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.
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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.
March 27th, 2009 at 11:50 am
Tim Geithner = Traitor.
March 27th, 2009 at 1:20 pm
Things are getting shakey
March 27th, 2009 at 2:38 pm
Why would this “stun” anyone? This has been the open and announced intention for years. They never even tried to hide or deny it. All you have to do is read their books and listen to their speeches!
March 27th, 2009 at 11:14 pm
The lack of comments on this story says a lot to me. People don’t understand it.
March 28th, 2009 at 9:26 am
lack of comments? I posted yesterday, but it is gone……will this one remain?
I questioned our easy capitulation to the idea of global currency. US has much to gain with the dollar held in reserve. Why would we even contemplate such a thing?
Go ahead and delete this one as well. Not like this site is of any particular importance or great reach….I’ll go back to my financial commentary.
Buy stock, ammo, food and gold. If you have the means. I am happy I do.
March 28th, 2009 at 5:37 pm
I agree with Alex (not Jones). The NWO has never hidden their agenda. In fact, they are getting bolder and bolder as they get closer to the final destruction of both American soveriegnty and the American economy. It’s like a criminal who is so close to pulling off the great heist that they don’t even care if they left a fingerprint or a glove behind at the crime scene. The Fed is a private bank that is not even accountable to anyone or anything, and in fact, the Fed tells the U.S. Government what to do, not the other way around. When you realize that, you realize that every single article in every newspaper in the world regarding the Fed or the dollar IS A TOTAL LIE. They print money at no cost, lend it to the government at face value plus interest, and through inflation and deflation they control everything. That means that every meeting is a sham. Every “law” is a sham. Every single “thing” that Greenspan or Bernanke ever “did” is, in itself, a misdirection! It’s like me telling you that everything you do is going to cost you a penny. If you leave the house, you pay me a penny. If you drive the car, a penny. If you listen to music, a penny. When you ask me why, I have to have an answer, the answer itself being a totally made-up lie! But once you ask that first question, I have you!!! The only problem is, if you desert me and use another form of currency that I don’t control, then I (i.e. – the government/Fed/lie) WILL KILL YOU….
March 30th, 2009 at 1:45 am
separated at birth
http://detroit.craigslist.org/rnr/1098361311.html