Man, I'd hate to admit it, but maybe those survivalists hunkered down in their Montana enclaves had something going.
In a way it's no surprise, given from whence Geithner and Obama came. To remake the U.S. into something totally new; something the Founders nor you or I would ever recognize.. The only motive I can come up with.
Thing is, this crap has been coming now for years; the tinfoils have been warning us about it, and we kept on dismissing them as a bunch of lunatics.
Only tinfoil is now becoming mainstream.
Categories: White House
Geithner 'open' to China proposal
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 haven’t read the governor’s proposal. He’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.
"We’re actually quite open to that suggestion – 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 he’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."
President Obama flatly rejected the notion of a new global currency at last night's press conference.
UPDATE: Evidently sensing a gaffe, moderator Roger Altman told Geithner that it would be "useful" to return to the question, and asked if he foresaw a change in the dollar's centrality.
"I do not," Geithner said, adding several forceful promises, including, "We will do what's necessary to say we're sustaining confidence in our financial markets."
So if you'll excuse me, I'm off to get some tinfoil. And some seeds.