Tag: currency

Comedy gold: Timothy Geithner defends his strong U.S. dollar policy

The value of the American dollar has been destroyed in the last two years, yet Treasury Secretary Timothy Geithner is now defending his “strong dollar policy.”

How do these guys say this stuff with straight faces? The value of the American dollar has been destroyed in the last two years, yet Treasury Secretary Timothy Geithner is now defending his “strong dollar policy.”

AFP has the hilarious highlights of the Treasury Secretary’s stand-up routine:

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"I just flew in from Washington, DC and, boy, are my arms tired. Take my wife. Please. I have a strong dollar policy. Thank you Thank you very much. I'll be here all week."

US Treasury Secretary Timothy Geithner vowed Tuesday that the United States would never follow a strategy to weaken the US dollar.”Our policy has been and will always be, as long as I will be in office, that a strong dollar is in the interest of the country,” Geithner said at a New York conference organized by the Council of Foreign Relations.

“We will never embrace a strategy to weaken the dollar.”

It was the first time this year that Geithner had publicly proclaimed a US strong-dollar policy, a mantra of treasury secretaries for more than a decade.

The words “Tim Geithner” and “strong dollar” should never be used in the same sentence.

Tim Geither is to strong dollar as Jeffrey Dahmer is to vegan.

Source: AFP

Geithner causes earthquake in financial markets, US dollar drowns in resulting tsunami

Secretary of the Treasury Tim Geithner announced that the Obama administration was open to seeing a global reserve currency run by the International Monetary Fund.

What would happen if the Secretary of the Treasury of the United States were to announce that the Obama administration was open to seeing a global reserve currency run by the International Monetary Fund? Unfortunately, this isn’t a hypothetical question.

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Tim Geithner demonstrates his typical lost expression

The Micro Effect reports:

US Treasury Secretary Tim Geithner shocked global markets by revealing that Washington is “quite open” to Chinese proposals for the gradual development of a global reserve currency run by the International Monetary Fund.

The dollar plunged instantly against the euro, yen, and sterling as the comments flashed across trading screens. David Bloom, currency chief at HSBC, said the apparent policy shift amounts to an earthquake in geo-finance.

“The mere fact that the US Treasury Secretary is even entertaining thoughts that the dollar may cease being the anchor of the global monetary system has caused consternation,” he said.

Mr Geithner later qualified his remarks, insisting that the dollar would remain the “world’s dominant reserve currency … for a long period of time” but the seeds of doubt have been sown.

Is Tim Geithner the worst Secretary of the Treasury in the history of the United States? Corruption and ineptitude are bad enough on their own, but seem fiscally lethal in combination.

Source: TheMicroEffect.com

The administration that specializes in printing money now discovers it can’t even do that right

A significant production problem with new high-tech $100 bills has caused government printers to shut down production of the new notes and to quarantine more than one billion of the bills in huge vaults in Fort Worth, Texas and Washington.

If practice truly makes perfect, one would think that the Obama administration would be expert at the art of printing money. Turns out they can’t even do that right.

CNBC/Yahoo Finance have the information on the latest incompetence:

$100 bill
The new $100 bills are worthless, much like the rest of our currency

A significant production problem with new high-tech $100 bills has caused government printers to shut down production of the new notes and to quarantine more than one billion of the bills in huge vaults in Fort Worth, Texas and Washington, DC, CNBC has learned.

Initially scheduled for release in February of 2011, the new bills were announced with great fanfare by officials at the Treasury Department and the Federal Reserve in April. At the time, officials announced the new bills would incorporate sophisticated high-tech security features, including a 3-D security strip and a color-shifting image of a bell designed to foil counterfeiters. But the production process is so complex, it has instead foiled the government printers tasked with producing billions of the new notes.

An official familiar with the situation told CNBC that 1.1 billion of the new bills have been printed, but they are unusable because of a creasing problem in which paper folds over during production, revealing a blank unlinked portion of the bill face. A second person familiar with the situation said that at the height of the problem, as many as 30 percent of the bills rolling off the printing press included the flaw, leading to the production shut down.

The total face value of the unusable bills, $110 billion, represents more than ten percent of the entire supply of US currency on the planet, which a government source said is $930 billion in banknotes. For now, the unusable bills are stored in the vaults in “cash packs” of four bundles of 4,000 each, with each pack containing 16,000 bills.

Our solution: Let’s outsource the printing to China and eliminate the middleman.

Source: CNBC/Yahoo Finance

Bond guru says Fed actions will cause the dollar to drop 20%. Is it time to buy gold?

Bill Gross, the brains behind the incredible growth of Pimco and manager of the world’s largest mutual fund, and he thinks the Fed is going to cause the dollar to collapse by another 20%.

You’ve probably seen financial guru Bill Gross on CNBC. He’s been called the Warren Buffett of bonds, he’s the brains behind the incredible growth of Pimco and manager of the world’s largest mutual fund, and he thinks the Federal Reserve’s quantitative easing is going to cause the dollar to collapse by another 20%.

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Bill Gross, the Warren Buffet of bonds, sees trouble for the dollar

The dollar is in danger of losing 20 percent of its value over the next few years if the Federal Reserve continues unconventional monetary easing, Bill Gross, the manager of the world’s largest mutual fund, said on Monday.

“I think a 20 percent decline in the dollar is possible,” Gross said, adding the pace of the currency’s decline was also an important consideration for investors.

“When a central bank prints trillions of dollars of checks, which is not necessarily what (a second round of quantitative easing) will do in terms of the amount, but if it gets into that territory—that is a debasement of the dollar in terms of the supply of dollars on a global basis,” Gross told Reuters in an interview at his PIMCO headquarters.

So how do you take Gross’ theory and make money from it? Is it time to buy gold? Is it time to move your money to a country with a commodities-based economy? Or is it time to mortgage the house and let Gross manage your money?

These are questions, not recommendations. What are you doing to protect your financial future? Let’s get a little discussion going here.

Disclosure: Mrs. Editor is a former employee of Pimco. Had she stayed with the company we would now be gazillionaires. Instead, she decided to teach autistic children and make minimum wage.

Damn her and her big heart. Damn her to hell.

Source: CNBC

Join our movement: It’s time to honor Barack Obama by putting his likeness on American currency

America honors its greatest leaders by putting their likenesses on its currency. We believe it’s high time that Barack Obama, The Greatest President In History, receives this same honor. Unfortunately, most of the bills are taken.

America honors its greatest leaders by putting their likenesses on its US currency. We believe it’s high time that Barack Obama, The Greatest President In History, receives this same honor. Unfortunately, most of the denominations are taken.

For example, a likeness of George Washington, our nation’s first president and leader of the American Revolution, graces the one dollar bill.

washington-one-dollar-bill

“Honest” Abe Lincoln, the revered leader who lead our nation through its darkest hour, appears on the five dollar bill.

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Continue reading “Join our movement: It’s time to honor Barack Obama by putting his likeness on American currency”

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