Thursday, March 17, 2011

US backing for world currency stuns markets

The DOW went down 240 points yesterday. Tim Geithner and Obama, with their "new world order" views don't really care what they do to the US economy and the investments of many Americans, both retired and working.

We won't be safe until we have someone in the White House that believes the USA is a beacon of freedom and good in the world.

Geithner's comments here border on "stupid".

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.

Read full UK Telegraph article here.

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