Geithner: 'Open' to China's Currency Proposal

Politico reports:

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."

The Weekly Standard picks up:

Geithner wasn't the only top Obama adviser who refused to rule out a transition to a gloabl currency. White House economic adviser Austan Goolsbee said much the same thing yesterday afternoon in an interview with CNN's Wolf Blitzer. Although he characterized such a change as "unlikely," Goolsbee twice declined to rule out such a global currency despite being pressed by Blitzer. "I haven't seen the details of the proposal," Goolsbee said.

Now we begin to see the results of our reckless ways over the last 30 years, beginning with Reagan, when we became the world's biggest debtor.

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