He managed to talk down the dollar. It’s like he doesn’t even care about it, or US sovereignty in general.
Can someone remind me again why this tax cheat (who is now in charge of the IRS) is “indispensable”?
[Thursday morning update]
More thoughts from Jim Lindgren.
[Update a few minutes later]
“I wish the Admin could bring back the days when Joe Biden had sole possession of the gaffe-o-matic.”
A commenter makes the point of what is so worrisome about this:
I’ve been following the currency issue for years, and repeatedly over the past 10-15 years, the Saudis, Iranians, Russians and others have been pushing for an alternative reserve currency. The prime reason is mistrust of the United States fiscal policy.Now the Chinese, our largest creditor, have joined the chorus. Frankly, the only thing saving the dollar right now is that no one trusts any of the other major currencies.
It really doesn’t matter what Yglesias says or does, the global markets are speaking. Obama and Geithner are now “welcoming’ such a discussion. Basically we are looking at the downfall of the dollar similar to that of the Pound Sterling back in the 1970’s. The sun is setting on American economic leadership unless the grown ups act responsibly. To me, this is economic treason.
And the treason is not in going along with a second reserve currency per se, but in making it seem necessary to much of the rest of the world due to insanely reckless fiscal policies that are debauching the dollar.
[Update late evening]
Welcome, Instapundit readers. I’m glad that Glenn linked this post, but it’s not the one that I sent him (which means that he looked over the rest of the site and picked it out). Anyway, you might want to do the same.