Geithner/White House 'open' to China "global currency" proposal

[NoStateofMind]

Originally posted by: StarsFan4Life


PC Surgeon needed to figure this one out on his own.....still couldn't even do that.

Do people in this country really believe in this guy....the same guy who now has one of the most prestigious jobs in the world....yet has NEVER held a real job in his life?

Seems like you got caught with your pants down :shocked:

Not a supporter of Obama, in fact I knew it was all hot air. So try again, maybe know who you are talking to before making judgments.

Secondly, even if Bush was in office now, the spending would still be there. So whats your point? Both Democrats and Republicans have misused your trust. Time for something new don't you think?

 

[NoStateofMind]

Originally posted by: JS80


If you're running a $1.7 trillion deficit and it's clear that it is unsustainable, the demand for your currency will drop. It ain't rocket science.

Sure isn't. Now what are you going to do about it?

 

[Budmantom]

Originally posted by: PC Surgeon

Originally posted by: StarsFan4Life


PC Surgeon needed to figure this one out on his own.....still couldn't even do that.

Do people in this country really believe in this guy....the same guy who now has one of the most prestigious jobs in the world....yet has NEVER held a real job in his life?

Seems like you got caught with your pants down :shocked:

Not a supporter of Obama, in fact I knew it was all hot air. So try again, maybe know who you are talking to before making judgments.

Secondly, even if Bush was in office now, the spending would still be there. So whats your point? Both Democrats and Republicans have misused your trust. Time for something new don't you think?

I agree but not of this magnitude.

 

[CPA]

Originally posted by: Craig234
Our irresponsibility has created a great demand for an alternative currency. We've been a bully with the dollar in previous decades, and have made it less attractive now.

If I were a foreign government, I would not be too crazy about the inflation risk of the dollar in coming years, with all the debt.

Yeah, ONE WORLD!

 

[Craig234]

Originally posted by: PC Surgeon

Originally posted by: JS80


If you're running a $1.7 trillion deficit and it's clear that it is unsustainable, the demand for your currency will drop. It ain't rocket science.

Sure isn't. Now what are you going to do about it?

Good question. I'd slash corrupt spending in areas like defense, bring the tax rates somewhat back into line on the rich from the excessive cuts...

And pursue some middle policy that keeps the dollar more attractive as a reserve currency and reduces our mess that threatens inflation coming up.

BTW, shouldn't our finance sector be maybe 5% of the economy rather than 30% or 40%?

 

[bamacre]

Originally posted by: PC Surgeon

Originally posted by: StarsFan4Life


PC Surgeon needed to figure this one out on his own.....still couldn't even do that.

Do people in this country really believe in this guy....the same guy who now has one of the most prestigious jobs in the world....yet has NEVER held a real job in his life?

Seems like you got caught with your pants down :shocked:

Not a supporter of Obama, in fact I knew it was all hot air. So try again, maybe know who you are talking to before making judgments.

Secondly, even if Bush was in office now, the spending would still be there. So whats your point? Both Democrats and Republicans have misused your trust. Time for something new don't you think?

PC Surgeon is right.

Obama isn't to blame for what he inherited. We can only judge him on how poorly he has dealt with it.

 

[Craig234]

Originally posted by: PC Surgeon

Originally posted by: bamacre

Originally posted by: Craig234
Bamacre is right.

You're lucky my sig is full.

bwahahahahaha!

Do it, and I'll add "twice a day".

 

[First]

There will be no global currency, the dollar will be alive and well. Hyperinflation conspiracy theorists (which is exactly what they are) have continued to look foolish for several years now.

 

[Craig234]

Originally posted by: CPA

Originally posted by: Craig234
Our irresponsibility has created a great demand for an alternative currency. We've been a bully with the dollar in previous decades, and have made it less attractive now.

If I were a foreign government, I would not be too crazy about the inflation risk of the dollar in coming years, with all the debt.

Yeah, ONE WORLD!

That makes no sense yet.

 

[Craig234]

Originally posted by: Evan
There will be no global currency, the dollar will be alive and well. Hyperinflation conspiracy theorists (which is exactly what they are) have continued to look foolish for several years now.

"Gloomy" predictors of a crash from deregulation who said in 1998 we'd see problems in 10 years looked like foolish conspiracy theorists for 8 or 9 years, too.

It's not just hyperinflation, but merely high inflation that is a possibility for concern as well.

I'm not making any predictions here, but pointing out a couple flaws in your argument.

 

[MotF Bane]

Originally posted by: Craig234

Originally posted by: PC Surgeon

Originally posted by: JS80


If you're running a $1.7 trillion deficit and it's clear that it is unsustainable, the demand for your currency will drop. It ain't rocket science.

Sure isn't. Now what are you going to do about it?

Good question. I'd slash corrupt spending in areas like defense, bring the tax rates somewhat back into line on the rich from the excessive cuts...

And pursue some middle policy that keeps the dollar more attractive as a reserve currency and reduces our mess that threatens inflation coming up.

BTW, shouldn't our finance sector be maybe 5% of the economy rather than 30% or 40%?

Where else besides defense? It's hardly the only area with corruption.

 

[Budmantom]

Originally posted by: bamacre

Originally posted by: PC Surgeon

Originally posted by: StarsFan4Life


PC Surgeon needed to figure this one out on his own.....still couldn't even do that.

Do people in this country really believe in this guy....the same guy who now has one of the most prestigious jobs in the world....yet has NEVER held a real job in his life?

Seems like you got caught with your pants down :shocked:

Not a supporter of Obama, in fact I knew it was all hot air. So try again, maybe know who you are talking to before making judgments.

