T Nation

Geithner 'Open to China Proposal'

I might have my tin foil hat on a little too tight today, but does this mean a “global currency” is a-comin’?

It means this administration is bumbling along and Geithner and Obama can’t get their stories straight.

Something else for them to fuck up.

…Geithner explicitly rejects the idea of a global currency - and I think the failure of the Euro during present economic conditions make a strong case against the idea

[quote]skaz05 wrote:
I might have my tin foil hat on a little too tight today, but does this mean a “global currency” is a-comin’? [/quote]

No.

It means that the dollar’s attractive value is eroding, and Geithner is trying to play it down the best he can.

Is all.

Edit: Fixed gerund.

http://finance.yahoo.com/news/Stocks-slide-after-weak-apf-14744414.html

Geithner is a fool.

Fiat money has just about run its course. In order to make the global currency acceptable it’ll be redeemable in gold, which will have a floating value. With no competitive currencies, there’ll be no currency runs and gold will probably lose value as a result.

The dollar is just about toast.

[quote]shookers wrote:
…Geithner explicitly rejects the idea of a global currency - and I think the failure of the Euro during present economic conditions make a strong case against the idea[/quote]

If you read carefully Geithner says he is for AND against it. He probably would claim to keep dry whilst swimming as well.

““China’s central bank governor said earlier this month said the world should consider the special drawing right (SDR), a basket of dollars, euros, sterling and yen, as a super-sovereign reserve currency.””

This is the plan Geithner said was agreeable, he also said that the USD should and will remain the main global currency. What’s happening here is typical Washingtonian doublespeak.

Honestly I can’t beleive that HH is the only PWI troll that is all over this issue. IMO it’s the most important thing to happen since the invasion of Iraq.

http://www.cnbc.com/id/29866259

[quote]Headhunter wrote:
Fiat money has just about run its course. In order to make the global currency acceptable it’ll be redeemable in gold, which will have a floating value. With no competitive currencies, there’ll be no currency runs and gold will probably lose value as a result.

The dollar is just about toast.[/quote]

Oh lord no, fiat is where the power is. There is not a snowball’s chance in Hades that this will not eventually be fiat. Capitalsim will collapse before we see the end of fiat. Regarding the USD being toast, I actually agree with you for once. This is huge IMO.