Posted on 03/31/2011 9:07:03 AM PDT by TigerLikesRooster
Geithner: inflexible currencies are biggest monetary problem
Thu Mar 31, 2:22 am ET
NANJING, China (Reuters) – Tightly controlled exchange rate regimes are the main flaw in the international monetary system and the solution is simple, U.S. Treasury Secretary Timothy Geithner told a G20 meeting on Thursday.
In a thinly veiled swipe at the Chinese hosts of the seminar of the Group of 20 wealthy and developing economies, Geithner said that countries should have flexible exchange rates and permit free flows of capital to be major players in the global currency order.
He also used his speech to call for a stronger International Monetary Fund and to defend U.S. policies, acknowledging that past failures had caused much damage but saying the government was aiming to stabilize debt levels to avoid future problems.
(Excerpt) Read more at news.yahoo.com ...
P!
Unless of course they own us, which they do.
ping
I agree with the flexible exchange rates. He got this one right. Which everyone knows.
The trouble is that it will only happen when China runs into a serious crisis and believe that revaluation is absolutely necessary to get out of the crisis. So they won’t be listening much for now.
China is buying gold,, and tightly controls their currency. Along with Russia and the OPEC crew, they are moving straight towards a gold backed currency for international commerce. People who export (OPEC, Russia oil and gas, China manufactured products) know they are about to get a good solid sodomizing when the dollar is inflated to worthlessness. And the Chinese are too smart to play.
Gosh, It’s almost like they don’t WANT our banking cartel to do to them what they’ve done to us.
And it’s amazing,, to see little Timmy G, lecturing the Chinese on how to responsibly run a currency. Thats an astounding disconnect.
If you were owed a dump truck full of “dollars” or “Euros”, would YOU rather set the terms of the exchange,, or would you prefer to let the debt crazed fools set the terms of your currency?
Our dollar is being inflated to nothing, we are facing a shutdown next week, we refuse to drill, and are facing 4 dollar gasoline. We spend 5 times more in deficit than we did under Bush. We think more taxes and borrowing are the way to save the economy,,,,
and then, we get off the plane and lecture (before we beg them to loan us more money). This is why we are being laughed at,,
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