Tim Geithner may have just killed the US Dollar...
 

I'm totally speechless..... :Oh crap

http://www.telegraph.co.uk/finance/e...s-markets.html

"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. "

this administration can't be booted out of office fast enough.
They've got the idiot rabble worried about whart their betters are paying in taxes when shit like this effects them much more and they're completely unaware as they cheer them on.

I don't know much about this stuff really but wouldn't this be a bad move for china? China, being a country that relies on its currency being valued so low you would think they would want to keep a currency that they can constantly devalue.

This is a much larger scheme than just this administration. Since you are smart and uber rich I had assumed you knew that. :2 cents:

you're right. so let me dumb it down for you.
the larger scheme you have no clue about can't be accomplished without the US.
you, in your continued idiocy, voted for the administration thats rapidly undoing our country.
now go back, sit down, and let the adults talk.

you really think any other administration would do things differently? the only difference probably would of been this wouldn't be said publicaly. no matter who is in office, the fact is china owns a lot of the debt so you can't just piss away what they want.

Geithner is an idiot. This really does play right into all the conspiracy theories you read...

That article is from 2009 are you stuck in the past and being shocked and blown away by old news? LOL

I have to agree that both parties are equally to blame at this point. I'm a Constitutional Libertarian, and although I TEND to agree more with fiscally conservative Republicans, than I do the Democrats, they are both F*%#@ed up in my humble opinion. Things have certainly sped up over the last couple of years, but the seeds were sown a long time ago.


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china is NOT the biggest holder of our debt.
The US is the largest purchaser country in the world.
ever hear the term "the customer is always right"?>
we're the customer, WE make the rules.
This administration has forgotten that.
and NO, a different administration wouldn't do this. not a conservative one anyway.

I thought the US Dollar has long been dead.

You are indeed correct that I voted for Obama... however, it wouldn't matter who I voted for because they are all in the pockets of the global financial services industry. Republicans are even worse than the Obama Administration... but you can continue to bury your head up your ass looking for gold all you want... your continued support for corporate corruption is noted. I won't try to bother you with historical details because you would ignore them anyway...

jesus H christ, that moron should be shot for treason

fyi brainiacs: Article By Ambrose Evans-Pritchard 6:05PM GMT 25 Mar 2009

lol superbozo, you moron. why are you posting 2 year old articles? so what effect did it have, oh nothing i guess..

Bullshit... This started with Don Regan... but I digress.

How odd. Dollar is up against the Mexican peso and it seems the Euro as well.

And the stock market is up more than 100 points.

It's a 2 year old article LOL Someone is living in the past

While you are in 2009 can you do something about tubes? Thanks. You'll be the biggest rockstar when you get to 2011 if you do.

12clicks and sperbonzo don't care about tubes.

:yawn:..

links pulled

as with tubes, this is a bad idea regardless of when it was rolled out.
additionally, it doesn't change the correctness of any of my statements.

I'm pretty amazing like that.

I know. I wasn't referring to you. I was referring to bonzo.

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OMG SHAP LOOK!

http://articles.cnn.com/2009-06-25/e...?_s=PM:SHOWBIZ


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:winkwink::pimp

I don't understand what you think is important about China owning US Bonds... It's not like they set the terms of the debt.

Their only recourse is to sell them on the open market like everyone else. How easy do you think it is to sell 1 trillion + bonds on the open market and maintain the value of your principal?

That said, I wish every person who is so focused on the US Dollar would acknowledge that the US Dollar Index fell from July 2001 (128.95) until April 2008 (75.03). Between the 2008 low and today, the Index has traded between 92.85 and 75.62 (currently 76.37).

IOW, the US Dollar Index got crushed between 2001 and 2008, but since then has basically traded sideways.

Also, if you look at the US Dollar in terms of Gold, you should also look at other currencies in terms of Gold. What you'll see is that Gold is more expensive for all foreign currencies, not just the US Dollar.

Wow ... someone who actually has some 'smarts' ;)

I have to agree with Nation-X on this one...

You don't remember Bush and our dollar? He tanked the fuck out of it!

If you want to look at presidents...

Regan brought our dollar to it's hight and then tanked the shit out of it before leaving office...

Of course he had NOTHING to do with it and the housing market did...

Then it puttered around before Clinton made it sexy again... or the improving markets did...

Then Bush killed it... or... The tech bust did.

Then it has been on the same roller coaster ride Papa Bush had during his term as President...

So does the administration control the dollar or does the free market we live in control it?

You make an important point.

Administrations don't necessarily control currency markets. However, there have been orchestrated events like Bretton-Woods. There are also policy choices that have consequences. There are also global economic changes. There's the FED. ETC.

