25 March 2009
Geithner (read: Obama) "Open" to China's New Global Currency Idea
One of the above images is Timothy Geithner, the presumptive Treasury Secretary. The other is Hermey the elf-who-wanted-to-be-a-dentist from the beloved children's classic, "Rudolph the Red-Nosed Reindeer". I posted both because I can never quite be sure which is which.
In any event, Geithner's response to the proposal by the head of China's central bank for a new global currency to take the place of the dollar was to say he is "open" to it. Then he immediately backtracked.
Based on these things, the dollar, not surprisingly, dropped hard.
As a friend recently observed: Obama creates tools. Then he creates crises. Then he gets to use the tools. And the end? Power.