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Obama and Geithner Pressure China on Currency
Timothy Geithner, President Barack Obama’s nominee for U.S. treasury secretary, told the Senate that he and the new administration are prepared to take a harder line in economic relations with China.
In written responses to questions posed by the Senate, Geithner accused China of “manipulating” its currency, a phrase former-Treasury Secretary Henry M. Paulson and the Bush administration carefully avoided.
“President Obama – backed by the conclusions of a broad range of economists – believes that China is manipulating its currency,” Geithner wrote.
During his stint in the Senate, President Obama co-sponsored the Fair Currency Act of 2007, which defined…
26Jan2009 | Money Morning | 0 comments | ContinuedBack to the Future
The whole world seems to have traveled back in time. We once again have pirates sailing the seven seas and grabbing ships that are worth fortunes – $100 million worth of oil to be exact. The U.S. Navy which once fought the pirates of the Barbary Coast may soon engage the pirates of the Somali coast.
The financial world also seems to have traveled back in time, specifically to the 1930s. Fearful financial institutions are basically liquidating all assets around the globe and putting them into the US bond market. The bond market has now, in effect, priced in a depression…
24Nov2008 | Oxbury Research | 0 comments | Continued
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