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Strategies & Market Trends : The coming US dollar crisis
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To: Slumdog who wrote (19048)3/25/2009 2:11:54 PM
From: Real Man  Read Replies (3) of 71477
 
Timmy talking. He got credibility issues <G>
"Strong dollar policy". The Chinese disagree.

In response to a question, Geithner said he had not seen a
recent article by the head of China's central bank, Zhou
Xiaochuan, in which he called for a new currency to eventually
replace the dollar as the world's major reserve currency. But
Geithner praised Zhou and said he looked forward to reading
the article. Those comments immediately sent the dollar
plunging on world currency markets.

In an effort to contain the damage, Roger Altman, a former
deputy Treasury secretary in the Clinton administration, asked
Geithner later to clarify his comments, asking if he had meant
to imply that the dollar should no longer be the world's major
reserve currency.

Geithner said he did not see any immediate change in the
dollar's position. "I think the dollar remains the world's
dominant reserve currency and I think that it is likely to
remain (in that position) for some time," he said.

Geithner sought to clarify his initial response further in an
interview on CNBC.

"A strong dollar is in America's interests," he said,
returning to the stock phrase that the past five Treasury
secretaries have used to signal to markets that the U.S. is
not contemplating any changes in its dollar policies.

finance.yahoo.com
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