The Back Alley Archives

slide, how can your boy BHO support this retard?

Geithner’s affirmation of being open to consider Chinese and Russian proposal to create a new global reserve currency unleashed a wild sell out fever for the dollar which lost about 200 points with the majors in a matter of minutes, although currency crosses have returned close to previous levels after he made clear its commitment to maintain the Dollar as key reserve currency.

http://blogs.fxstreet.com/tradingliving/2009/03/25/dollar-tumbles-after-geithner%E2%80%99s-comments-on-global-currency/

Timmy, don't you realize the reserve status of the dollar is just about all we have left? You're in the big leagues now, fucktard.

gaffe indeed.

at the end of the q&a, the moderator had to give geithner an opportunity to make clear what his stance was on dollar policy...geithner corrected his earlier comment in which he lent credence to a top chinese official suggestions that a switch to a new global currency might be in order...fucking fx market had gone in a tizzy by that time...damage was done....fucking ammie.

And BHO supporting him shows BHO to be just as much of an amateur.

Rad... how'd you say it? "Chaaaaaange!"

you know what....he's NOT an ammie actually...he should know better and i think he does.

we all know he's well accomplished and we all know he's well credentialed...you just don't get to be the governor of the NY Fed for no reason right? so what's the problem?

is geithner confused about how he should be running things? is he getting immense pressure from the white house to think a way he's not accustomed to thinking? are mandates or directives changing by the minute and it's just that hard to track now? what gives?

I don't think he's fucked up majorly yet today in his testimony (what I've seen hasn't been earth shattering in general).

I half wonder if they want to start participating in the discussions about a new world reserve currency. Such an initiative would lead to massive devaluation of the dollar, which they may want down the road as a driver of certain things in the economy (exports, inflating our way out from under our huge debt burden). Wasn't that one of the big things that they say helped pull us out of the first GD?

As long as they don't crash the dollar outright, I could see them considering doing something to kill the value of the dollar in a controlled and directed way. Maybe it wasn't a gaffe at all. Maybe he just backtracked to cover his ass for the interim and save some political capital.