Secondly, even if Bush was in office now, the spending would still be there. So whats your point? Both Democrats and Republicans have misused your trust. Time for something new don't you think?

PC Surgeon is right.

Obama isn't to blame for what he inherited. We can only judge him on how poorly he has dealt with it.

I'm not sure anyone is blaming him for the spending before him, they are pissed at the level of the spending in the last 2 months, it's historic. (the libs did say the his presidency would be historic)

 

[Budmantom]

Originally posted by: MotF Bane

Originally posted by: Craig234

Originally posted by: PC Surgeon

Originally posted by: JS80


If you're running a $1.7 trillion deficit and it's clear that it is unsustainable, the demand for your currency will drop. It ain't rocket science.

Sure isn't. Now what are you going to do about it?

Good question. I'd slash corrupt spending in areas like defense, bring the tax rates somewhat back into line on the rich from the excessive cuts...

And pursue some middle policy that keeps the dollar more attractive as a reserve currency and reduces our mess that threatens inflation coming up.

BTW, shouldn't our finance sector be maybe 5% of the economy rather than 30% or 40%?

Where else besides defense? It's hardly the only area with corruption.

Homeland security.

 

[Modelworks]

Propelled by nicholas cage movies taken as fact , toss in some davinci code and the new world order crowd is going to love this.
I'm expecting China to issue a statement like, "we want to loan the USA more money, but to do it we really feel like we need a common currency so that we can ease the concerns of repayment"

Anyone know the current price on Krugerrands ?

 

[hiromizu]

I ain't down for a currency name I can't pronounce.

 

[Craig234]

Originally posted by: MotF Bane
Where else besides defense? It's hardly the only area with corruption.

Well, not only areas with corrupt spending - but with corrupt policies. The deregulation done for the financial sector is a great example.

Another is that I'd add one sentence to the Medicare drug bill passed in Bush's first term to allow the government to negotiate drug prices, saving tens of billions. There are more.

 

[Budmantom]

Originally posted by: Craig234

Originally posted by: MotF Bane
Where else besides defense? It's hardly the only area with corruption.

Well, not only areas with corrupt spending - but with corrupt policies. The deregulation done for the financial sector is a great example.

Another is that I'd add one sentence to the Medicare drug bill passed in Bush's first term to allow the government to negotiate drug prices, saving tens of billions. There are more.

You could privatize school, do away with unions & get rid of most of the politicians.


The government is well known for it's ability to save money.

 

[babylon5]

Originally posted by: Craig234

Originally posted by: Evan
There will be no global currency, the dollar will be alive and well. Hyperinflation conspiracy theorists (which is exactly what they are) have continued to look foolish for several years now.

"Gloomy" predictors of a crash from deregulation who said in 1998 we'd see problems in 10 years looked like foolish conspiracy theorists for 8 or 9 years, too.

Yep. And remember this comment comes from our government official, not someone off the street.

We like to believe 'our' world stays the same forever (or for a long time), because that is all we see in our life time experience. And as we learn a lot of us also believe in the 'too big to fail' theory, therefore don't even contemplate any other possibilities could happen.

 

[jpeyton]

OP lacks original commentary.

 

[fskimospy]

You can always tell if a thread is going to be insane paranoid ranting if the title or the comment contains the phrase "and so it begins..."

 

[Budmantom]

Originally posted by: eskimospy
You can always tell if a thread is going to be insane paranoid ranting if the title or the comment contains the phrase "and so it begins..."

In the faomous words of Barrack Hussein Obama...

 

[fskimospy]

Originally posted by: Budmantom

Originally posted by: eskimospy
You can always tell if a thread is going to be insane paranoid ranting if the title or the comment contains the phrase "and so it begins..."

In the faomous words of Barrack Hussein Obama...

"We're sorry, this video is no longer available"

 

[Fern]

Originally posted by: bamacre

President Obama flatly rejected the notion of a new global currency at last night's press conference.

He better stick to that.

Yes, he better.

I'll remind everybody that the Constitutional power over money (coining or issuing paper money) rests with the Legislative branch, not th Executive branch.

Fern

 

[Modelworks]

Originally posted by: Fern

Originally posted by: bamacre

President Obama flatly rejected the notion of a new global currency at last night's press conference.

He better stick to that.

Yes, he better.

I'll remind everybody that the Constitutional power over money (coining or issuing paper money) rests with the Legislative branch, not th Executive branch.

Fern

The problem is that most people don't know the difference, or even care to know.

 

[First]

Originally posted by: Craig234

"Gloomy" predictors of a crash from deregulation who said in 1998 we'd see problems in 10 years looked like foolish conspiracy theorists for 8 or 9 years, too.

That's sort of a nebulous prediction though, without any real details to speak of. Who said in 1998 that 7 major U.S. banks would all privately and irresponsibly leverage risky mortgage securities via CDS/CDO's? I'd love to read that article. "Deregulation" isn't very specific, most people know that deregulation opens the door for corruption and greed in any industry, financial or otherwise. We've moved on from 19th century robber barons thankfully.

It's not just hyperinflation, but merely high inflation that is a possibility for concern as well.

I'm not making any predictions here, but pointing out a couple flaws in your argument.

There is no flaw in my argument, hyperinflation is fantasy-land garbage. Inflation is expected and the Fed has or is about to (depending on your definition) signal to markets that they're going to pursue inflationary monetary policy. Nothing wrong with that as long as it isn't extreme, which would probably be past 6% annually. Even though it has no exact definition, hyperinflation even by conservative estimates is 30% annual inflation.