The Socialist One-Worlders Are Taking Over Our Country

March 26, 2009

I’m taking this news from Michele Bachmann’s own website:

“In response to suggestions by China, Russia, and other countries around the world calling on the International Monetary Fund to explore a multi-national currency, U.S. Representative Michele Bachmann (MN-6) has introduced a resolution that would bar the dollar from being replaced by any foreign currency.”

Here’s what this is in reference to:

“In another indication that China is growing increasingly concerned about holding huge dollar reserves, the head of its central bank has called for the eventual creation of a new international currency reserve to replace the dollar.

In a paper released Monday, Zhou Xiaochuan, governor of the People’s Bank of China, said a new currency reserve system controlled by the International Monetary Fund could prove more stable and economically viable.”

Note that China did not call for a new global currency. They are calling for a new RESERVE currency, quite a different matter entirely. Countries’ foreign exchange reserves are held largely in dollars, and to a significantly lesser extent in euros (roughly, 65% dollars and 25% euros globally, with the pound sterling and the yen accounting for the lion’s share of the remainder). The dollar’s status as the dominant reserve currency provides the United States with a number of benefits, and it is not entirely surprising to hear rising powers such as China calling for it to be replaced with an international reserve currency not linked to any particular nation.

But none of this has anything to do with what Bachmann is afraid of, which is some sort of new international currency that every country would adopt for public use, including the United States.

This is why she made Tim Geithner and Ben Bernanke testify that the United States would continue to use the dollar as its currency:

“In a congressional hearing on Capitol Hill, U.S. Rep. Michele Bachmann, a Minnesota Republican, asked Geithner: ‘Would you categorically renounce the United States moving away from the dollar and going to a global currency as suggested this morning by China and also by Russia, Mr Secretary?’

Geithner replied, ‘I would, yes.’

She posed the same question to Bernanke, who said: ‘I would also.'”

And this is why she is proposing legislation stipulating that the US not adopt some make-believe global currency and stick with the dollar.

The whole thing is utterly insane, and is only further evidence of Bachmann’s dementia, but it also probably fits right in with the Republican base’s scary ghost stories about black helicopters and the UN creating a world socialist government. Am I exaggerating? Well, here’s Glenn Beck on FOX:

This is the level of our political discourse in this country, folks. In the middle of a serious crisis.

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One Response to “The Socialist One-Worlders Are Taking Over Our Country”

  1. […] As I’ve explained in an earlier post, this is all make-believe, the feverish imaginings of the right-wing nutbars. On top of that, they already have made Geithner and Bernanke swear on a stack of Bibles that the US will stick with the dollar (dear Lord, I can’t even believe I’m typing this). […]

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