US Administration’s Backing of Global Currency Shocks Global Markets
Posted by Jim Hoft on Sunday, March 13, 2011, 8:28 AM
Nice work, Team O.
Secretary of the Treasury Timothy Geithner’s comments that the US would support a global currency shocked global markets.
The dollar plunged instantly against the euro, yen, and sterling as Geithner’s comments flashed across trading screens. David Bloom, currency chief at HSBC, said the apparent policy shift amounts to an earthquake in geo-finance.
The Micro Effect reported, via Free Republic:
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.
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.
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Published May 22, 2012 at 5:04 am - 81 Comments
Granny commented:
These people need to be run out of town on a rail!
Granny commented:
BTW Jim, could you please take this clip off auto-play? Thanks!
Male Silverback commented:
I could just see all of the new bills in the currency with the faces of communist leaders like Mao and Obama printed in bold commie colors. Makes me sick.
mikeSilver commented:
Isn’t this an old story. Some of the links have dates of 2009.
squeaky commented:
[China has launched trading in its currency in the U.S. for the first time, an explicit endorsement by Beijing of the fast-growing market in the yuan and a significant step in the country's plan to foster global trading in its currency.]
http://online.wsj.com/article/SB10001424052748703791904576076082178393532.html
shibumi commented:
Three words:
New
World
Order
Good for them, not for us.
RedBeard commented:
Mike, it does appear that someone, perhaps the Telegraph, has confused March of 2011 with March of 2009, resulting in this going viral.
But the point remains the same, and clear: Geithner is an idiot, too stupid to do his own taxes, let alone run the national cash register.
But at least he fits, since all the other top dogs in Barry O’s cabal are also idiots. It’s a team effort.
exceller commented:
this happened two years ago. its not news
jjones commented:
Um…this is 2 years old….
FreakyBoy commented:
Most EU countries now regret the Euro experiment.
Just another failed European policy that Obama wants to shove down our throats.
Andreas K. commented:
Global currency won’t work.
The Euro is the proof for it. The Euro is, by now, a nightmare. Financial experts have been arguing against it from the very beginning but the politicians never give a damn.
Greece is the perfect example why it doesn’t work. Greece has no control over its currency anymore. Now the EU has to pump in money, which won’t do any good, thus hurting the other EU countries even more.
ferd commented:
George Costanza realized he did everything wrong and turned his life around by just doing the opposite. Perhaps these twits should consider a similar life path.
tarpon commented:
Hey let’s make it fair — Maybe we should use Zimbabwe’s currency as the global gold standard? Cater made Zimbabwe what it is today, the racist pit of Africa.
Or a basket of African dictators as the UN Security Council. Then make Zimbabwe, Kenya and Somalia permanent members.
Or maybe we should just disband the UN and the IMF All the IMF does is prevent countries who use DDT from building coal fired electric power plants anyway.
CrackerMike commented:
Lenin, Stalin. Mao, Castro, Pol Pot, Chaves, Obama, they continue the struggle Comrades! W
Mary Golden commented:
New World Order is here!!!!!!!!
L.E. Liesner commented:
I see no surprises here, this President and his whole administration are Anti-American.
squeaky commented:
“Global currency won’t work.” the definition of insanity pretty well explains that. [Albert Einstein Quotes - Insanity: doing the same thing over and over again and expecting different results...]. maybe life is just a matter of a or b answers.
Bert commented:
Team O: programmed destruction of absolutely everything we’ve known and held dear.
squeaky commented:
the geithner article maybe from 2009 but the concept is still front and center. the “boobs on parade” event in wisconsin is distracting us.
Big L commented:
And now wea haf the Germans owning our Stock Exchange…Der NYSE.
One commenter caled it the bourse with no name…
Bobbi commented:
2009, Jim
Multitude commented:
Who authorized this single executive-branch employee to unilaterally determine such issues as the discontinuance of the dollar as U.S. currency, negotiations with foreign states on the viability of that option, and effectually deciding that dollar to foreign currency valuations should be dramatically diminished?
Besides dramatically improving the power of global capital (to the benefit of administration sponsors such as Soros and his cartel of other powerful elites who have already shifted toward a financial porfolio dominated by non-U.S. assets) and destroying the earnings power of American workers, this action is remarkably lacking any representational authority. If Geithner isn’t immediately suspended, dragged before Congress, and prosecuted for his wrong-doings, then the legitimacy and credibility of U.S. governmental authority is further diminished to an alarmingly low level.
Iconoclast commented:
Sure would like to see Vlad the Impaler conduct an unfettered investigation into the actions of this regime.
Robert commented:
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.
He could add, “I’m doing everything that I can to change that.”
Blacque Jacques Shellacque commented:
The markets appear baffled by the confused statements emanating from Washington.
Baffled is understandable. Surprised, they should not be.
Josh commented:
“The New World Order will have to be built from the bottom up rather than from the top down…but in the end run around national sovereignty, eroding it piece by piece will accomplish much more than the old fashioned frontal assault.” CFR member Richard Gardner, writing in the April l974 issue of the CFR’s journal, Foreign Affairs.
