China wants a world currency

Much like they have with the euro. And as bad of an idea as it was in Europe it will be even worse if there is only one currency through out the world. But of course the Worlds Smartest Treasury Secretary, Tim Geithner, is open to this ridiculous idea.

Geithner, at the Council on Foreign Relations, said the U.S. is "open" to a headline-grabbing proposal by the governor of the China's central bank, which was widely reported as being a call for a new global currency to replace the dollar, but which Geithner described as more modest and "evolutionary."

"I haven’t read the governor’s proposal. He’s a very thoughtful, very careful distinguished central banker. I generally find him sensible on every issue," Geithner said, saying that however his interpretation of the proposal was to increase the use of International Monetary Fund's special drawing rights -- shares in the body held by its members -- not creating a new currency in the literal sense.

"We’re actually quite open to that suggestion – you should see it as rather evolutionary rather building on the current architecture rather than moving us to global monetary union," he said.

"The only thing concrete I saw was expanding the use of the [special drawing rights]," Geithner said. "Anything he’s thinking about deserves some consideration."

The continued use of the dollar as a reserve currency, he added, "depends..on how effective we are in the United States...at getting our fiscal system back to the point where people judge it as sustainable over time."

And they say the Neo Cons were the ones who wanted the New World Order? Either that or it is Obama's plan to bankrupt the country and start fresh with a world government.

And of course everytime Geithner opens his mouth the dollar drops.

He said increased use of SDRs should be thought of as an “evolutionary” step rather than a step towards “global monetary union”.

The dollar fell 1.3 per cent against the euro as headlines saying “Geithner open to SDR currency” flashed across traders’ screens. With the currency falling, Mr Geithner’s interviewer – Roger Altman, a deputy Treasury secretary in the Clinton administration – gave Mr Geithner the chance to clarify.

Hopefully we can survive these next 4 years until we can vote in a Conservative to fix the messes these big government liberals have created.