U.S. Backing for World Currency Stuns Markets

The Micro Effect ^ | 03/11/2011 | Staff Writers

[ex-Texan]

US Treasury Secretary Tim Geithner shocked global markets by revealing that Washington is “quite open” to Chinese proposals for the gradual development of a global reserve currency run by the International Monetary Fund.

The dollar plunged instantly against the euro, yen, and sterling as the comments flashed across trading screens. David Bloom, currency chief at HSBC, said the apparent policy shift amounts to an earthquake in geo-finance.

“The mere fact that the US Treasury Secretary is even entertaining thoughts that the dollar may cease being the anchor of the global monetary system has caused consternation,” he said.

Mr Geithner later qualified his remarks, insisting that the dollar would remain the “world’s dominant reserve currency … for a long period of time” but the seeds of doubt have been sown.

The markets appear baffled by the confused statements emanating from Washington. President Barack Obama told a new conference hours earlier that there was no threat to the reserve status of the dollar.

“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,” he said.

[ex-Texan]

These NWO Bastards are all the same.

Click the image below if you dare to open your eyes . . .

The Federal Reserve Bank is owned and run by a secret cartel of foreign banks. As a private corporation it is ruled by the profit motive. They profit whether the U.S. economy thrives or flounders. That is why they bribed and threatened members of Congress last year to oppose Ron Paul’s legislation that would have audited the Fed. That legislation had over 320 co-sponsors.

But Paul's effort failed because of cash bribes made by Wall Street to our corrupt Congress. Democrat or Republican -- Most of them are the same: Greedy elitist bastards for the most part. LOL, LOL !

[screaminsunshine]

He should be arrested and charged with Treason!

[Paperdoll]

These Crooks are not projecting the will of the American people! Get rid of them!

[ex-Texan]

* Ping!*

[dila813]

Someone Smack this guy in the back of the head, his brain is skipping.

[Mr. Mojo]

If they’re truly stunned that this treasonous admin. would express such sentiments, they haven’t been paying attention.

[marstegreg]

I could just see Obama yelling “SHUT UP TIM, you’re not supposed to say it out loud!”

[nerdwithagun]

I want to believe Alex Jones is looney horseshit, but these are the times I think he might be right on a handfull of issues.

[Desdemona]

He should be arrested and charged with Treason!

Agreed.

[USFRIENDINVICTORIA]

When U.S. debt is no longer denominated in U.S. dollars; the U.S. will no longer be able to pay its debt by printing more money. IOW, you won't be able to inflate yourselves out of debt. Having the dominant reserve currency, has been worth many trillions of dollars to the U.S. — it's a huge loss. If Bush were still in the Oval Office; the MSM would be screaming about how big a loss it is. It's this century's financial tsunami.

[DakotaGator]

Here it is. The Obama Administration's plan of destroying the dollar to destroy the country.

If my opinion is correct, look for the dollar to be crashed before the general election.

[ReverendJames]

Here come Obama dollars.

[kajingawd]

http://www.telegraph.co.uk/finance/economics/5050407/US-backing-for-world-currency-stuns-markets.html

The original article...

[Cboldt]

Article I, Section 8 of the US Constitution assigns responsibility for regulating the value of US money to Congress. IF Congress disagrees with the action of the Treasury Secretary, it (Congress) has plenary power to do something about it.

[Brilliant]

America haters.

[the invisib1e hand]

Geithners quote is two years old. Where did you dig this up?

[ex-Texan]

http://info.themicroeffect.com/?p=1643

Date on the news source is March 10, 2011

[B4Ranch]

If the Republicans don’t start a recall on Monday, I have no hope at all for this country.

[UCANSEE2]

The Federal Reserve Bank is owned and run by a secret cartel of foreign banks.

It's not much of a secret.

As a private corporation it is ruled by the profit motive.

The government of the US is a private corporation, headquartered in Wash, D.C., which is not a part of the 50 States of America.

[CynicalBear]

If the dollar is no longer the worlds currency you better have gold, silver, or some other precious metal to trade or be totally able to sustain yourself because that will be the point that tshtf.