from raw replay: President Obama told Fox’s Major Garrett that he does not believe that there is a need for a world currency. This video is from MSNBC, broadcast Mar24, 2009.
obama denounces global currency while creating the means for its intro
from paul joseph watson: Obama, Geithner and Bernanke yesterday publicly defended the dollar and denounced proposals by China and Russia to supplant the greenback with a new global currency, and yet the very policies of the Obama administration, the Treasury and the Federal Reserve are creating the perfect storm for the dollar’s death and its replacement with a new international reserve currency. As we reported on Monday, China has expressed support for Russia’s proposal to hand the IMF the power to create a new supra-national global currency in response to the call for an alternative to the U.S. dollar as the world reserve currency. Last week the Kremlin called for the “creation of a supranational reserve currency to be issued by international institutions as part of a reform of the global financial system.” Yesterday, Barack Obama, Timothy Geithner and Ben Bernanke all separately expressed support for the dollar and denounced the Chinese-Russian proposal for a new global currency… In the case of Obama, Geithner and Bernanke, actions certainly speak louder than words, because while publicly denouncing the demise of the dollar and the call for a new global currency, their every policy is creating the very means and justification for its introduction. Bernanke himself has vehemently supported efforts to create a global regulatory framework that would act as the vehicle for the introduction of a new global currency to replace the dollar. He has echoed the sentiments of Blair, Brown, Merkel, Sarkozy and others in calling for a new world economic order and “A strategy that regulates the financial system as a whole, in a holistic way, not just its individual components,” Bernanke told a CFR audience at a speech earlier this month.
update1: geithner says US ‘quite open’ to a global currency
from bloomberg: Secretary Timothy Geithner sent the dollar tumbling with comments about China’s ideas for overhauling the global monetary system, only to drive it back up by affirming that it should remain the world’s reserve currency. Geithner was asked at a Council on Foreign Relations event in New York yesterday about People’s Bank of China Governor Zhou Xiaochuan’s call for a new international reserve currency. He said while he had not read Zhou’s proposal, he understood it as a plan “designed to increase the use of the IMF’s special drawing rights. And we’re actually quite open to that.”
update2: bachmann bill would ban global currency
from the hill: Rep. Michele Bachmann (R-MN) has introduced legislation that would “bar the dollar from being replace by any foreign currency.” A statement from Bachmann’s website: “Yesterday, during a Financial Services Committee hearing, I asked Secretary Geithner if he would denounce efforts to move towards a global currency and he answered unequivocally that he would,” said Bachmann. “And President Obama gave the nation the same assurances. But just a day later, Secretary Geithner has left the option on the table. I want to know which it is. The American people deserve to know.” On Monday, Geithner and Bernanke both rejected the idea of a global currency in Congressional testimony. But in remarks to the Council on Foreign Relations yesterday, Geithner indicated he was open to the idea.
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