Bachmann-Turnip Overdrive: Clueless 'global currency' paranoia in high gear

[GeorgieWise]

This is the best and brightest of the Republican Party. As a liberal, who votes Democratic, they have my heartfelt thanks.

[Sshelly34213]

Are you shitting me?

This bitch banned the lion king! lmao she shouldn't even be allowed to speak, she just oozes retardation.

[spikelou]

Not sure what that last comment even means... You've gotta love all these Beck haters out there. The title speaks volumes. Honestly people, nobody can get a break these days if they're not pro-Obama or left leaning?

Look at our dollar. Why is it so hard to imagine that it might not be the global reserve currency soon. If that happens, what might happen is a hellava lot of dollars will flood out of other country's banks as their reserves and we could have a bit of an inflation problem.

[SmooveCLee]

Too bad that's not what she's talking about here. If you watch her during the committee testimony with Geithner, she is specifically talking about the U.S. abandoning the dollar as legal tender, not about whether the dollar is the world's reserve currency. People going on TV to flap their jaws should have at least a minimal acquaintance with the facts before them. Bachmann fails this test time and again.

[spikelou]

I think what she is talking about is that when(not if) the world deems the dollar not sound and it ceases to be the default currency, all faith will be lost in the dollar and it will be rendered worthless. At that point we will need to create a new currency and that might end up being a new global default currency. The world will crap itself when this happens and will likely want to create a fiat, fiat currency.

As for her not having much knowledge of economics, most politicians don't.

[SmooveCLee]

Here's the text of her proposed Constitutional amendment:

`The President may not enter into a treaty or other international agreement that would provide for the United States to adopt as legal tender in the United States a currency issued by an entity other than the United States.'.

She clearly thinks Geithner and Obama want to replace the dollar with a global currency. The woman is wack-a-doodle.

[snappa52]

how is she a wack-a-doodle when russia, china, IMF, World Bank, and United Nations are all pushing for it? do you read the news SmooveCLee?

[SmooveCLee]

She is talking about a different currency than the dollar being used here in the United States. The problem is nobody else in the conversation is talking about that. Geithner in no way flip-flopped on that - he was talking about the IMF utilizing special drawing rights in place of reserve currency. Forget the news; do you *read*, snappa52?

[snappa52]

I've read the CFR transcript that says he would be open to the supranational currency suggested by the chinese central banker. have you read it or are you talking out of your ass?

[SmooveCLee]

I have, as a matter of fact. The questioner framed the question as a global currency; Geithner clarified that the issue was actually an expansion of IMF special drawing rights. Which is pretty much what I said above. Maybe you can read, but it don't seem link you can think.

Again, nothing he said at the CFR in any way contradicts what Bachmann asked him in testimony, or has anything to do with the text of her amendment (posted above). It's not my fault if you can't see the difference.

[snappa52]

The intent of the Chinese central banker is unmistakeable, and thats a new reserve currency, Geithner said the Chinese banker was a reasonable central banker and he would consider whatever he had to say. This precludes any connection you put toward drawing rights. Drawing rights are nothing new, and the Chinese were not talking about drawing rights.

[SmooveCLee]

Go tell it to Geithner, then, because in the CFR transcript he clearly states "I thought the initial reaction was sort of ahead of the details of the proposal I saw. The only thing concrete I saw was a reference to expanding the use of the SDR".

Even assuming your take on the situation is correct, even you can see this has nothing to do with "the United States moving away from the dollar and going to a global currency," which is exactly what Bachmann asked Geithner during his testimony.

[snappa52]

The Chinese central banker was calling for a global currency publicly, in the media, not in a communication with Geithner. I can judge it on its face.

[snappa52]

the SDR's are called IMF reserve "units".

[snappa52]

She is talking about a different currency than the dollar being used here in the United States, which is illegal. Obviously if the world moves to a new currency it will do it with or without the united states. As a Congressman, her concern is america. Geithner flip flopped and he needs to clarify. Bachmann made the right move in forcing their hand with legislation, though i dont agree with her on most issues this issue is spot on.

[Honkyrappa]

It's too bad that the John Maynard Keynes, the UN, China, and Russia have banded together to promote this paranoia.

[snappa52]

right? i dont agree with bachmann on 99.9% of her beliefs. but she is spot on with this. anyone who thinks its paranoia has been spending more time playing video games than reading the news. Geithner said he was open to it at the CFR! its mainstream news!

[dilbertgeg]

Neiwert explains it clearly on his site. It takes more than 500 char. What Geithner is open to is "dealing" with what the rest of the world decides to use for money. What choice does he have? FORCE? Yes, probably. By agreemt with Saudis to sell oil in only dollars, we forced countries to buy dollars, but our 'leverage' is getting thin.

CONSERVATIVES (and neolibs) pushed HARD for deregulated global capitalism that punished humans while protecting corporations --- many decades ago.

[dilbertgeg]

I'm not saying Geithner of Goldman is innocent of hijacking our econ. Even taxi drivers in Pakistan read news and know our govt is pwnd by Goldman-Sachs. Do Americans know?

AIG bailout is to rescue Goldman @ 100%, and the bonus is just a "juicy scandal". Hoax-scandals replace substantive issues, for misdirection.

Ck out

"Gangs of America"

and

"Michael Hudson"

and

"Deep Capture" for starters.

Beck is shouting about generic feel-good symbolism, minimal revelance.

[snappa52]

When a nation goes off the dollar standard we marginalize or attack them. See Iraq and Iran for precedent. Geithner needs to make himself clear instead of giving different answers to the congress and the CFR. any sane person could conclude that he was open to the supranational currency to be used in the U.S. They are all ready printing the supranational currency.

[dilbertgeg]

supranational currency?

No. Read Ornicus blog by Neiwert who posted this.

YES, the IMF told Bush they were going to X-ray entire US financial system.

Bush told them to wait until after 2009.

What they typically do is declare a country insolvent, demand fiscal conservatism, create a massive depression and chaos, then the banks -- who we bailed out and made cash-rich -- can scoop up America's remaining assets on fire sale. Bankrupt small biz sold. Roads, water, etc. privatized.