Geithner Says U.S. Won't Use Dollar to Gain Competitive Advantage in Trade

[dipsydoodle]

Source: Bloomberg News

Treasury Secretary Timothy F. Geithner said the U.S. won’t use the dollar as a trade weapon and he repeated his support for a “strong dollar” that plays a central role in the global economy.

“We will never use our currency as a tool to gain competitive advantage,” Geithner told reporters today after a meeting of finance ministers from the Asia-Pacific Economic Cooperation group in Kyoto, Japan.

The Treasury chief said he believes the dollar, euro and yen are roughly in alignment with each other, and he said American policy makers understand the “special responsibility” the U.S. has for the world economy. “I’m happy to reaffirm again that a strong dollar’s in our interest as a country,” Geithner said.

Officials in China, Germany and Brazil this week criticized the Federal Reserve’s plan to pump $600 billion into the U.S. economy, saying it may hurt other economies without helping the U.S. grow again. Critics including Michael Burry, the former hedge-fund manager who predicted the housing market’s plunge, have said Fed policy is encouraging investors to take on too much risk and threatens to undermine the dollar.

Read more: http://www.bloomberg.com/news/2010-11-06/geithner-says-u-s-won-t-use-dollar-to-gain-competitive-advantage-in-trade.html

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Timothy F. Geithner aka Pinochio

[robcon]

1. Strong dollar: flooding the market with dollars.

Doesn't he see the disconnect there?

[Psephos]

6. Listen to what he does, forget what he says.

Works in all situations with all people.

[JCMach1]

2. Got to read between the lines... We are printing dollars to strengthen the Yuan

We are simply trying to force China's hand.

This is just another battle in the ongoing currency war.

[robcon]

4. That's an ass-backward way of doing that.

Don't you think it will also have the effect of lowering the dollar's value vs. the Canadian dollar, Euro, yen, Aussie dollar, and every other currency?

[earthside]

3. That's just a blatant lie.

Every day that Geithner is still Treasury Secretary is another brick in the wall guaranteeing that Obama is a one-termer and that Democrats will be further decimated in 2012.

[aquart]

5. Somebody slap him.

[Gin]

7. US dollars...the only thing still made in the USA......Ha!

[Skink]

9. nope guns, missile systems still made here.

[dipsydoodle]

10. That remark

is a true gem. :rofl:

:hi:

[Dr.Phool]

11. It's our #1 export!

[MrTriumph]

8. Devaluation to produce prosperity unsuccessfully tried by Nixon, others

This continued Weak Dollar Policy (begun by Bush) is foolish.

Targeted tariffs are the obvious answer, but that would entail political leadership and that would be hard work. It is much easier to call the printers and crank out more paper money.

[denem]

12. Somebody put him out of our misery.

Get a job Timmy, back in ;your beloved oh-so-well-regulated financial system.