It’s just business. When they find an alternative they are going to jump.

BrideOfRove on March 25, 2009 at 5:32 PM

That is the key. They have not jumped. The Chinese would prefer it.

The problem today is who do you trust the most, or who do you fear the least?

If China the nation was trusted as a sanctuary of wealth they would have jumped to China a long time ago

Creating a compendium currency is the act of combining the trustworthiness of multiple nations, and that rises or falls on the trustworhiness of the weakest and worst nation in the group, as has been seen with the Euro, where the better currency is dragged down by the weaker members

China is going downhill with overpopulation and strained resources at least as quickly as it moves uphill in productivity. The first factor may soon negate the gains

People are betting their remaining lifespans will not intersect with China’s turning point so they run factories in China but will not trust China enough to put their gold into Chinese banks by using Chinese currency

I do not see at this point why they would accept a compendium currency that included China for the same reason

We are the least bad alternative, even with Obama

IMHO a war will come before this problem is resolved

ClassicCon on March 25, 2009 at 9:32 PM

Well, if it passes, it’d only be dishing out to business what business has already dished out to unions.

Perhaps it would be a good time to suggest a credible alternative that isn’t designed to kill the bill.

Comrades, Liar and tax cheat SecTreas Geithner has screwed us yet again. Here’s Captain Clueless doing his little bit to tank the U.S. dollar. Via Hot Air. In a blink of an eye, the U.S. dollar has collapsed against the……

How about contradicting himself less than 48 hours later? On Monday (under oath I believe)
Michelle Bachman(R-MN) point blank asked both Geithner and Bernake if they would renounce the Chinese proposal to replace the dollar with a global currency. She was very specific and asked for an absolute answer. Both answered with an unequivocal answer…they both said no to even considering replacing the dollar under any circumstances.

I don’t know why I’m not seeing this mentioned anywhere in context to his comments today that absolutely contradict his statement before congress just 48 hours ago. It is on video.

Ed, maybe you could pull-up the video uin fromn to Michelle Bachman.

Lara on March 25, 2009 at 2:30 PM

I saw the same thing Lara. Was sure it would have been mentioned already.

Here’s the video. Fast forward ahead to 1:51 for the statements in question.

Geithner practically answers before she has the complete question fully stated and Bernanke looks like he just got caught flogging the dolphin by his mom…he doesn’t have the guts to look her directly in the eye when he answers.

Excuse me while I go put on Suicide is Painless to try and numb myself to the future destruction of my beloved country.

Sackett on March 26, 2009 at 12:32 AM

Thanks, now I have the stinkin MASH theme stuck in my head on top of everything else.

That what it is. Western Civilization has collectively decided to commit suicide.

I can’t read the news today without reading about another case of the West slitting its own throat.

Excuse me while I go put on Suicide is Painless to try and numb myself to the future destruction of my beloved country.

Any moment he’s turning himself over in his grave is a good moment for America.

sethstorm on March 25, 2009 at 9:14 PM

Says the infant who cheers arbitrary confiscation by the federal government.

Don’t worry Ronnie, they’ll learn their lesson soon enough.

Obama’s no FDR. Hell, Obama’s no Carter.

TN Mom on March 25, 2009 at 10:56 PM

You’re not pc. They now call them “legacy assets”, just like there’s no more “war on terror”. It’s now something I can’t remember, aside from being insane.

Entelechy on March 25, 2009 at 11:08 PM

No more Terrorist either. Homeland Seccurity now insist on calling them Man-Caused Disasters.

Betcha the CIA guys love that!

TARP

I pity those that cannot see the forest through the trees.

“We can easily forgive a child who is afraid of the dark, the real tragedy of life is when men are afraid of the light.”

Plato

You’re not pc. They now call them “legacy assets”, just like there’s no more “war on terror”. It’s now something I can’t remember, aside from being insane.

athensboy on March 25, 2009 at 9:12 PM

So you voted for Reagan? Really? A school project for best president?

Don’t blame Ed. This is all on obama/geithner. All their mess! Geithner is old enough and been in financials (NY Fed) long enough; he should know ‘words mean something’. His first presser, the markets tanked. His staff is non-existent -Frank Brosens quit yesterday- that is FIVE who have jumped ship!

Oh, and Geithner’s Toxic Assest Plan he announced this week? NOT his plan! It was the original plan when TARP I was announced in 2008.

Geithner: Tax Cheat In.Over.His.Head

Wake up and smell the coffee.

Saltysam on March 25, 2009 at 10:05 PM

Heh, Sam, when one is as full of caca as they are, smells of coffee or roses are hard to penetrate.

Tea Parties with pitchforks and torches and TERM LIMITS

In terms of stock market fear, attempts to blame the movements of the markets over the course of two months on Obama are questionable at best, plus the market is about where it was when Obama took office.

tneloms on March 25, 2009 at 2:47 PM

Poppycock.

The Dow was around 11.7k and took a dive after Obama won the Democratic nomination.

All the autumn polls were predicting a further increase to the ’06 Democrat majority in Congress, and a win in the White House…

…and the Dow went down, down, down.

It lost a full 25% of value during this time.

Then the election results came in and the Dow dove once again. Apparently, the markets left a little room for the possibility that the polls were wrong.

And the Dow went down, down, down, as much as ANOTHER 25%

In fact, every time Obama opened his mouth it went down, down, down….

As far as the last two weeks in concerned, two weeks does not make a trend.

The trend is:

Since August, when it became apparent that the Left was positioned to increase its power in Washington, the Dow is down one third.

Wake up and smell the coffee.

Any moment he’s turning himself over in his grave is a good moment for America.

sethstorm on March 25, 2009 at 9:14 PM

Two gnats trying to rattle a giant. RR is smiling with bonhomie.

Any moment he’s turning himself over in his grave is a good moment for America.

sethstorm on March 25, 2009 at 9:14 PM

Sorry that AZT isn’t working out so well for ya…