US backing for world currency stuns markets

[seemslikeadream]

http://www.telegraph.co.uk/finance/economics/5050407/US-backing-for-world-currency-stuns-markets.html


The dollar plunged instantly against the euro, yen, and sterling as the comments flashed across trading screens. David Bloom, currency chief at HSBC, said the apparent policy shift amounts to an earthquake in geo-finance.

"The mere fact that the US Treasury Secretary is even entertaining thoughts that the dollar may cease being the anchor of the global monetary system has caused consternation," he said.


Mr Geithner later qualified his remarks, insisting that the dollar would remain the "world's dominant reserve currency ... for a long period of time" but the seeds of doubt have been sown.

The markets appear baffled by the confused statements emanating from Washington. President Barack Obama told a new conference hours earlier that there was no threat to the reserve status of the dollar.

"I don't believe that there is a need for a global currency. The reason the dollar is strong right now is because investors consider the United States the strongest economy in the world with the most stable political system in the world," he said

[panAmerican]

1. Yeah. Geithner muttered those words accidentally on purpose.

[underpants]

2. What did he say?

I don't see it in this article :shrug:

[slackmaster]

3. I submit that it should be called the Quatloo

Gratuitous pic of Captain Kirk with Shauna the Drill Thrall.

[bluestateguy]

4. Obama and Geithner have said they oppose a world currency

I don't know where this nonsense is coming from.

[Mojorabbit]

5. Geitner did say this

at a conference this past week. There were several posts about it.
The whole thing is over my head but it was a weird statement for him to make.

[jody]

6. More proof the corporatists control the government of We the People. n/t