Geithner committed to keep the US dollar as a reserve currency

Saturday, October 17th 2009 - 05:29 UTC

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United States Treasury Secretary Timothy Geithner said the dollar's role as a reserve currency carries special responsibilities, including the need to control inflation and get the nation's finances in order. In an interview on CNBC television, Geithner was asked about the dollar's recent decline and what the Treasury was doing to guard its value. Read full article

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FernandoFF
One thing is what Geithner must officially say and another thing is the truth of the situation. The U.S. deficit will probably be between 12 - 15% in the next 12 months, as most of the developed economies in Europe. Trust in the U.S. Dollar has not only waned but even reached a point of no return. Furthermore, the Obama Administration cannot wade through the war expense mire the Bush Administration left behind without suffering a weak Dollar. Thus, a strong Euro is the only solution other than falling in the hands of the Chinese Yuan. Developed democracies cannot risk being at the mercy of an ever-growing Chinese economy in the hands of liberalised communist policies. China still has a long way to go before it can be considered a full-pledged democratic regime.

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Oct 19th, 2009 - 06:29 pm - Link - Report abuse 0
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