Geithner: 'Quite Open' to Idea of Global Currency
March 25, 2009 10:34 AM ET James Pethokoukis Permanent Link Print
Treasury Secretary Tim Geithner says he is "quite open" to a massive reduction in the economic power and influence of the United States.
O.K, what Geithner actually said earlier today is that he is "quite open" to China's idea of a global currency system linked to the International Monetary Fund's Strategic Drawing Rights. But it might be pretty much the same thing since the whole point of the embryonic idea is to lessen the influence of the dollar. More from Geithner: "As I understand it, it's a proposal designed to increase the use of the IMF's Special Drawing Rights. I am actually quite open to that suggestion ...[though it should bee seen as an] evolutionary building on the current architecture rather than moving us to a global monetary union."
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