Tuesday, March 31, 2009

Just when you think they've hit bottom

our friends in the government come up with something even worse.

Here representing the latest in scary cluelessness is Rep Michelle Bachman (R, Minn), who after hearing talk about the dollar being replaced as an international reserve currency by SDR's, has introduced a resolution in the House to "bar the dollar from being replaced by any foreign currency."

I am NOT making this up! It's from her own website:

“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.

Thank you Rep. Bachman. I will sleep more soundly tonight knowing you are on the alert to protect America.

Hat tip to Jon Dingel.


Mungowitz said...

Ang, ol' pal, Timmy G really did give a stupid answer.

I like this analysis. "New guy tries to answer question, kills dollar." It happens over and over.

Angus said...

Agreed, but nothing in his answer implied that the dollar might cease to be the official currency of the USA!! It seems the gentlewoman from Minnesota doesn't understand the difference between a nation's official currency and an international reserve currency. The US Congress has no power really over what people use for international reserves and China has no say really in what is the official currency of the USA.