Geithner sees dollar's reign lasting 'long time'

[D-Mack]

Geithner sees dollar's reign lasting 'long time'
Published: Tuesday October 27, 2009



US Treasury Secretary Timothy Geithner said Tuesday the dollar would keep its status as the world's main reserve currency a "long time."

Geithner, speaking to an investors conference in New York a day after the dollar hit a 14-month low against the euro, said: "The dollar will remain the principal reserve currency for a long time."

The dollar has nosedived in recent months as investors turn away from the greenback, considered a safe haven amid economic uncertainty, amid a burgeoning recovery from a severe global slump.

The dollar's status as the primary reserve currency has come under fire as it weakens, particularly from China, whose foreign exchange reserves surged to a global record of 2.27 trillion dollars at the end of September.

...

http://rawstory.com/news/afp/Geithne..._10272009.html

Well Timmy, what is long ?

[t12357]

Re: Geithner sees dollar's reign lasting 'long time'

He also sees the crisis is over.

[Chomsky]

Re: Geithner sees dollar's reign lasting 'long time'

What, were there no Chinese students around to laugh at him this time?

[FRED]

Re: Geithner sees dollar's reign lasting 'long time'

What, were there no Chinese students around to laugh at him this time?

Chinese students see Geithner's reign lasting "short time"

[GRG55]

Re: Geithner sees dollar's reign lasting 'long time'

OCTOBER 28, 2009, 1:46 P.M. ET
Aramco Replaces WTI With US Gulf Index To Price Oil In US -Argus

NEW YORK (Dow Jones)--Saudi Aramco will start pricing oil sold in the U.S. against an index of Gulf of Mexico crude blends, in a move away from WTI, according to Argus Media, which created the index.

The switch may represent the single biggest, recent move away from WTI, a mix of crude delivered to Cushing, Okla., that has long served as the standard for pricing oil in the U.S., including acting as the basis for the oil futures contract on the New York Mercantile Exchange. The U.S. imported about 1.1 million barrels a day of Saudi crude in July, more than 5% of total demand, according to the most recent figures available from the Energy Department.

Argus, along with rival Platts, has promoted its index as an alternative to WTI. Both companies have argued that Cushing is not well connected to the worldwide oil market, leading to instances where oil priced there has little relation to the state of global supplies. Platts is owned by The McGraw-Hill Companies Inc. (MHP).

For its index, Argus uses three sour, or lower-quality, U.S. Gulf oil blends, each of which is in turn priced off of WTI.

Calls to Aramco weren't immediately returned.

[GRG55]

Re: Geithner sees dollar's reign lasting 'long time'

Turkey to use national currencies in trade with Iran, China

28/10/2009 14:56 (14:29 minutes ago) ANKARA, Turkey is switching to national currencies in trade with Iran and China, ending dependence on the U.S. dollar and the euro for about 20% of its commodity turnover, local media reported on October 28. Turkey has already switched to settlements in national currencies with Russia amid weakening confidence in the greenback as the world's major reserve currency... ...Turkey's decision to make settlements with Iran and China in national currencies was announced during a visit to Iran by Turkish Prime Minister Recep Tayyip Erdogan. The Turkish premier told a Turkish-Iranian business forum on Tuesday that the countries had prepared a legal framework for transition to settlements in national currencies... ...According to the paper, Turkey's trade with Russia, Iran and China exceeds $65 billion a year. Russia is Turkey's largest trade partner, with $37.8 billion commodity turnover registered last year...

[MulaMan]

Re: Geithner sees dollar's reign lasting 'long time'

Americans to use national food stamps and grandma's silver spoon collection in trade with Costco

[c1ue]

Re: Geithner sees dollar's reign lasting 'long time'

"The dollar will remain the principal reserve currency for a long time."

[MEDIA][/MEDIA]

The possibilities are endless:

Me Love Dollar, Long Time

Me So Horny for Treasury Bond Sales

etc etc.

[touchring]

Re: Geithner sees dollar's reign lasting 'long time'

The dollar is good for toilet paper.

[sunskyfan]

Re: Geithner sees dollar's reign lasting 'long time'

Perhaps we will trade out the Peter Principle to the Timmy Principle.

[hayekvindicated]

Re: Geithner sees dollar's reign lasting 'long time'

Geithner sees dollar's reign lasting 'long time'
Published: Tuesday October 27, 2009



US Treasury Secretary Timothy Geithner said Tuesday the dollar would keep its status as the world's main reserve currency a "long time."

Geithner, speaking to an investors conference in New York a day after the dollar hit a 14-month low against the euro, said: "The dollar will remain the principal reserve currency for a long time."

The dollar has nosedived in recent months as investors turn away from the greenback, considered a safe haven amid economic uncertainty, amid a burgeoning recovery from a severe global slump.

The dollar's status as the primary reserve currency has come under fire as it weakens, particularly from China, whose foreign exchange reserves surged to a global record of 2.27 trillion dollars at the end of September.

...

http://rawstory.com/news/afp/Geithne..._10272009.html

Well Timmy, what is long ?

I have more trust in used car salesmen.