It's a complex, dynamic market and there is no one true, easy answer to explain pricing.

Wow, if the dollar tanked then all of our export products would be dirt cheap
and none of us would want to buy imports because we would have to pay more.

Those out sourced jobs would not save companies as much money anymore since
they would have to pay more dollars to make up the difference in foreign exchange
so they would have to hire people in America instead.

Our trillion dollar dept to China would be worthless, but we could easily pay it since
we have to print up more money anyway because it's value is so low.

OMG!!!



:1orglaugh

would it all rly be like this? seems like there would be more to consider. i don't know, just asking.

Lets get the DeLorean fired up :Graucho

Yeah, we would have to finally consider pumping our own oil.

That would be about it.

Every dollar we pay for foreign oil is deposited into our banks and we then pay
interest on it. What if that interest became worthless? Then how much would
we be paying?

Can someone remind 12 clunks who was in the White House then, spending money on wars.

It looks to me as if he's terrified the dollar will be rated at it's true value.

I might have to charge Fabian more for the loss of currency exchange. :1orglaugh

Discussing politics on GFY is like flying in space without a space suit. Pretty stupid.

That said, how about them dollar bills changing to coins soon so that the GFY threads about 'my nutsack on a wad of dollar bills ' could change a tad. Now THAT would be GFY worthy to talk about!

:ø)

yep:1orglaugh:1orglaugh OLD SHIT

Regan was put there by the bankers and did the bidding of the bankers. He was the perfect puppet, especially as an actor who as we all know just follow orders. Even in public he did as he was told ... never forget when he was told to cut his speech to the stock exchange short and he took the order and did as commanded.

Yes, I was a big dummy.... someone sent me the link and I didn't pay close enough attention to the date...

Having said that, a global currency would be a disaster. Each country has it's own culture, it's own priorities and it's own set of values. The only way for certain countries to keep up with world trade is to de-value their currency so that their export...s get cheaper. A world currency would create permanent "ghetto countries", that would NEVER be able to get out of their mired economies. It would also then stifle more productive countries in order to cover the debt levels of the less productive. In the end, you would completely kill economic progress on the planet. Look at the Euro. Personally I don't think it will last 5 more years. If you want a world currency, then I guess you want everyone to have only one culture, one set of values and one world government. Personally I don't think it will happen, and I wouldn't want to live to see it.




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No.. it's not as simple as he puts it.

If it were then Zimbawbe would be enjoying a golden age.

Fuck, the dollar is falling for years now.. :(

Thanks for pointing that out.

We hit the 1.40 $/EUR exchange rate, though. Now I remember a coupld of years ago, it was much worse (>1.60). Those were great times of cheap hosting. Unfortunately, all my revenue is in USD nowadays... :disgust

Dude Zimbabwe is being boycotted by all western nations.
Get the fuck out of here with that comparison.
There has been an on going effort to cripple the nation ever since the
colonial jackasses got run out by Mugabe.

You can't even spell the place so I'm sure you know nothing about it
except lies.

once again, you prove that you are just another upper middle class moron that thinks they are wealthy and have some understanding of how govt works..

the financial institutions are now running washington.. its not going to matter who is in office anymore, you are going to see the total destruction of the middle class in the next 50 years..

you cry about taxes now.. wait until the tax rate is 70%.. we not see this in our lives, but i wouldnt bet against it..

the US economy has been propped up by nothing more than credit for a long time and now that a lot of that credit is gone, there is nothing left to continue that trend..

our entire infrastructure is quickly becoming that of a 3rd world country and people would rather be selfish and cry about raising their taxes..

our education system is worsening by the year and in a time when the jobs for the uneducated, like you Ron, are slowly disappearing.. manufacturing jobs are not coming back to this country and what we need is a shift in the workforce from unskilled to highly skilled.. the people like you Ron, the low iq ones, can take care of the remaining service jobs like construction (you might want to get your hammer back out roofer boy) and laborers..

i cant wait for an administration change, so all you republican cheerleaders will see that there will be no difference in the course this country is headed...

and Ron, please go take some political science classes at your local community college. its embarrassing to keep watching you make a fool of yourself trying to have adult conversations by repeating what you hear on the news..

when you get a firm understanding of how govt works these days, please come back and we can have an intelligent discussion...

your stupidity in no longer amusing to me.... :2 cents:







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This happened in 2009. Not sure why Drudge is linking to it today.

http://cdn.pitchfork.com/media/4351-...el-jackson.jpg

SAD NEWS.....


RIP :Hollering

It's Reagan, btw.