{"id":1828,"date":"2009-03-27T15:46:35","date_gmt":"2009-03-27T19:46:35","guid":{"rendered":"http:\/\/www.jasetaro.com\/blog\/?p=1828"},"modified":"2010-10-19T12:55:53","modified_gmt":"2010-10-19T16:55:53","slug":"john-shadegg-geithner-needs-to-explain-shift","status":"publish","type":"post","link":"https:\/\/www.jasetaro.com\/blog\/2009\/03\/27\/john-shadegg-geithner-needs-to-explain-shift\/","title":{"rendered":"John Shadegg: Geithner Needs to Explain Shift"},"content":{"rendered":"

Congressman John Shadegg (R-AZ) wants to know why Treasure Secretary Tim Geithner isn’t facing tough questions over his apparent change in positions<\/a> on China\u2019s request to abandon the dollar as the global currency<\/a>:<\/p>\n

(CNSNews.com) \u2013 An Arizona congressman wants to know why Treasury Secretary Timothy Geithner isn\u2019t facing tough questions over his apparent about-face on whether the U.S. would consider China\u2019s request to abandon the dollar as the global currency, in favor of a mix of currencies.<\/p>\n

Geithner told Congress under oath Tuesday that he wouldn\u2019t consider China\u2019s proposal to shift away from the U.S. dollar toward a world currency — then the following day (Wednesday) said the U.S. would \u201cbe open\u201d to the idea.<\/p>\n

Rep.\u00a0John Shadegg (R.-Ariz.) thinks the Treasury secretary’s swift about face demands an explanation.<\/p>\n

\u201cBeginning with his tax difficulties, and continuing through the puzzling narrative of when and what he knew about the AIG bonuses, Treasury Secretary Geithner has done little to inspire the confidence of the American people,” said Shadegg.\u00a0 “Oddly, Secretary Geithner continued his bizarre and puzzling conduct this week, making flatly contradictory statements about the dollar in a span of only 24 hours. This weakens confidence not only in him, but in the currency he is entrusted to protect.<\/p><\/blockquote>\n

Shadegg isn’t alone in wanting answers, Rep. Michele Bachmann (R-MN) has introduced legislation<\/a> that would bar the dollar from being replace by any foreign currency:<\/p>\n

\u201cYesterday, during a Financial Services Committee hearing, I asked Secretary Geithner if he would denounce efforts to move towards a global currency and he answered unequivocally that he would,” said Bachmann. “And President Obama gave the nation the same assurances. But just a day later, Secretary Geithner has left the option on the table. I want to know which it is. The American people deserve to know.”<\/p><\/blockquote>\n

My guess is that Sec. Geithner simply misspoke but at the same time I’m not sure how he could make that mistake.<\/p>\n","protected":false},"excerpt":{"rendered":"

Congressman John Shadegg (R-AZ) wants to know why Treasure Secretary Tim Geithner isn’t facing tough questions over his apparent change in positions on China\u2019s request to abandon the dollar as the global currency: (CNSNews.com) \u2013 An Arizona congressman wants to know why Treasury Secretary Timothy Geithner isn\u2019t facing tough questions over his apparent about-face on […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[62,20,7],"tags":[562,564,50,506],"class_list":{"0":"post-1828","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-education","7":"category-money-and-investing","8":"category-politics","9":"tag-john-shadegg","10":"tag-michele-bachmann","11":"tag-the-dollar","12":"tag-tim-geithner","13":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pfpI7-tu","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1800,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/03\/25\/idiot-geithner-speaks-dollar-sinks\/","url_meta":{"origin":1828,"position":0},"title":"Idiot: Geithner Speaks, Dollar Sinks","author":"Jeff","date":"March 25, 2009","format":false,"excerpt":"In remarks before Council on Foreign Relations today Treasury Secretary Tim Geithner said the U.S. is open to an SDR linked currency... Geithner later clarified his remarks by saying that \"the dollar remains the world's dominant reserve currency\" and that that is likely to continue for some time, but the\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2285,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/06\/01\/tim-geithner-is-a-laughingstock-in-china-too\/","url_meta":{"origin":1828,"position":1},"title":"Tim Geithner is a Laughingstock in China, Too","author":"Jeff","date":"June 1, 2009","format":false,"excerpt":"Ouch, Treasury Secretary Tim Geithner who has become pretty much a permanent punch line here is apparently a laughingstock in China too (emphasis mine): U.S. Treasury Secretary Timothy Geithner on Monday reassured the Chinese government that its huge holdings of dollar assets are safe and reaffirmed his faith in a\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2300,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/06\/03\/were-healthy-banks-forced-forced-to-surrender-ownership-stakes-to-government\/","url_meta":{"origin":1828,"position":2},"title":"Were Healthy Banks Forced Forced to Surrender Ownership Stakes to Government?","author":"Jeff","date":"June 3, 2009","format":false,"excerpt":"Were Healthy Banks Forced Forced to Surrender Ownership Stakes to Government? It's question that needs to be answered... From reading this CNSNews.com piece it would seem at least a few \"healthy\" banks were forced into surrendering ownership stakes to the government: Last October, then-Treasury Secretary Henry Paulson ordered nine banks\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3011,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/11\/19\/wsj-geithner-under-fire-amid-frustration-on-economy\/","url_meta":{"origin":1828,"position":3},"title":"WSJ: Geithner Under Fire Amid Frustration on Economy","author":"Jeff","date":"November 19, 2009","format":false,"excerpt":"Normally I'd say the calls for Treasury Secretary Tim Geithner's resignation were just hot air but given the recent disclosures about his role in AIG bailout while President of the New York Federal Reserve Bank, I suspect this is more than just normal political blustering: Snowballing frustration about the economy\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3151,"url":"https:\/\/www.jasetaro.com\/blog\/2010\/01\/07\/bloomberg-geithners-fed-told-aig-to-limit-swaps-disclosure\/","url_meta":{"origin":1828,"position":4},"title":"Bloomberg: Geithner’s Fed Told AIG to Limit Swaps Disclosure","author":"Jeff","date":"January 7, 2010","format":false,"excerpt":"In a sane world Tim Geithner's tax troubles would have kept him from being confirmed as Treasury Secretary. Unfortunately, we don't live sane and those tax troubles pale in comparison to what we're learning about the Geithner led Federal Reserve Bank of New York's role in the AIG bailout: The\u2026","rel":"","context":"In "Culture of Corruption"","block_context":{"text":"Culture of Corruption","link":"https:\/\/www.jasetaro.com\/blog\/category\/culture-of-corruption\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2851,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/10\/10\/weekend-briefing\/","url_meta":{"origin":1828,"position":5},"title":"Weekend Briefing – Saturday, October 10, 2009","author":"Jeff","date":"October 10, 2009","format":false,"excerpt":"I'm going to be tied up with family all weekend but here's a collection of must read links: CBO: Budget deficit hit record $1.4T in 2009 - Associated Press Proposals to create jobs add up to second stimulus - Associated Press A Nobel for Obama - New York Sun Barack\u2026","rel":"","context":"In "Afghanistan"","block_context":{"text":"Afghanistan","link":"https:\/\/www.jasetaro.com\/blog\/category\/afghanistan\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/1828","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/comments?post=1828"}],"version-history":[{"count":0,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/1828\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/media?parent=1828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/categories?post=1828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/tags?post=1828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}