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Dollar Pares Losses vs Euro on Geithner Clarification (Geithner open to SDR replacing Dollar)
Reuters ^ | 3/25/2009 | Reuters

Posted on 03/25/2009 4:47:57 PM PDT by xmission

The U.S. dollar slid against the euro Wednesday after U.S. Treasury Secretary Timothy Geithner expressed openness to expanded use of an IMF currency basket even as he said the greenback would remain the world's reserve currency for a long time.

Investors initially interpreted his remarks as negative for the dollar, sending it to a session low against the euro.

China's central bank governor said earlier this month said the world should consider the special drawing right (SDR), a basket of dollars, euros, sterling and yen, as a super-sovereign reserve currency.

Geithner, responding to a question at a Council of Foreign Relations event in New York, said he had not read the Chinese proposal but added, "as I understand it, it's a proposal designed to increase the use of the IMF's Special Drawing Rights. I am actually quite open to that suggestion.''

Analysts said the initial gyrations in the dollar were a mistake.

The market took Geithner's willingness to consider the SDR currency issue as a negative sign for the dollar, said Marc Chandler, global head of currency strategy at Brown Brothers Harriman in a note to clients. "This is most likely mistaken. Geithner admits to not having read China's proposal.''

Chandler said President Barack Obama's recent comments about the dollar being fundamentally strong and there being no need of another reserve currency, is more of the underlying signal.

Obama said in a prime-time televised news conference on Tuesday: "I don't believe that there's a need for a global currency'', and noted that the dollar was "extraordinarily strong right now."

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: dollar; geitner; sdr; un
It gets more scary by the day. I usually don't see new world order everywhere, but...
1 posted on 03/25/2009 4:47:57 PM PDT by xmission
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To: xmission

The dollar is a floating abstraction created by a bankrupt government supported only by legislation and the confidence of a brainwashed population.

Paul Van Eeden


2 posted on 03/25/2009 4:49:46 PM PDT by silverleaf (Freedom's just another word for "nothing left to lose")
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To: xmission

he was raised abroad by professional parents.

he’s what’s known as a “3rd world kid.”

consequently, he has no american identity.


3 posted on 03/25/2009 4:51:27 PM PDT by ken21 (the only thing we have to fear is fdr deja vu.)
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To: silverleaf

I’d agree with that, but I still don’t like what the bastards are up to.


4 posted on 03/25/2009 4:52:30 PM PDT by xmission (www.iwilldefendtheconstitution.com)
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To: xmission

Pretty obvious tho ain’t it? Not even trying to hide it anymore... he had to know opening his big mouth would devalue the dollar instantly,..


5 posted on 03/25/2009 4:53:52 PM PDT by Mmogamer (<This space for lease>)
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To: ken21

He is Eddie Haskell trying to charm Wally’s parents

I think the world is onto him


6 posted on 03/25/2009 4:54:57 PM PDT by silverleaf (Freedom's just another word for "nothing left to lose")
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To: Mmogamer

Between this, and monetizing the debt, I think they want the dollar to hit hyperinflation.


7 posted on 03/25/2009 4:55:17 PM PDT by xmission (www.iwilldefendtheconstitution.com)
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To: silverleaf

Well, that makes me feel better about being broke. LOL


8 posted on 03/25/2009 4:59:08 PM PDT by nobama08
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To: xmission

I listen to a fair amount of talk radio and all these O supports keep calling and say we need to give him more time and a break.

The meek are trying to inherit the earth. By making it the dark ages again. People that have never started anything, built anything, work hard for anything are now controlling us that do - how the hell did we get here.


9 posted on 03/25/2009 5:03:39 PM PDT by edcoil (Saliva will kill you but only if taken in small amounts over a long period of time.)
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To: edcoil

Look what he’s done in two months. These are massive life changing mistakes. Our country will cease to exist as the country we have known if this goes on much longer.


10 posted on 03/25/2009 5:08:24 PM PDT by xmission (www.iwilldefendtheconstitution.com)
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To: xmission

That article about the BIS is looking more credible everyday.


11 posted on 03/25/2009 5:10:10 PM PDT by abigailsmybaby (No taxation without lubrication.)
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To: xmission
These bastards are Gong-Ho on destroying America!! WAKE UP STUPID SHEEPLE!!!
12 posted on 03/25/2009 5:18:56 PM PDT by RoseofTexas
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To: xmission

ditto to that.

Every time of these phonies speak, I lose money. Make that we ALL lose money.


13 posted on 03/25/2009 5:21:55 PM PDT by panaxanax (Reward paid for any Harvard Yearbook with pictures of 0bama in it.)
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To: xmission

U.S. Treachery Secretary Timothy “TurboTax” Geithner, boy wunderkind.


14 posted on 03/25/2009 5:40:06 PM PDT by SERKIT ("Blazing Saddles" explains it all.....)
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To: panaxanax

Not this guy, http://www.dailymail.co.uk/news/worldnews/article-1164771/Im-having-good-crisis-says-hedge-fund-manager-1billion-world-plunged-recession.html


15 posted on 03/25/2009 5:49:16 PM PDT by xero
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To: nobama08
"Well, that makes me feel better about being broke. LOL

Amen. Same here.

16 posted on 03/25/2009 6:08:14 PM PDT by redhead (Don't look at ME! I voted for SARAH!)
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