Saturday, March 12, 2011

Yes He Did...

Obama has made it no secret that he wants to take the United States down some notches. His insufferable vendetta against the United States has led to 'necessarily' skyrocketing energy costs. He has bowed and cowtowed to nearly every tyrant known to the world, while at the same time dissing long-time traditional allies of the United States. And now, his administration has singlehandedly decreased your purchasing power:

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.

So... How's that hopenchange working for you?