Wednesday, March 25, 2009

Communication Breakdown Could Cost Trillions

Obama dismisses idea of single global currency

"WASHINGTON, March 24 (Reuters) - U.S. President Barack Obama and his top two economic officials on Tuesday dismissed suggestions by emerging economic powers that the world move away from using the dollar as the world's main reserve currency.
"I don't believe that there's a need for a global currency," Obama told a prime-time televised news conference, adding that the dollar is "extraordinarily strong right now".

US backing for world currency stuns markets

"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."


1 Comments:

Anonymous Anonymous said...

America will need a new currency before Geithner and the politicians are finished expanding the debt and destroying the dollar but the solution is a gold backed currency free of government manipulation. The Campaign to Cancel the Washington National Debt by 12/21/2012 through constitutional amendment begins. See our facebook page at http://www.facebook.com/group.php?gid=67594690498&ref=ts

We are also planning to have a booth at FreedomFest 2009, the world's largest gathering of free minds! July 9–11 www.freedomfest.com in Las Vegas. Ron

26/3/09 7:40 PM  

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