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Rep. Michele Bachmann has introduced a resolution to prevent President Obama from doing what he and Treasury Secretary Timothy Geithner say they have no intention of doing: replacing the dollar as the legal tender of the United States.
Bachmann’s backing for the greenback comes barely a day after she demonstrated a loose grip on how the legislative and executive branches of government derive their authority from the U.S. Constitution during her questioning of Geithner at a House committee Tuesday.
One line of Bachmann’s interrogation concerned signals that China and other countries want an alternative to the U.S. dollar as the money most countries use for their reserves. As Bachmann observers far and wide are remarking, changing the United States’ currency isn’t on the table.
Yet concern that the dollar could disappear appears to have inspired Bachmann’s initiative, which has so far attracted 29 Congressional co-sponsors.
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8 Comments »
Comment posted March 26, 2009 @ 3:44 pm
She’s come a long way from warning us about the dangers of youths playing pool in order to sell our kids band instruments.
Wait, that was the Music Man. Well, same technique.
Comment posted March 26, 2009 @ 3:47 pm
Count on Representative Bachmann to worry about something happending that no one wants to do, nor has proposed to do, nor intends to do.
Pingback posted March 27, 2009 @ 8:55 am
[...] charging off at the head of another crusade — this one to stop the Obama administration from replacing the dollar as legal tender in the United States. At least MN is not the only state with embarrassing elected officials – she has found 29 [...]
Comment posted March 27, 2009 @ 9:34 am
Give Michelle a break, within hours of telling us that they had no intention of using a one world currency, both Geitner and Obama said that it was an interesting idea and worth investigation. I am with Michelle on this one
Comment posted March 27, 2009 @ 9:50 am
Having secured the support of the homophobes, she is now starting to pander to the currency loonies. Can a bill to return to the gold standard be far behind?
Pingback posted March 28, 2009 @ 4:25 pm
[...] to explain it to her, she could have turned to one of our local alternative news weeklies. Or a local liberal blog. Or any of a number of blogs elsewhere. Or the Treasury Department’s release on the state of [...]
Comment posted April 5, 2009 @ 6:08 am
Presumably, Rep. Bachmann wants for Americans what all the world’s people want: global financial stability. For much of the 20th century, the U.S. dollar provided that stability, but the world trade and finance are now more globalized and the old multicurrency international monetary system is obsolete. The world should be grateful to China and the U.N. Panel led by Nobel Laureate Joseph Stiglitz for leading the way to a Single Global Currency, which will be managed by a Global Central Bank within a Global Monetary Union. Their interim proposals for a new “reserve currency” are only a first step toward long term global monetary stability. As China requests, this next global currency will not be the responsibility of just one country.
What is needed now is international recognition of those goals, and research and planning to achieve them.
The success of the euro shows that monetary union is the best way to
ensure monetary stability. The primary problem with the euro and
currencies of other monetary unions is that they still must co-exist
within the international multicurrency system itself where the value of those common currencies must still fluctuate in value against each other.
If 16 countries can use the same currency, why not 192?
In addition to eliminating currency risk, the use of a Single Global Currency would eliminate the current foreign exchange trading expense of $400 billion annually, eliminate current account imbalances,
eliminate the need for foreign exchange reserves (now totaling more than $4.2 trillion); and bring other benefits worth trillions.
The Single Global Currency Assn. (www.singleglobalcurrency.org)
promotes the implementation of a Single Global Currency by 2024, the 80th anniversary of the 1944 conference. That’s only 15 years away.
The world is moving toward a Single Global Currency through the
creation, expansion and merger of regional monetary unions. Another
route is through international monetary conferences proposals and agreements, such as were seen at Bretton Woods in 1944.
The challenge now is to reach that goal planfully, as soon as possible,
with as little cost and as few crises as possible.
See the book, “The Single Global Currency – Common Cents for the World.”
Morrison Bonpasse
Single Global Currency Assn.
Newcastle, Maine, United States
Comment posted April 5, 2009 @ 8:32 am
Sad that there are people who don’t understand the difference between the IMF and the USA. The subject under discussion is what to use as the INTERNATIONAL reserve currency, NOT what currency to be used as coin of the realm WITHIN the US. Let me put it simply enough that just MAYBE Michelle the Magpie could understand it.
Currently, the US Dollar is the defacto international currency of choice. Last I checked, Great Britain still uses the British Pound, Canada uses the Canadian Dollar, Russia the Ruble, etc. We are talking about INTERNATIONAL finance, NOT NATIONAL currency
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