{"id":71,"date":"2009-03-25T20:55:40","date_gmt":"2009-03-26T01:55:40","guid":{"rendered":"http:\/\/jparnell.com\/blog\/?p=71"},"modified":"2009-03-25T20:55:40","modified_gmt":"2009-03-26T01:55:40","slug":"geithner-the-dollar","status":"publish","type":"post","link":"https:\/\/battle4liberty.com\/?p=71","title":{"rendered":"Geithner & the Dollar"},"content":{"rendered":"

China has become understandably nervous over the past few weeks. Obama\u2019s massive spending will contribute to inflation, thereby reducing the value of the more than one trillion U.S. dollars China holds in its reserves. On Tuesday (March 24), China and Russia proposed greater use <\/span>of Special Drawing Rights, a unit of account comprised of a basket of world currencies including the euro, pound, yen, and dollar. This suggestion underscores China\u2019s lack of confidence in the dollar and a desire to hedge its risk by diversifying its currency portfolio. This is also a clear vote of no-confidence in Obama\u2019s recovery plan.<\/span><\/span><\/span><\/p>\n

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Later that day, Minnesota Congresswoman Michele Bachmann asked Secretary Geithner if he would \u201ccategorically renounce the United States moving away from the dollar and going to a global currency as suggested this morning by China and also by Russia?” “I would, yes,” he replied. She posed the same question to Ben Bernanke, who offered a similar response. The story should end here, but it doesn\u2019t.<\/span><\/span><\/span><\/p>\n

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On Wednesday (March 25), Geithner was asked a similar question at a CFR meeting in New York. Instead of defending the dollar, he said he was \u201cquite open\u201d to the idea. The dollar immediately fell on world markets, prompting Geithner to shift to damage control and \u201cclarify his remarks.\u201d<\/span><\/p>\n

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The left castigates the \u201cone world government conspiracy theorists\u201d from time to time. I tend to reject conspiracies, but Geithner is giving me pause. Could it be that the Obama administration is simply using the current economic downturn to justify a quick and heavy dose of Marxism? I believe so. In this instance, I just find it hard to believe that Geithner simply misspoke or inadvertently mangled a few words.<\/span><\/p>\n

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Consider other recent developments on the economic front. The National Center for Policy Analysis projects that Obama\u2019s budget would more than double the national debt over the next decade, while even the socialists in Europe are refusing to join in his massive spending spree. Obama also seems fixated on regulating CEO pay and procuring the right to seize control of companies under certain circumstances. He\u2019s even proposed limiting the deductibility of charitable contributions for high wage earners, arguing that their current tax breaks are too high because of their higher tax bracket. Just ponder the twisted logic here. <\/span><\/p>\n

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So what\u2019s the connection among the notion of a global currency, massive government spending, regulating executive pay, taking control of private companies, and punishing charitable giving? All of these proposals would transfer power from individuals and firms to the public sector. They limit individual liberty, violate property rights, and compromise national sovereignty at the expense of the global Marxist ideal. <\/span><\/p>\n

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Perhaps you think we just need to give Obama and Geithner a chance to fix the economy. I\u2019ve already seen enough. Obama\u2019s proposals must be defeated and Geithner should be dispatched before he does any more damage. Fortunately, a number of Democrats are starting to express concern about the huge deficits, cap and trade proposals, tax hikes, and even gun control. Maybe there\u2019s hope after all.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

China has become understandably nervous over the past few weeks. Obama\u2019s massive spending will contribute to inflation, thereby reducing the value of the more than one trillion U.S. dollars China holds in its reserves. On Tuesday (March 24), China and Russia proposed greater use of Special Drawing Rights, a unit of account comprised of a […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/battle4liberty.com\/index.php?rest_route=\/wp\/v2\/posts\/71"}],"collection":[{"href":"https:\/\/battle4liberty.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/battle4liberty.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/battle4liberty.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/battle4liberty.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=71"}],"version-history":[{"count":0,"href":"https:\/\/battle4liberty.com\/index.php?rest_route=\/wp\/v2\/posts\/71\/revisions"}],"wp:attachment":[{"href":"https:\/\/battle4liberty.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=71"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/battle4liberty.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=71"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/battle4liberty.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=71"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}