Rocket Surgeon Geithner Must Go!

I've had enough. Tim Geithner must go. I don't care that there isn't anyone else in Treasury yet to do any work. An empty room is better than an empty head!

The man is either an imbecile or a marionette, parroting the lines of whoever is pulling the strings behind the scenery.

China is pushing for a new world currency to replace the U.S. dollar. Do you know what the effect of dumping the dollar as the world's reserve currency will do to our economy? Our children's future? You don't want to find out!

Geithner says he's "open" to the idea.

Geithner, at the Council on Foreign Relations, said the U.S. is "open" to a headline-grabbing proposal by the governor of the China's central bank, which was widely reported as being a call for a new global currency to replace the dollar, but which Geithner described as more modest and "evolutionary."

"I haven’t read the governor’s proposal. He’s a very thoughtful, very careful distinguished central banker. I generally find him sensible on every issue," Geithner said, saying that however his interpretation of the proposal was to increase the use of International Monetary Fund's special drawing rights -- shares in the body held by its members -- not creating a new currency in the literal sense.

"We’re actually quite open to that suggestion – you should see it as rather evolutionary rather building on the current architecture rather than moving us to global monetary union," he said.

"Evolutionary" as in how can we travel just a bit farther along the path to the worldwide nirvana where everyone will contribute according to his ability and everyone will receive according to his needs?

Yeah, I know I'm extrapolating just a bit, but what ever happened to each nation being responsible for keeping its own house in order? Once upon a long, long time ago there was nothing in this world more solid than the U.S. greenback because we kept our fiscal house in order and we kept our promises. Now we'll be lucky if we don't crater our currency before the year's out.

Immediately upon uttering this insane statement, the dollar plunged 1.3 percent against world currencies, then regained itself somewhat when he said the dollar should remain the world's reserve currency. The Dow Jones Industrials, after having been up 200 points earlier, lost all that and then some in a matter of a couple of hours.

But the money quote is yet to come. Geithner said this of the dollar's continued role as a reserve currency. Mark my words, his words will come back to haunt us:

The continued use of the dollar as a reserve currency, he added, "depends..on how effective we are in the United States...at getting our fiscal system back to the point where people judge it as sustainable over time.

You cannot rack up trillions in budget deficits, threaten to take over private corporations, and propose sweeping new spending and taxing programs that will totally remake the American economy, and be judged as having a sustainable currency.

It cannot be done.