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Thursday, March 26, 2009

Bachmann Bill Would Ban Global Currency

Just yesterday I posted about a Congressional hearing in which Rep. Michelle Bachmann asked Secretary of the Treasury Tim Geithner to cite the Constitutional basis for all the new powers that the Obama Administration wants in order to go in and take over private businesses. Although the main crux of that post was the fact that Geithener was completely unable to answer that question, a new detail has emerged from that exchange.

During the hearing, Rep. Bachmann asked Geithner directly if he would "denounce efforts to move towards a global currency." Geithner answered plainly and unambiguously "Yes."

But the next day, Geithner did a complete turn-around and told the Council on Foreign Relations that the Obama Administration was "quite open" to the idea.

From The Politico:

"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."

As a result of Geithner's flip-flop, Rep. Bachmann has proposed legislation that would ban global currency and keep the U.S. dollar in the forefront of our economy.

According to The Hill:

Rep. Michele Bachmann (R-MN) has introduced legislation that would "bar the dollar from being replace by any foreign currency." A statement from Bachmann's website:

  • “Yesterday, during a Financial Services Committee hearing, I asked Secretary Geithner if he would denounce efforts to move towards a global currency and he answered unequivocally that he would," said Bachmann. "And President Obama gave the nation the same assurances. But just a day later, Secretary Geithner has left the option on the table. I want to know which it is. The American people deserve to know."

On Monday, Geithner and Bernanke both rejected the idea of a global currency in Congressional testimony. But in remarks to the Council on Foreign Relations yesterday, Geithner indicated he was open to the idea.

I guess Geithner was against it before he was for it. But, I should have expected no less from an Obama Administration official who didn't even bother to pay his taxes.

We need more Congressional representatives like Michele Bachmann. She is not afraid to ask the hard questions nor is she afraid to offend anyone by putting America's interests first.

You can access both news items on-line here:

Geithner 'Open' To China Proposal
Ben Smith
The Politco
March 25, 2009

Bachmann Bill Would Ban Global Currency
Eric Zimmerman
The Hill
March 26, 2009

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