Timothy Geithner, at the Council on Foreign Relations today, said the U.S. is "open" to a proposal from the governor of the China's central bank to create a new global currency to replace the dollar. Looks like Timmah! sees no need for the United States to maintain sovereignty over its own currency. While Timmah! Hedged by comparing what China proposed as an evolution to the IMF’s special drawing rights, the Communist Chinese proposal was clearly one designed to replace all national currencies with a global currency.
"We’re actually quite open to that suggestion – you should see it as rather evolutionary” said Geithner.
As a results, the dollar took a nosedive in currency trading, and the US stock market indices moved into negative territory after enjoying a modestly good morning.
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