The article below is sent in by Melanie.
Dear Free-Market Thinker,
To view the Thursday, March 26th, 2009 edition of the Daily Bell, click here now.
To view the Thursday, March 26th, 2009 edition of the Daily Bell, click here now.
Today's top stories:
Geithner 'open' to China's proposed IMF global currency?
American Treasury Timothy Geithner, at the Council on Foreign Relations, said the U.S. is "open" to a headline-grabbing proposal by the governor of China's central bank, which was widely reported as being a call for a new global currency to replace the dollar, but which Geithner described as more modest and "evolutionary." "I haven't read the governor's proposal. He's a very thoughtful, very careful distinguished central banker. I generally find him sensible on every issue," Geithner said, saying that however his interpretation of the proposal was to increase the use of International Monetary Fund's special drawing rights - shares in the body held by its members - not creating a new currency in the literal sense. "We're actually quite open to that suggestion - you should see it as rather evolutionary rather building on the current architecture rather than moving us to global monetary union," he said. "The only thing concrete I saw was expanding the use of the [special drawing rights]," Geithner said. "Anything he's thinking about deserves some consideration." The continued use of the dollar as a reserve currency, he added, "depends...on how effective we are in the United States...at getting our fiscal system back to the point where people judge it as sustainable over time." - Politico
Dominant Social Theme: Thoughtful men mull thoughtful change.
Free-Market Analysis: You could see them popping like metaphorical popcorn kernels yesterday, all over America and probably in Canada and the EU as well. So called conspiracy "nuts" jumping into the sky as if they'd been fried in oil and propelled heavenward. What likely bounced them upward were the above comments by American Treasury Secretary Timothy Geithner that sounded as if he was endorsing a new global currency to take the place of the dollar.
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EU leader condemns US and says it is on a 'road to hell'
Barely a week before Barack Obama is due to arrive in Europe on his first official visit as US president, Mirek Topolanek (Pictured left), the Czech Republic's prime minister, put the 27-nation EU on a collision course with Washington. His attack compounded the confusion that has engulfed EU policy after the Czech leader lost a no-confidence vote in the country's parliament on Tuesday, forcing him to offer his government's resignation midway through its six-month EU presidency. Mr. Topolanek said EU leaders had been disturbed at a summit in Brussels last week to hear calls from Tim Geithner, the US Treasury secretary, for more aggressive policies to fight the global downturn. "The US Treasury secretary talks about permanent action and we, at our spring council, were quite alarmed at that . . . The US is repeating mistakes from the 1930s, such as wide-ranging stimuluses, protectionist tendencies and appeals, the Buy American campaign, and so on," he told a European parliament session in Strasbourg. "All these steps, their combination and their permanency, are the road to hell." ... Mr. Obama has vigorously opposed the view that the Great Depression was caused by too much spending, rather than too little, a view held by a small handful of rightwing economists. - Financial Times
Dominant Social Theme: Those crazy Czechs!
Free-Market Analysis: We are having a fun week.
Recently the Chinese proposed "paper gold" and the American Treasury Secretary seemingly endorsed it. And now comes Mirek Topolanek, another Czech leader who like Czech President Vaclav Klaus seemingly "tells it like it is", to upset the Western world's socialist applecart. Klaus of course has lectured the irredeemably corrupt European Union about questions pertaining to global warming and about the EU leadership's general attraction to overwhelming masses of regulations and concomitant fees, imposts, etc. that are gradually strangling what is left of EU entrepreneurship.
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1 comment:
I do not hold to the ihe idea that a one world currency is a conspiracy. It is simply an ideaology that has been favored by many international businesses for some time. They have been discussing it openly.
Their reasoning is that, for those who do business world wide, the different currencies and laws are too costly. They believe that a one world currency makes more sense business wise.
I personally think that one way of doing things makes us all too vulnerable, as the recent world
wide economic condition has so
correctly demonstrated.
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