Rep. Michele Bachmann has introduced a bill that would prohibit the president from signing on to a global currency, despite congressional testimony from Obama administration officials that they would reject any proposal to replace the dollar.
In hearings earlier this week, the Republican congresswoman called on Fed Chairman Ben Bernanke and Treasury Secretary Timothy Geithner to denounce the idea that the United States might adopt any other currency. Both men did.
Bachmann's bill, introduced Wednesday, proposes a constitutional amendment "to prohibit the President from entering into a treaty or other international agreement that would provide for the United States to adopt as legal tender in the United States a currency issued by an entity other than the United States."
During Tuesday's hearing, Bachmann pointed to recent remarks from Russia and China as part of the basis for her concern — comments suggesting that countries which have used the dollar as their reserve currency might begin to consider other sources. But those decisions, which would be made by foreign governments, would be unaffected by any congressional legislation, and would have no impact on U.S. currency decisions.
Is she completely out to lunch? Does she even have a clue what a reserve currency is?
I mean, I'm no economist or expert on that sort of thing, but ... damn Teh Stoopid is loose and infectious again.
1 comment:
She's probably just grandstanding. Not expecting it to actually come to anything, but it gets her name in the papers and pleases a segment of her base while everyone else will forget about it come election time.
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