Today, a UN Panel of expert economists pressed for a new global currency reserve scheme to replace the volatile, dollar-based system and for coordinated steps by rich countries to stimulate their economies.
Rep. Michele Bachmann (R-MN), who ripped Geithner on Monday over the constitutionality of his banking plan, has introduced a bill that would "bar the dollar from being replace by any foreign currency."
A statement from Bachmann's website:
“Yesterday, during a Financial Services Committee hearing, I asked Secretary Geithner if he would denounce efforts to move towards a global currency and he answered unequivocally that he would," said Bachmann. "
And President Obama gave the nation the same assurances. But just a day later, Secretary Geithner has left the option on the table. I want to know which it is. The American people deserve to know."
On Monday, Geithner and Bernanke both rejected the idea of a global currency in Congressional testimony. President Obama echoed the same in his new conference earlier this week.
But in remarks to the Council on Foreign Relations yesterday, Geithner indicated he was open to the idea.
(H/T: The Hill)
Defend and preserve the dollar as it were the actual homeland. Once control is lost, is lost. Direction is certain, no control!
ReplyDelete