Geithner Remarks on IMF Roil Foreign-Exchange Market

Treasury Secretary Timothy Geithner sent the dollar tumbling with comments about China’s ideas for overhauling the global monetary system, only to drive it back up by affirming that it should remain the world’s reserve currency.

He said while he had not read Zhou’s proposal, he understood it as a plan

“designed to increase the use of the IMF’s special drawing rights. And we’re actually quite open to that.”

[It may be prudent to have an adult explain to the kids in the White frat House that when they speak the entire world is listening. Just a thought.]

[yes I know that was snobbish - but for crying out loud...]

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