Skip to comments.Geithner Vows US Will Not Devalue Dollar
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 ...
You already have devalued it Tim, you blithering idiot!
Dollar devaluation in 3...2...1...
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.
More importantly Tim, LOWER MY TAXES
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.
LOL! The “fill in the blank” bill with Bernanke’s portrait is particularly clever.
The Federal Reserve will do it
Kind of a Duh moment on Timmy's part........
If the libtards are saying they will never do it...
Any guesses about when?
That’s Bernake from the Fed
Tim, not only is that authentic frontier gibberish...
Taxes are for little people remember TAX CHEAT TIMMY
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.
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!