Bachmann Bill Would Ban Global Currency

The Hill ^ | 03-26-09 | MNnice

[MNnice]

Rep. Michele Bachmann (R-MN) has introduced legislation that would "bar the dollar from being replaced by any foreign currency."

[Big_Monkey]

"The other thing they are proposing is the elimination of the American dollar and its replacement by an international currency which borders on treason."

That's not what Geihtner suggests at all. Do you have any idea what the IMF is? Do you understand SDR's?

I'm not a Geihtner fan, but I am a fan of accuracy and reason. No one has proposed the elimination of the US Dollar. Geihtner was speaking specifically about the IMF - nothing more. If you ever want to see false outrage over a non-story, this is it.

[SAJ]

Agreed. IMF were created by the terms of the original Bretton Woods agreement, although their purpose has mutated substantially from the '60s onward.

I apologise for putting it in the Carter era rather than in Nixon's. Now I think about it a bit, it was of course Nixon.

[redk]

Well I'm glad someone in the GOP is asking questions and doing the right things.

I just hope she is ready for what is about to happen if she keeps questioning the Gestapo.

[JasonC]

The free market crashes last year, comprehensively seized, and is on federal life support. If the government didn't intefer with its operations you'd be in a soup line.

God how I despise mindless ideological drivel! It is *not* conservatism! Conservatism begins when you face facts and live in the real world.

[ZULU]

Yeah?

And what banks do you have YOUR money invested in?

Capitalism and free enterprise are based on risk taking. That means that businesses and individuals are free to invest where they think their money will provide them the greatest returns. If they invest wisely, they make a profit, if not, they lose.

Simple.

Using taxpayer dollars to bail out companies which screwed up is counterproductive and creates the kind of poisonous mix which allows socialist demagogues like the idiots in this administration to gain the leverage they need to advance a socialist agenda.

You can't have public funds without government strings.

Following your logic and theirs, the government would be justified in taking over companies which APPEAR to be on the verge of collapse to pre-empt the necessity of investing public funds in the future.

I reject this.

In a free market system companies and individuals should be allowed to succeed or fail. That's why its free enterprise.

Both Forbes and Trump agree with me. Obama and Geitner agree with you.

The Constitution is a sacred contract between the people and the government, not a quaint old piece of paper and what you and they are proposing violates it and everything America has ever stood for.

[ZULU]

I know what the IMF is and I know where Geithner and the idiots in this administration are headed. They are globalists, like the idiot who was in the White House before him, the idiot before him and the idiot before him.

They want a one world economy and an internationalist state along the lines of the EU. And we know where the EU has gone, not just economically, but also culturally and socially.

One of the reasons we are in the mess we are in currently is because of the loss of American jobs in the industrial sector overseas.

There is no way American workers can compete with peasant slave labor in rat holes like Red China without eroding the standard of living so many generations of Americans worked so hard to achieve.

And the psudo-conservatives like the Bushes as well as the Clintons, this administration and our Congressional Elites in both parties want to do just that.

[John Leland 1789]

When we open THE HILL site, we can’t get anything to appear in the center; no information.

Is there a bill number assigned already? Anybody know it?

[Evil Slayer]

Zulu, you are SO right!!!! I hate it when certain FReepers get so misled.

[Evil Slayer]

Keep these guys straight, ZULU. We need more on the board like you. Keep up the good work with the facts.

[MNnice]

You have to scroll way down the page. That’s why I supplied the full text in a later post here.

[andy58-in-nh]

Think how pissed off the Germans will be when she bans beer halls.

Why wait until putsch comes to shove?

[ZULU]

Thanks for the support.

I was listening to FOX News this morning and they had a Judge Napolitano on who is supposed to be a kind of Constitutional scholar.

He said that NO WHERE in the Constitution is the Federal Government given the authority to do what Geithner (and Obama) are trying to so with private companies. He said that the Feds have neither the authority NOR THE EXPERTISE to do what Geithner is proposing. Further, he directly blamed Federal Agencies and Congress in part for this mess because of Fannie Mae and Freddie Mac and the Congressmen and politicians who received money from them in the process. AND THOSE SAME POLITICIANS ARE PUSHING THIS MEASURE BY THE TREASURER AND ADMINISTRATION.

Napolitano said he totally agreed with Bachmann on this issue.

[ZULU]

Thanks

[JasonC]

"businesses and individuals are free to invest"

So is the government. And it did.

"If they invest wisely, they make a profit, if not, they lose."

So did the government.

"Using taxpayer dollars to bail out companies"

The treasury already underwrote them, commercially.

The only issue before you it whether it pays its own debts, and whether it wants all its underwritings called directly or wants to save its clients. Which is an ordinary creditor-workout question.

The FDIC insured all bank deposits. Grok. The treasury guaranteed agency MBS to the Chinese central bank. The treasury *already owns the downside*. The treasury cannot be protected from the consequences of financial institution weakness by puritanically demanding they all fail. It owns much of their future earnings through taxation and it owns all of their senior debt through the FDIC. It dies if it lets them fail. As a purely commercial enterprise. They fail, *it fails*. Grok!

[ZULU]

WHERE in the Constitution was the Federal Government given the authority to bail out failing corporations and interfere in the management practices of private businesses if it appeared to the Federal Government that certain businesses were in danger of financial collapse due to poor investments and risks?

I can't find it in my copy of the Constitution