposite. Come on; play along!


20 posted on 10/19/2010 7:23:00 AM PDT by pingman (Price is what you pay, value is what you get.)
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To: SeekAndFind

21 posted on 10/19/2010 7:31:28 AM PDT by MrB (The difference between a (de)humanist and a Satanist is that the latter knows who he's working for.)
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To: SeekAndFind

That is kind of silly, all you have to do is look at its value along side the pound or yen. Then, compare its value to the same from various times in the past.


22 posted on 10/19/2010 7:32:22 AM PDT by Dudoight
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To: FromLori
Interesting perspective.

I'd add, though, that there's no reason why you and I couldn't do the same thing.

In fact, I'm doing it right now. Last year I took out a pile of money in my 401(k) account from my U.S. bond fund -- which was earning very little interest. I drew this money out of the 401(k) as a loan with a very low interest rate.

I used this money to help finance a business start-up. The loan is paid back to MYSELF (my own 401k account) -- and the interest is tax-deductible because of what I'm using it for.

23 posted on 10/19/2010 7:40:13 AM PDT by Alberta's Child ("Let the Eastern bastards freeze in the dark.")
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To: SeekAndFind

Tim Geitner reminds me of Baghdad Bob.

He’s lying. We know he’s lying. He knows we know he’s lying.

And he lies anyway.

However, Tim Geitner is the Secretary of the United States Department of Treasury, not a spokesman for a rapidly failing and soon-to-be vanquished military regime. On second thought, maybe the two aren’t so different: maybe Timmy is just a spokesman for a rapidly failing and soon-to-be vanquished monetary regime.

OTOH, the dollar’s up today and gold is down $30 per ounce.


24 posted on 10/19/2010 7:46:46 AM PDT by Skepolitic
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To: SeekAndFind

Every vote for a democrat devalues the dollar a little more.

FUBO


25 posted on 10/19/2010 7:58:57 AM PDT by RJS1950 (The democrats are the "enemies foreign and domestic" cited in the federal oath)
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To: SeekAndFind
U.S. Treasury Secretary Timothy Geithner vowed on Monday that the United States would not devalue the dollar for export advantage, saying no country could weaken its currency to gain economic health.

Ummm, print enough dollars out of thin air, and the dollar devalues itself... Guess that's what he means - he won't actually DO IT - it'll just happen... Sounds like a tax cheating excuse...

26 posted on 10/19/2010 8:12:57 AM PDT by GOPJ ( - - - - - - Your universe: http://primaxstudio.com/stuff/scale_of_universe/)
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To: SeekAndFind
U.S. Treasury Secretary Timothy Geithner vowed on Monday that the United States would not devalue the dollar for export advantage, saying no country could weaken its currency to gain economic health.

Ummm, print enough dollars out of thin air, and the dollar devalues itself... Guess that's what he means - he won't actually DO IT - it'll just happen... Sounds like a tax cheating excuse...

27 posted on 10/19/2010 8:13:14 AM PDT by GOPJ ( - - - - - - Your universe: http://primaxstudio.com/stuff/scale_of_universe/)
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To: GOPJ

Geithner can’t print dollar, it’s Bernanke’s job.

However, he can in effect, cause Bernanke to do it by issuing additional government debt ( AKA US Treasuries ).

The Fed has been buying US treasuries like crazy.

The whole thing looks so funny. What you produce with your left hand, you consume with your right hand.


28 posted on 10/19/2010 9:03:25 AM PDT by SeekAndFind
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To: SeekAndFind
Well, it's easy for these guys to say that they won't devalue the dollar, because it is the market that devalues the dollar.
29 posted on 10/19/2010 9:05:21 AM PDT by Walts Ice Pick
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To: SeekAndFind
Check kiting is the illegal act of taking advantage of the float to make use of non-existent funds in a checking or other bank account. It is commonly defined as intentionally writing a check for a value greater than the account balance from an account in one bank, then writing a check from another account in another bank, also with non-sufficient funds, with the second check serving to cover the non-existent funds from the first account.[1] The purpose of check kiting is to falsely inflate the balance of a checking account in order to allow checks that have been written that would otherwise bounce to clear.[2] -Wikipedia

You're right - it has the feel of check kiting ...

30 posted on 10/19/2010 9:57:48 AM PDT by GOPJ ( - - - - - - Your universe: http://primaxstudio.com/stuff/scale_of_universe/)
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To: SeekAndFind

Good One, Timmie, that’s a budding standup routine you got there.


31 posted on 10/19/2010 12:44:15 PM PDT by swarthyguy (KIDS! Deficit, Debt,Taxes!Pfft Lookit the bright side of our legacy -Ummrika is almost SmokFrei!)
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