Geithner's stupidity almost singlehandedly wrecks the dollar

Rick Moran
You may have heard of the dollar's steep drop yesterday on the currency markets. It was because our incompetent Secretary of the Treasury opened his mouth and put his foot in it:

As if the dollar didn't have enough problems, Timothy Geithner took China's bait yesterday and said he was "quite open" to its suggestion this week to displace the greenback with an "international reserve currency." The dollar promptly fell and stocks followed, before the Treasury Secretary re-emerged to say "the dollar remains the world's dominant reserve currency. I think that's likely to continue for a long time."

In fact, Geithner's boss said at the previous evening's press conference in response to musings by the Chinese that the world should wean itself from the dollar that he had no intention of doing anything to affect the reserve status of the greenback.

But here was Secretary Howdy Doody mindlessly opining that hey! Might be something to that Chinese idea to kill the dollar.

Maybe he didn't realize it was the American currency he was talking about. Perhaps he thought tanking the dollar was a good idea.

Or maybe he's the biggest boob in an Administration full of them.

We don't expect the media to do its job and hound Obama to get rid of this fool. Neither do we expect the left to put any pressure on the Administration to send Geithner packing.

But I'll bet sometime during yesterday's dollar sell off, Obama wished that Republicans had made a bigger deal out of Geithner's tax problems and forced him to name someone else.

That linked article above is from the Wall Street Journal that gives some additional background on what the Chinese might be after with regards to getting rid of the dollar as a reserve currency.

 


You may have heard of the dollar's steep drop yesterday on the currency markets. It was because our incompetent Secretary of the Treasury opened his mouth and put his foot in it:

As if the dollar didn't have enough problems, Timothy Geithner took China's bait yesterday and said he was "quite open" to its suggestion this week to displace the greenback with an "international reserve currency." The dollar promptly fell and stocks followed, before the Treasury Secretary re-emerged to say "the dollar remains the world's dominant reserve currency. I think that's likely to continue for a long time."

In fact, Geithner's boss said at the previous evening's press conference in response to musings by the Chinese that the world should wean itself from the dollar that he had no intention of doing anything to affect the reserve status of the greenback.

But here was Secretary Howdy Doody mindlessly opining that hey! Might be something to that Chinese idea to kill the dollar.

Maybe he didn't realize it was the American currency he was talking about. Perhaps he thought tanking the dollar was a good idea.

Or maybe he's the biggest boob in an Administration full of them.

We don't expect the media to do its job and hound Obama to get rid of this fool. Neither do we expect the left to put any pressure on the Administration to send Geithner packing.

But I'll bet sometime during yesterday's dollar sell off, Obama wished that Republicans had made a bigger deal out of Geithner's tax problems and forced him to name someone else.

That linked article above is from the Wall Street Journal that gives some additional background on what the Chinese might be after with regards to getting rid of the dollar as a reserve currency.