Geithner urges greater IMF role in currencies

[The Northerner]

WASHINGTON – Treasury Secretary Timothy Geithner is urging the International Monetary Fund to play a bigger role in monitoring how countries manage their currencies.

Geithner told the IMF's top policy committee on Saturday that the 187-nation lending institution must speak more forcefully about exchange rate policies.

Geithner's remarks are the latest effort by the United States to bring more pressure on China to allow its currency to rise in value against the dollar. American manufacturers believe China is unfairly manipulating its currency to gain trade advantages.

Source: http://news.yahoo.com/s/ap/20101009/ap_on_bi_ge/us_global_finance_geithner

[MrTriumph]

1. Hey, Tim, it is OUR job.

Hey, Tim. This may surprise you, but like many Americans I look to OUR government to protect American workers when foreign governments set artificially low exchange rates so they can take our jobs from us.

[DJ13]

2. + Ten million

On top of that this sounds like a back door means to ceding control of our currency to the crooks at the IMF.

Not a good idea.

[Hannah Bell]

3. timmy, why don't you go home & let someone who's up to the job try, instead of foisting it off

on the austerity globalists.

[AdHocSolver]

4. Asking IMF to monitor international currencies is like asking the fox to set up henhouse security.

The corporations maximize profits when China has cheap money. Everything the corporations import costs less.

[Subdivisions]

5. Paving the way for the bancor and IMF as global central banker?

:tinfoilhat:

Bancor: The Name Of The Global Currency That A Shocking IMF Report Is Proposing

Sometimes there are things that are so shocking that you just do not want to report them unless they can be completely and totally documented. Over the past few years, there have been many rumors about a coming global currency, but at times it has been difficult to pin down evidence that plans for such a currency are actually in the works. Not anymore. A paper entitled "Reserve Accumulation and International Monetary Stability" by the Strategy, Policy and Review Department of the IMF recommends that the world adopt a global currency called the "Bancor" and that a global central bank be established to administer that currency. The report is dated April 13, 2010 and a full copy can be read here. Unfortunately this is not hype and it is not a rumor. This is a very serious proposal in an official document from one of the mega-powerful institutions that is actually running the world economy. Anyone who follows the IMF knows that what the IMF wants, the IMF usually gets. So could a global currency known as the "Bancor" be on the horizon? That is now a legitimate question.

So where in the world did the name "Bancor" come from? Well, it turns out that "Bancor" is the name of a hypothetical world currency unit once suggested by John Maynard Keynes. Keynes was a world famous British economist who headed the World Banking Commission that created the IMF during the Breton Woods negotiations.

The Wikipedia entry for "Bancor" puts it this way....

The bancor was a World Currency Unit of clearing that was proposed by John Maynard Keynes, as leader of the British delegation and chairman of the World Bank commission, in the negotiations that established the Bretton Woods system, but has not been implemented.

The IMF report referenced above proposed naming the coming world currency unit the "Bancor" in honor of Keynes.

...snip...

http://theeconomiccollapseblog.com/archives/bancor-the-name-of-the-global-currency-a-shocking-imf-report-urges-the-world-to-adopt

[defendandprotect]

6. Actually, we need LESS Geithner and LESS IMF .... and LESS Fed ....

We need to have Congress take over the job they should be doing in monitoring

the economy -- we don't elect Geitner, IMF of the Fed --

We do elect Congress to do this job!!