Posted on 10/18/2010 7:19:19 PM PDT by Nachum
(Reuters) - Treasury Secretary Timothy Geithner vowed on Monday that the United States would not devalue the dollar for export advantage, saying no country could weaken its currency to gain economic health.
"It is not going to happen in this country." Geithner told Silicon Valley business leaders of devaluing the dollar.
Geithner broke his silence on the dollar's protracted slide ahead of this weekend's meeting of finance leaders from the Group of 20 wealthy and emerging nations in South Korea, where rising tensions over Chinese and U.S. currency valuations are expected to take center stage.
"It is very important for people to understand that the United States of America and no country around the world can devalue its way to prosperity, to (be) competitive," Geithner added. "It is not a viable, feasible strategy and we will not engage in it."
(Excerpt) Read more at reuters.com ...
lol!!
Check out zerohedge.com But be prepared to cry. Seriously.
In Banana Republics the Minister of Finance always makes a statement that the shekel won’t be devalued the day before it is. In this case..the whole world is planning for the dollar to be devalued by helo Ben.
THAT was MY first thought, also.
That S.O.B. is going to devalue the dollar, another former Goldman Sachs executive. He is so full of it he needs a septic tank !
Doesn’t monetizing the debt devalue the dollar?
Oops—please excuse. It’s late.
Right you are. You know if nobama’s czar says it ain’t so, its already on the plan.
Like the US will have a choice. Let’s see - oil is up. Commodities are up. Food is up.
Nope - they’re not devaluating the dollar - it just doesn’t buy as much as it used to...
Looks like you've broken their code, Pollster.
Jerry Jones? But (as a Redskins fan) I like that they have Wade Phillips as coach. And to think that his father was called "Bum"....
He's going to do it from China?!?
Agreed, but what would happen Hoodat, if they don’t print the money? I mean really...does it all fall apart earlier than it’s going to anyway?
Bibles. Beans. Bullets. Band-aids.
When the Chinese Communists decide they have had enough of the ego-maniacal halfbreed boy-child in the White House and finally move to shove the dollar right up our collective a$$es, Turbo-Tax Timmy will still be singing this song right up until the time that the food riots overtake him and his family and the rioters make jerky out of them all.
Screw gold. Properly processed lead is much more valuable.
Timmy can talk a good game, but for him, it really is just talk.
Bernanke, on the other hand, has the power to decide whether the dollar goes up or down.
Exactly.
And if it isn’t a viable strategy, then why is Japan following China? These two nations have dominated our consumer import markets for two decades now, and Geithner wants to claim (with a presumably straight face) that currency devaluation doesn’t work?
The idiotic babbling from the “free trade” adherents gets loonier the closer we get to the endgame.
Timmy Geithner vowed that he would not cheat on his taxes until he can get away with it again.
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