“The planning of UN can be traced to the ‘secret steering committee’ established by Secretary [of State Cordell] Hull in January 1943. All of the members of this secret committee, with the exception of Hull, a Tennessee politician, were members of the Council on Foreign Relations. They saw Hull regularly to plan, select, and guide the labors of the [State] Department’s Advisory Committee. It was, in effect, the coordinating agency for all the State Department’s postwar planning.” Professors Laurence H. Shoup and William Minter, writing in their study of the CFR, “Imperial Brain Trust: The CFR and United States Foreign Policy.” (Monthly Review Press, 1977).
“The most powerful clique in these (CFR) groups have one objective in common: they want to bring about the surrender of the sovereignty and the national independence of the U.S. They want to end national boundaries and racial and ethnic loyalties supposedly to increase business and ensure world peace. What they strive for would inevitably lead to dictatorship and loss of freedoms by the people. The CFR was founded for “the purpose of promoting disarmament and submergence of U.S. sovereignty and national independence into an all-powerful one-world government.” Harpers, July l958
Rancid commented:
STORY DATELINE:
Ambrose Evans-Pritchard 6:05PM GMT 25 Mar 2009
Today is 19 Mar 2011
Appears that this is an old story; why republish it?
toongoon commented:
Hey lets rebuild the the tower of babel, They just didn’t do it right the first time.
squeaky commented:
“The New World Order will have to be built from the bottom up rather than from the top down..” because we know how well it works when wealth is transferred to those who are unfamiliar with self control, discipline, commonsense, etc. as they say a fool and their money are soon separated.
Chisum commented:
Rancid,
The link I’m looking at is from The Telegraph, Sunday, March 13, 2011
US backing for world currency stuns markets
Paula commented:
There isn’t a ‘TRUE’ American amongst this administration!! I really believe there is something really dark with Gheitner’s past we don’t know about, yet?
http://www.nakedcapitalism.com/2009/03/former-australian-prime-minister.html
squeaky commented:
” we don’t know about, yet? ” maybe it’s just connecting the dots. you may end up going somewhere that people don’t [ignorance is bliss and lethal - mostly lethal] want to go. there is this thing about killing the messenger.
Pat the First commented:
Will someone in the media do their job . . . AND FIND OUT WHAT OBAMA IS HIDING????? Sorry to yell, but we may not be able to survive another 2 years of this guy. Obama is hiding something. If not, he would have released ALL of his records like other past Presidents. When a foolish man hires foolish people as advisors . . . all you get is foolishness.
LL commented:
Where’s the gallows?
mcc commented:
Here’s one article – re Geithner/Obama Mama connection —
http://knowledgecreatespower.blogspot.com/2010/05/shore-bank-obamas-mother-and-geithners.html
CrackerMike commented:
They’ll go for the “Amero” 1st. Then combine it with the Euro, and the Juan, with the Chi-Coms as the major “partner”. Only problem is(except for those riots in the American “street”) the Euro won’t be around that much longer. So Obama will just try to fold the USA over into a full fledged Chinese vassal state. As he has said: it would be so much easier to be President then. Oh I forgot, any resistance is “RAAACIST”.
Josh commented:
The erosion of the dollar brought to you by the New World Order. Here is quote from David Rockefeller.
“Some even believe we [Rockefellers] are a part of a secret cabal working against the best interests of the United states, characterizing my family and me as ‘internationalists’ and of conspiring with others around the world to build a more integrated global political and economic structure—one world, if you will. If that’s the charge, I stand guilty, and I’m proud of it.”
David Rockefeller and the Council on Foreign Relations give our politicians their ‘marching orders.’ Democrats and Republicans belong to this group. It is working fervently to erode national borders, destroy American sovereignty, and to create an Orwellian global community. If you read about David Rockefeller, you will see that he did his senior thesis on Fabian Socialism (transformation by evolution instead of revolution). They believe that by owning everything essential that the population needs, they then can control them as well as the politicians that rule over them. The Fabians see themselves as the puppet masters.
The Fabian Window is a stained glass window which shows the Fabians molding the globe the way they want during some kind of global crisis. Whenever there is chaos, the Fabians believe that they can then come in and offer a solution. They pose as the saviors, while the serfs cry out for help. The coat of arms for the Fabian society is a wolf in sheeps clothing. Google the Fabian Window and look at it for yourself.
In the words of Rahm Emanuel, ” You never let a good crisis go to waste.”
aprilnovember811 commented:
“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.”
In other words tell them this while destroying it behind the scenes. When can he be impeached? They haven’t found one high crime or misdemeanor yet? Do they need help looking for one? If Issa doesn’t have any spine maybe they should hire a special prosecutor to investigate.
d_fitz commented:
The date on the top of the web page is todays, but the article and the video are from 2009.
Terry Phillips commented:
The whole point of creating 0.85 Trillion per year is to drive the value of the dollar down until it is worth zero.
