Geithner; Trying to get fired?

[Larry Gude (Premo)]

Ben Smith's Blog: Geithner 'open' to China proposal - POLITICO.com

Geithner, at the Council on Foreign Relations, said the U.S. is "open" to a headline-grabbing proposal by the governor of the China's central bank, which was widely reported as being a call for a new global currency to replace the dollar, but which Geithner described as more modest and "evolutionary."

"I haven’t read the governor’s proposal. He’s a very thoughtful, very careful distinguished central banker. I generally find him sensible on every issue," Geithner said, saying that however his interpretation of the proposal was to increase the use of International Monetary Fund's special drawing rights -- shares in the body held by its members -- not creating a new currency in the literal sense.

"We’re actually quite open to that suggestion – you should see it as rather evolutionary rather building on the current architecture rather than moving us to global monetary union," he said.

"The only thing concrete I saw was expanding the use of the [special drawing rights]," Geithner said. "Anything he’s thinking about deserves some consideration."

The continued use of the dollar as a reserve currency, he added, "depends..on how effective we are in the United States...at getting our fiscal system back to the point where people judge it as sustainable over time."

President Obama flatly rejected the notion of a new global currency at last night's press conference.

I'm starting to wonder if he just wants to get the hell out of there.

[jetmonkey]

I guess they don't talk to each other, lols.

[Tilted (Premo)]

Those comments caused a little bit of a stir in the markets this morning. He made those comments in response to a question during a Q&A this morning. But, when he was asked another question a little later, he clarified his position with regard to the dollar remaining the global reserve currency. That relieved the markets, and all was well again.

Geithner says dollar to be reserve currency for long time

[Larry Gude (Premo)]

Originally Posted by Tilted

Those comments caused a little bit of a stir in the markets this morning. He made those comments in response to a question during a Q&A this morning. But, when he was asked another question a little later, he clarified his position with regard to the dollar remaining the global reserve currency. That relieved the markets, and all was well again.

Geithner says dollar to be reserve currency for long time

Well, I, for one, feel oh so much better.

[Tilted (Premo)]

Originally Posted by Larry Gude

Well, I, for one, feel oh so much better.

Good - I wanted to make sure that you could sleep peacefully tonight.