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http://bachmann.house.gov/News/Do ...umentID=116036Washington, D.C., Mar 25 - In response to suggestions by China, Russia, and other countries around the world calling on the International Monetary Fund to explore a multi-national currency, U.S. Representative Michele Bachmann (MN-6) has introduced a resolution that would bar the dollar from being replaced by any foreign currency.
“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."Asked today about a currency proposal from China at a Council on Foreign Relations event, Secretary Geithner stated he was open to supporting it. Despite attempts to clarify his remarks later in the day, the unguarded initial response calls into question his true intentions.
Although le 31, Sec. 5103 USC prohibits foreign currency from being recognized in the U.S., the President has the power to engage foreign governments in treaties, and the President is principally responsible for the interpretations and implementation of those treaties according to the Cons ution. As a result, legislation prohibiting the President and Treasury from issuing or agreeing that the U.S. will adopt an international currency would need to come in the form of a Cons utional Amendment differentiating a treaty used to implement an international currency in the U.S. from other types of treaty agreements.
Who?
crazy eyes
LMAO she's ing re ed.
She is absolutely an idiot. China and Russia were looking not to REPLACE their own money with an international standard, but rather, to keep a large variety of other monies in reserve, INSTEAD of just the dollar. They just said they want to diversify, which makes sense since it's a backup/reserve currency anyways.
Of course, this dizzy didn't get it at all, and somehow now thinks that the US is going to stop using the dollar, and make up some international standard in its place. Get real.
But,but,but she was being praised on the hannity show....
"sons"?? (see thread le)
I guess we now have the former/alternate iden y of Lockbeard, aka Hornets Fan.
LOL -- is he referring to you in the le?
She was the gal who said something really stupid about Obama on Hardball, and it almost cost her the election.
Tinklenberg 2010?
She also seems to be an idiot in other ways as well.
He is indeed. I donated some cash and pushed her opponents website after she claimed that Obama was working with "the terrorists" or something similar on Hardball.
She scraped by if memory serves. If she had said that a few weeks earlier and given the Dems a bit more time to organize, she probably would have lost. As it is, the flood of volunteers and money into that race was too little, too late. C'est la guerre.
A quick google found this:
http://moxiepapa.wordpress.com/
A good back-up to this analysis can be seen at this link:“In another indication that China is growing increasingly concerned about holding huge dollar reserves, the head of its central bank has called for the eventual creation of a new international currency reserve to replace the dollar.
In a paper released Monday, Zhou Xiaochuan, governor of the People’s Bank of China, said a new currency reserve system controlled by the International Monetary Fund could prove more stable and economically viable.”
Note that China did not call for a new global currency. They are calling for a new RESERVE currency, quite a different matter entirely. Countries’ foreign exchange reserves are held largely in dollars, and to a significantly lesser extent in euros (roughly, 65% dollars and 25% euros globally, with the pound sterling and the yen accounting for the lion’s share of the remainder). The dollar’s status as the dominant reserve currency provides the United States with a number of benefits, and it is not entirely surprising to hear rising powers such as China calling for it to be replaced with an international reserve currency not linked to any particular nation.
But none of this has anything to do with what Bachmann is afraid of, which is some sort of new international currency that every country would adopt for public use, including the United States.
http://www.nytimes.com/2009/03/24/wo...0dollar&st=cse
Which jibes with other bits that I heard in the financial press.
Russia and China have NOT proposed replacing a group of currencies with a single "Euro"-style new currency.
They have simply proposed a new basket of currencies for use as a reserve function in international transactions. Even this is highly unlikely.
Basically, Bachmann is worried about something that no-one proposed, and simply demonstrated her utter lack of knowledge about the topic.
Well, anyone that tries to associate Obama with terrorist movements, like The Weather Underground, should be put in their place.
Or made Secretary of State:
Have to admit, he really slammed her on that issue.
Nah, what Bachman did was pretty ing stupid. She said Obama was trying to tear down America or some like that. The RNC pulled all her funding if I remember correctly.
You are too old to get it. It's okay sir, move on.
a guy on tv said he was leaving union station and walked past a guy huffing on a can of glue, and said he was making more sense than mic e bachman.
Heh,when I worked in a bookstore in Austin during my undergrad studies, we used to have a kid/guy come in who we called "super-hippie", because he was fond of capes.
He came in once with paint all over his beard, and mumbling incoherently. Thinking back that does remind me of some conservatives...
Um, oooookaaay.You are too old to get it. It's okay sir, move on.
I can live with that.
Given the similarity in posting styles and outlook, I think I will stick by my analysis, though.
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