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http://www.bloomberg.com/apps/news?pid= ... efer=japan
Translation - One world currency controlled by the IMF. The default reserve currency will no longer be the USD.
Thanks a lot scumbag Geithner and Obama, you just keep driving us down the path to a socialist 3rd world country. :firedup:
The dollar fell the most in almost a week against the euro on concern Treasury Secretary Timothy Geithner supported a Chinese plan to blunt demand among global central banks for the greenback.
The U.S. currency pared losses after Geithner clarified comments on the International Monetary Fund’s special drawing rights and said the dollar will remain the world’s primary reserve currency “for a long period of time.” The yen gained versus most its major counterparts as a drop in U.S. stocks increased demand for the currency’s safety.
“The dollar’s having a bad week,” said Jessica Hoversen, a foreign-exchange analyst in Chicago at MF Global Ltd., the world’s largest broker of exchange-traded futures and options contracts. “Government policy is only as effective as the government is credible. Having a government official speak out of both sides of his mouth in five minutes erodes credibility.”
The U.S. currency weakened as much as 1.2 percent to $1.3651 per euro, the biggest intraday decline since March 19, before trading at $1.3573 at 2:50 p.m. in New York. The dollar dropped 0.6 percent to 97.26 yen from 97.86. The euro increased 0.2 percent to 132.02 yen from 131.81.
The dollar dropped on Geithner’s comment in response to a question at a Council on Foreign Relations event in New York on People’s Bank of China Governor Zhou Xiaochuan’s proposal regarding the use of special drawing rights, units of accounting at the fund used for member countries’ reserves with the IMF.
The Treasury secretary said that “as I understand his proposal, it’s a proposal designed to increase the use of the IMF’s special drawing rights. And we’re actually quite open to that suggestion.”
Translation - One world currency controlled by the IMF. The default reserve currency will no longer be the USD.
Thanks a lot scumbag Geithner and Obama, you just keep driving us down the path to a socialist 3rd world country. :firedup: