Geithner "Quite Open" to Chinese Proposal To Replace Dollar As Global Reserve Currency

Video - Tim Geithner at the Council on Foreign Relations answers a question about a new global reserve currency - Mar. 25, 2009

After news of last week's IMF proposal, we went digging and found this Geithner clip in the wayback machine.  This made a brief splash back in early 2009 and was popular among conspiracy theorists, but it has largely been forgotten up to now, and we suspect that many observers simply dismissed it as a meaningless gaffe.  However, in light of IMF head Dominique Strauss-Kahn's formal proposal to consider replacing dollars with SDR's (Special Drawing Rights), Geithner's comments look less like a gaffe (in the sense of a mistake), and more like a gaffe as defined by Michael Kinsley:  "A 'gaffe' is the opposite of a 'lie.'  It's when a politician [accidentally] tells the truth."

Read More Here... 

• Chart: IMF Calls For New Global Currency To Replace Dollar

• Head of IMF Proposes New Global Reserve Currency (2010)

Comments

[DailyBail]

Borders Files for Bankruptcy, Will Close Some Stores

http://www.bloomberg.com/news/2011-02-16/borders-book-chain-files-for-bankruptcy-protection-with-1-29-billion-debt.html

[DailyBail]

China will become the world's largest economy in 15 years. Japan’s economy is largely stagnant and its politics a mess

http://econ.st/ijVlnJ

From the Economist...

[DailyBail]

nice find with this photo, dr. p....i love the geithner expression of idiocy...

[Dr. Pitchfork]

Thanks. I've been saving that one, actually. And with Strauss-Kahn no less.

[Sell Short]

geithner is so clueless, this kid needs to go back to school.

[Paul]

Then again, if the intent was always to wreck the existing global currency system (and at his level he'd know), then of course he'd be open to the idea because it was the outcome he was working towards.