Geithner: U.S. Open to China Reserve Currency Proposal

http://moneynews.newsmax.com/headlines/dollar/2009/03/25/195953.html?promo_code=2A89-1

NEW YORK — Treasury Secretary Timothy Geithner on Wednesday said he is “quite open” to China’s suggestion of moving toward a currency system linked to the International Monetary Fund’s Strategic Drawing Rights.

Zhou Xiaochuan, China’s central bank governor, earlier this month said the world should consider the SDR, a basket of dollars, euros, sterling and yen, as a super-sovereign reserve currency.

Geithner, responding to a question, said he hadn’t read Zhou’s proposal but added, “as I understand it, it’s a proposal designed to increase the use of the IMF’s Special Drawing Rights. I am actually quite open to that suggestion.”

However, he said it should be viewed as an “evolutionary building on the current architecture rather than moving us to a global monetary union.”

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so now timmyG is on the band wagon..it appears a done deal now..when all the heavyweights start calling for it to “help” the people out of this created mess..sounds like a plan eh?..the SDR

401

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~ by seeker401 on March 26, 2009.