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March 25, 2009

Tim Geithner...Dumber Than A Box Of Rocks (With All Due Apologies To Boxes And Rocks)

Timmah "The Only Man Who Can Save Us" nearly tanked the dollar because he's, how do I put this? Oh yeah, a fucking moron.

Yesterday China floated the idea of a new currency to replace the dollar.

Today Timmy said, "neato!"

"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.

Even the moderator of the event saw this was a problem and kind of got Timmah back on track

Needless to say, in the mean time currency traders ran for the hills.

When asked last night at his news conference this same issue, Obama said, "I don't believe that there's a need for a global currency." See the difference? When even Obama gets it and you don't, there's a problem.

And yes, I get there's a technical difference in what he's talking about, 'special drawing rights', and a new currency. The thing is, the Treasury Secretary isn't some anonymous technocrat, he's the global spokesman for the US government on financial matters. Geithner doesn't seem to understand he's not back at the NY Fed or the IMF talking theoretically with his fellow economists and bankers. This is a bigger and broader job and one he's clearly not up to.


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posted by DrewM. at 12:10 PM

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