Friday, March 27, 2009

VIDEO: Rep. Michele Bachmann On Global Currency "Once you lose your economic freedom, you lose your political freedom."

I want to think Leftists at Think Progress. By trying to portray Bachmann as a radical, "kooky" right winger, they are playing right into my hands!

Thanks guys! I love Rep. Bachmann!

Today on Glenn Beck’s radio show, Bachmann declared that the U.S. will soon be moving to “give up the dollar as our currency and we would just go with a One World currency.” Such action, she warned, would mean the U.S. as a country would be “no more”:

BACHMANN: As you know, Russia, China, Brazil, India, South Africa, many nations have lined up now and have called for an international global currency, a One World currency and they want to get off of the dollar as the reserve currency.

BECK: Most people don’t understand, Michele, what that means.

BACHMANN: What that means is all of the countries in the world would have a single currency. We would give up the dollar as our currency and we would just go with a One World currency. … If we give up the dollar as our standard, and co-mingle the value of the dollar with the value of coinage in Zimbabwe, that dilutes our money supply. We lose control over our economy. And economic liberty is inextricably entwined with political liberty. Once you lose your economic freedom, you lose your political freedom. And then we are no more, as an exceptional nation, as we always have been. So this is imperative.

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  1. Your website sucks %80 of my CPU even after the page is downloaded. I like your info, but usually won't go here because it bogs down other stuff too much. You ought to fix it.

  2. Thanks for the feedback; I'm looking it.

  3. Once again people are entitled to their opinions but not their facts which are completely off here.

    This falsehoods here are coming so fast and loose that it’s hard to know where to start here. But to get to the main point, most countries hold “reserves” of various kinds—foreign currency and gold. Most countries, right now, primarily hold dollars. Euros are also popular, and Yen and British Pounds somewhat less so. The United States of America does not, obviously, hold any dollars in our reserves. We actually have quite a lot of gold. And different countries vary their practices in this regard. But most countries mostly hold their reserves in dollars. So the dollar is, in effect, the “global reserve currency.” The IMF also issues something called Special Drawing Rights that countries can use as a reserve asset. SDRs work as a kind of meta-currency, with their value based on a basket of major world currencies. A Chinese official suggested that it might be good for the world to tilt away from such a heavy reliance on dollars as the reserve currency of choice, since this leaves countries exposed to policy decisions in the United States, and toward something more SDR-like that would be balanced between dollars and euros and yen and pounds and so forth.

    This has nothing to do with replacing the dollars in your bank account—or Michele Bachmann’s—with a new currency. Nor would it be the creation of a One World Currency. And to be clear, while the United States could prevent the IMF from formally creating any kind of new internationalized reserve currency, there’s nothing we can do to stop foreign countries from weighting their reserve baskets away from dollars. It’s just not up to us.

  4. Oh and echoing anonymous I think a few of the site adds chew up. Th google ads and amazon links I think are OK, some though have snazzy moving images and all and I think those can chew it up. Also your column width is only about 50% of the width of the screen..I have blue screen on the left and right 25% of the screen. Finally I might suggest you shorten the articles you refer...maybe take the 'money quote' in your opinion with link...people want to hear The Conservative Express point of view.

  5. I agree. There's nothing Bachmann or anyone else can do to prevent any country from shifting its reserves to another source.

    And at the rate 0bama and Geithner are going, the dollar will be worthless.

    If I were a foreign government or investor, I'd be nervous too.


    And thanks for the tip on the ads; been trying to figure out what's slowing this down.