Geithner vows U.S. will not devalue dollar

reuters ^ | 10/18/10 | Jim Christie and David Lawder

[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."

[Hoodat]

What would happen is that the governnent would see an immediate shortfall in its budgetary demands, thus forcing it to make drastic cuts in spending (just like the rest of us). Entire agencies would be forced to close. After a couple of weeks, the people woukd begin to realize that those agencies were unnecessary to begin with.

But then with this administration, they would refuse to act, allow checks to bounce, bonds to default, and then blame Bush for it.

[Hoodat]

What would happen is that the governnent would see an immediate shortfall in its budgetary demands, thus forcing it to make drastic cuts in spending (just like the rest of us). Entire agencies would be forced to close. After a couple of weeks, the people woukd begin to realize that those agencies were unnecessary to begin with.

But then with this administration, they would refuse to act, allow checks to bounce, bonds to default, and then blame Bush for it.

[CholeraJoe]

And in perfect obedience Gold prices drop $31 this morning. All hail the great and powerful Ozbama!

[naturalborn]

his signature is on the Series 2009 twenty bills, see the highlighted area? a tax cheat is signing our money !

[caww]

Well that may not be a bad thing if the Gov. had to do that. Course the special interest groups would have their pants in a knot no matter what areas they would cut. We can do without many of those Agencies but I have reservations they would cut any Government positions. More likely the man on the street.

Yes, this administration would use “the crisis” for political means...no doubt. Golly I detest them and what they are doing!

[Hoodat]

Great idea. I’m ordering my own first thing in the morning.

[dr_who]

“Trust me, I know what I’m doing”.