global_currency

What’s up folks?! It’s been a second since I’ve posted. Between going on a mini-vacation and subsequently catching a mini-cold (at least I hope it’s mini), I haven’t devoted much time to following the world. For that matter, I haven’t thought much about anything. But before I get too blogospherically rusty, I thought I’d post something; the first notable thing coming to mind.

Imagine my suprise when I opened my email this morning and saw a message with “Bachmann fights to protect the dollar” in the subject line. Given that I’ve spent most of the day dedicated to pulling off April Fool’s Day pranks, I thought this was a joke. Unfortunately, it was not:

“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.”

As much as I wanted this to be an April Fool’s Day prank, this loon is serious. And of course, she has her supporters:

Initially, I was not so quick to go after Bachmann. Perhaps she needed clarification on what Geithner’s comments meant. But, as far as I can tell, he has provided clarity on his comments.  The President, meanwhile, has explicitly been against any ideas of altering the centrality of the U.S. dollar from the start.

None of this was enough for our dear Michelle  Bachmann to rethink this nonsense about ‘saving’ the U.S. dollar.

Giving Bachmann the benefit of not knowing what is going on in her head, I’m assuming she mistakenly thought Geithner was an advocate for changing the currency of our country as opposed to changing the world’s reserve currency, what was really being discussed. I’m no economist, but even I don’t think it is in the world’s best interest to have the dollar – as unstable as it is right now – carry the weight of the world’s reserve currency. But assuming that Bachmann knew that Geithner (and countries like the UK, China, Japan, and German) really meant – about moving away from the dollar in the global schema – what the heck is this proposal all about? As much as our Congress may think their power is infinite, not even they can tell other nations how to back up their reserves.

Perhaps we should check Bachmann’s blood/alcohol content each time she reports to work.

– ACL

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