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Congresswoman Introduces Bill To Ban Global Currency
Says true intentions of President and Treasury head
are questionable
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 In
the wake of discussions of and hints at a move toward a new
global currency, a Republican Congresswoman has introduced a
resolution in the House “that would bar the dollar from
being replaced by any foreign currency.”
Minnesota Rep. Michele Bachmann announced
the resolution on her website along with a press
release entitled“Bachmann Demands Truth: Will Obama Administration
Abandon Dollar for a Multi-National Currency?”
The Press release states:
“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."
Bachmann is referring to the incident
we reported on yesterday, when Treasury Secretary
Timothy Geithner performed a 180 degree reversal of his own
comments from just one day earlier, assuring the elite Council
On Foreign Relations group that he and the president were “open”
to the notion of a new global currency system.
"Despite attempts to clarify his remarks
later in the day, the unguarded initial response calls into
question his true intentions." Bachmann states.
Bachmann's resolution points out that Title 31,
Sec. 5103 of the Constitution prohibits foreign currency from
being recognized in the U.S.
Representative
Bachmann has built a reputation as an outspoken
and unwavering character in Congress. She opposed both federal
bailout bills and has continued to question the legitimacy of
the Treasury's economic policy.
She has also previously been lambasted by the
mainstream media for expressing concerns that Barack Obama and
some members of Congress may have anti-American interests, for
suggesting that global warming is caused by natural cycles and
that the real agenda in Iraq is balkanization.
(Article continues below)
Concerns over a move toward a new global currency are long
standing, however, they recently came to a head when China
expressed support for Russia’s proposal to
hand the IMF the power to create a new supra-national global
currency in response to the call for an alternative to the U.S.
dollar as the world reserve currency.
The creation of a new reserve currency to supplant the U.S.
dollar would likely lead to a complete collapse of the greenback,
of which trillions are held in in foreign exchange reserves
by foreign countries such as China and Japan.
Two days ago Both Obama and Geithner denounced the plans, but
as
we reported, their actions and policies are greasing
the skids for a complete collapse and abandonment of the dollar.
Furthermore, today both the IMF
and the United Nations have thrown their weight
behind the proposals to implement a new world reserve currency.
Meanwhile, Geithner's comments at the CFR have sent
the dollar plunging against the euro, yen, and
sterling.
"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,"
David Bloom, currency chief at HSBC said.
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