Eventually when interest rates go up, national debt service costs will soar and the dollar will have to be hyper inflated to keep up. Its value will quickly spiral down.
Then there will be no alternative to a new world wide currency. All the major nations will be deeply in debt and pay interest from collected taxes.
The question is , who will issue and manage this new monetary system, and who will benefit.
Josh commented:
Don’t forget that Kissinger made a deal with Arab countries to buy their oil in dollars if they would buy our debt. The petrodollar and the fact that we produced things here made the dollar more desired. When other nations would buy our debt through treasury bonds, we would promise them a decent return. But here recently, Tim Guitner (Secretary of Treasury) tried to auction some more of our debt (bonds) around the world, and nobody seems to want it. From what I heard, the Chinese laughed out loud at him when he told them that the dollar was safe.
Andreas K. commented:
By the time the “Amero” can be combined with the Euro, the Euro will already have collapsed.
Some politician, like German chancellor Merkel, are telling us that our wealth comes from the Euro.
Of course, people like Merkel are arrogant and ignorant twats.
Our wealth with the Euro comes from countries like Germany, Austria, Netherlands, etc, countries which are holding up the Euro, while other countries, which are black holes and bottomless pits for any currency (Greece, Spain, Ireland, Italy, etc) are profiting from it. Or better said: have profitted. Greece is bankrupt. Spain as well. Ireland, Portugal, Italy on the verge.
The problem is, such ideas are usually pushed by people who lack and and all understanding of economy and currency.
Sparky commented:
Who will issue and manage this new monetary system………the IMF!
And the scary part is that the IMF will become the playground of transnationalists like the entire EU. the UN, George Soros, Maurice Strong, Obama, Geithner, etc. etc.
These are people who peddle power and influence and want the entire world as their playground.
But first, the US must be brought to its knees!
Josh commented:
True Sparky.
The ‘philanthropists’ have been putting the chess pieces together behind the scenes. Google the Fabian society and look at its members. Also take a close look at the Fabian Window. The Fabians are even using the churches by imposing the Hegelian Dialectic via Rick Warren to get the ‘conservatives’ on board by trying to mix all religions together.
This unitarian (universalist) mindset that Rick Warren has introduced into the church is not of the Lord. It is the spirit of antichrist….. Easily believed since it tickles man’s ears. A one world religion so to speak.
dirk pitt commented:
Sounds like we have all succumbed – I quess lay down and die…
Valerie commented:
World Response: “You unbelieveable, F’ng morons!”
therese commented:
How about you PAY YOUR TAXES and then get the HELL out of this country. Take that POS Charlie Rangel with you too..
JimmyT commented:
He said this before. It’s not a shock. It’s just another step in their total destruction of this country.
Taqiyyotomist commented:
All those strange folks above:
“This is an old story, so it is irrelevant. I’m suuuurrre that Geithner and Obama and the IMF and the rest of the world have all come around, and feel quite differently about this whole thing now.”
Yeah, right.
dunce commented:
This is the “‘run it up the flagpole and see who salutes”school of leadership. Another way of voting present, by neither endorsing nor protesting the idea put forth by others, merely commenting on it. Nobody asked if this was the change he promised,but of course any and all failures will be blamed on bush and greedy rich people with global warming as garnish.
theBuckWheat commented:
A fiat-money global currency will fail just as the Euro is failing. The only global currency that cannot fail is one backed by gold in some way that prohibits the currency from being inflated. So, the only way that can happen is if the “currency” is a direct proxy for gold, say for example, a type of warehouse receipt.
LimoLibsStink commented:
0bama:
I am in total agreement with Timmy… since I gave him my economic policy plan. I am no economic genius – but that never stopped me from screwing the Taxpayer!
My global currency plan may be a disaster given the fact that I have spend American into a hole. I have even Over-Extended the American Taxpayer to the point of bankruptcy. They don’t call me the Big O for nothing. Ha ha!
For the average person my scam…er… scheme… may see too complex to understand. But, I will try do dumb it down for the ignorant masses.
We just take the Taxpayer’s money and give it to the Chinese and who ever else will provide large campaign contributions to me. You may say that the Taxpayer’s money may not be enough. You are right! I will have encumbered the Taxpayer, the Taxpayer’s children and the Taxpayer’s grand children to get it done!
I will not rest until American dollar is equal to one Mexican peso. I will not stop spending until America is broke! I hate America.
My limousine is running and I have a date with George Soros. If there is one man that can Bankrupt American he is that man. We will have America Bankrupt in short order. Good day.
The D factor commented:
Perhaps someone should actualy look at where the dollar is right not… It’s in the damn toilet, and coming close to getting flushed… It is anything but strong…!
one US dollar will buy .717 Euro… Ain’t that just great…?
Jerry C commented:
Best to spend toilet paper on tangible stuff while it’s still accepted; like food, guns & ammo.
virginia commented:
That whole band of idiots known as the Obama administration needs to be run out of town.