Posted by: tristar3research | March 25, 2009

If you doubt that there’s Goldman collusion -read this

Comments by Treasury Secretary Timothy Geithner on the use of an International Monetary Fund unit of account sent the dollar tumbling before he clarified that the dollar should remain the world’s reserve currency. NSS!

The Wizard of Oz was one two-bit operator! - Goldman exec, 2009

"The Wizard of Oz was one two-bit operator!" - Goldman exec, 2009

Geithner was initially asked at a Council on Foreign Relations event in New York about proposals from People’s Bank of China Governor Zhou Xiaochuan. The Treasury chief said “as I understand his proposal, it’s a proposal designed to increase the use of the IMF’s special drawing rights. And we’re actually quite open to that suggestion.” The dollar slid as much as 1.3 percent against the euro within 10 minutes of news accounts of Geithner’s remarks. The U.S. currency was down 0.5 percent at $1.3535 as of 11:44 a.m. in New York.

Bloomberg reports that, the comment was “clarified” by former Goldman partner  Altman who had an earplug where he got an immediate market signal. Backstage, Timmy was b-slapped. ‘IDIOT- Repeat after me! “Dollar= Reserve Currency” – Until it’s NOT’ This is the start of NAZI ECONOMICS – Seize it and see if anyone reacts… NOT a pretty outcome from this approach, as we saw 70 years ago!

Roger Altman, who worked with Geithner as deputy Treasury secretary in the Clinton administration, later asked Geithner whether he wanted to “clarify” his remarks.

“I’d like to ask one final question, in effect on behalf of the market,” said Altman, founder of Evercore Partners Inc. “Let me ask the question this way. Do you see any change over the foreseeable future in the basic role of the dollar as the world’s key reserve currency?”

Geithner responded by saying that “I think the dollar remains the world’s dominant reserve currency.”

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