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Joined: 2003/11/23
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 US Secretary of Treasury "open" to new "world" currency...

[i]This is yet another article regarding calls for a new "world" currency that has been recently proposed by leaders of at least two nations. President Obama's new Secretary of the Treasury appointee, Timothy Geither, has expressed that he is "open" to the idea. This is the highest ranking US official to ever express interest in such a notion (his signature will soon appear on our paper currency).

Of course, this sort of news is not meant to invoke fear into the hearts of believers -- because we have nothing to fear in Christ Jesus. Life and death are victories to believers -- even in the face of suffering! This is simply to alert believers to what might be rapidly appearing "signs" (or a "weather report") of the times[/i].
- Chris

[b]Geithner 'open' to China proposal[/b]
by Ben Smith
POLITICO Correspondant
25 March 2009

Geithner, at the Council on Foreign Relations, said the U.S. is "open" to a headline-grabbing proposal by the governor of the 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 getting our fiscal system back to the point where people judge it as sustainable over time."

President Obama flatly rejected the notion of a new global currency at last night's press conference.

Evidently sensing a gaffe, moderator Roger Altman told Geithner that it would be "useful" to return to the question, and asked if he foresaw a change in the dollar's centrality.

"I do not," Geithner said, adding several forceful promises, including, "We will do what's necessary to say we're sustaining confidence in our financial markets."

Click [url=]HERE[/url] to read the full article.

Click [url=]here[/url], [url=]here[/url] and [url=]here[/url] to read other recent threads about a proposed "global" currency.


 2009/3/25 17:09Profile

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