Says true intentions of President and Treasury head are questionable
Friday, March 27, 2009
In the wake of discussions of and hints at a move toward a new global currency, a Republican Congresswoman has introduced a resolution in the House “that would bar the dollar from being replaced by any foreign currency.”
Minnesota Rep. Michele Bachmann announced the resolution on her website along with a press release entitled“Bachmann Demands Truth: Will Obama Administration Abandon Dollar for a Multi-National Currency?”
The Press release states:
“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.”
Bachmann is referring to the incident we reported on yesterday, when Treasury Secretary Timothy Geithner performed a 180 degree reversal of his own comments from just one day earlier, assuring the elite Council On Foreign Relations group that he and the president were “open” to the notion of a new global currency system.
“Despite attempts to clarify his remarks later in the day, the unguarded initial response calls into question his true intentions.” Bachmann states.
Bachmann’s resolution points out that Title 31, Sec. 5103 of the Constitution prohibits foreign currency from being recognized in the U.S.
Representative Bachmann has built a reputation as an outspoken and unwavering character in Congress. She opposed both federal bailout bills and has continued to question the legitimacy of the Treasury’s economic policy.
She has also previously been lambasted by the mainstream media for expressing concerns that Barack Obama and some members of Congress may have anti-American interests, for suggesting that global warming is caused by natural cycles and that the real agenda in Iraq is balkanization.
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Concerns over a move toward a new global currency are long standing, however, they recently came to a head when China 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.
The creation of a new reserve currency to supplant the U.S. dollar would likely lead to a complete collapse of the greenback, of which trillions are held in in foreign exchange reserves by foreign countries such as China and Japan.
Two days ago Both Obama and Geithner denounced the plans, but as we reported, their actions and policies are greasing the skids for a complete collapse and abandonment of the dollar.
Furthermore, today both the IMF and the United Nations have thrown their weight behind the proposals to implement a new world reserve currency.
Meanwhile, Geithner’s comments at the CFR have sent the dollar plunging against the euro, yen, and sterling.
“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,” David Bloom, currency chief at HSBC said.