The very least these imbeciles could do is not insult our intelligence with such drivel.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a6MX.KRaiD18&pos=5
Geithner Says Strong Dollar âVery Importantâ to U.S. (Update2)
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By Rebecca Christie
Nov. 11 (Bloomberg) -- U.S. Treasury Secretary Timothy Geithner said a strong dollar is in the nationâs interest and the government recognizes the importance it plays in the global financial system.
âI believe deeply that itâs very important to the United States, to the economic health of the United States, that we maintain a strong dollar,â Geithner told reporters in Tokyo today.
The greenbackâs slide against global currencies from the yen to the euro has bolstered speculation among investors that it is losing its status as the worldâs dominant currency. Geithner reiterated that the U.S. will tackle its swelling fiscal deficit once a recovery in the worldâs largest economy takes hold.
âBecause of the important role the dollar plays in the international financial system, we bear a special responsibility for trying to make sure that we are implementing policies in the United States that will sustain confidenceâ for investors around the world, he said.
The dollar fell to a 15-month low versus major counterparts today as growing industrial production and retail sales in China boosted demand for higher-yielding assets. Record low U.S. interest rates are funding global âcarry tradesâ and the dollar is still overvalued, the International Monetary Fund said last week.
Geithner said U.S. efforts to boost exports arenât in conflict with the âstrong-dollarâ policy. âI donât think thereâs any contradiction between the policies,â he said.
âSustainable Balanceâ
He reiterated that the U.S. pledges, once the recovery strengthens, âweâre going to bring our fiscal position back to a sustainable balance.â He also said he welcomes Chinaâs move to make its currency flexible over time.
Geithner is in Tokyo meeting with government officials including Prime Minister Yukio Hatoyama on his way to an Asia- Pacific Economic Cooperation gathering in Singapore.
The dollar was at $1.4982 per euro at 12:55 p.m. in Tokyo from $1.4993 in New York yesterday, when it touched $1.5020, the lowest since Oct. 26. The yen rose to 89.56 per dollar from 89.81 and earlier reached 89.47, the highest since Nov. 2.
The Dollar Index, which IntercontinentalExchange Inc. uses to track the greenback against the currencies of six major U.S. trading partners, touched 74.889 today, the lowest level since August 2008.
Geithner said itâs too soon for officials around the world to stop efforts to stimulate their economies.
âItâs, I think, too early on a global basis to see people shift to restraint,â Geithner said. He said countries will need to provide ongoing âcarefully designedâ assistance to their economies and financial systems until the recovery is on firmer footing.
Still, he said, emerging signs of growth will allow for some shifts. âThe mix of policyâs going to change a little bit going forward.â
To contact the reporter on this story: Rebecca Christie in Tokyo rchristie4@bloomberg.net
Last Updated: November 10, 2009 23:19 EST
http://www.bloomberg.com/apps/news?pid=20601087&sid=a6MX.KRaiD18&pos=5
Geithner Says Strong Dollar âVery Importantâ to U.S. (Update2)
Share Business ExchangeTwitterFacebook| Email | Print | A A A
By Rebecca Christie
Nov. 11 (Bloomberg) -- U.S. Treasury Secretary Timothy Geithner said a strong dollar is in the nationâs interest and the government recognizes the importance it plays in the global financial system.
âI believe deeply that itâs very important to the United States, to the economic health of the United States, that we maintain a strong dollar,â Geithner told reporters in Tokyo today.
The greenbackâs slide against global currencies from the yen to the euro has bolstered speculation among investors that it is losing its status as the worldâs dominant currency. Geithner reiterated that the U.S. will tackle its swelling fiscal deficit once a recovery in the worldâs largest economy takes hold.
âBecause of the important role the dollar plays in the international financial system, we bear a special responsibility for trying to make sure that we are implementing policies in the United States that will sustain confidenceâ for investors around the world, he said.
The dollar fell to a 15-month low versus major counterparts today as growing industrial production and retail sales in China boosted demand for higher-yielding assets. Record low U.S. interest rates are funding global âcarry tradesâ and the dollar is still overvalued, the International Monetary Fund said last week.
Geithner said U.S. efforts to boost exports arenât in conflict with the âstrong-dollarâ policy. âI donât think thereâs any contradiction between the policies,â he said.
âSustainable Balanceâ
He reiterated that the U.S. pledges, once the recovery strengthens, âweâre going to bring our fiscal position back to a sustainable balance.â He also said he welcomes Chinaâs move to make its currency flexible over time.
Geithner is in Tokyo meeting with government officials including Prime Minister Yukio Hatoyama on his way to an Asia- Pacific Economic Cooperation gathering in Singapore.
The dollar was at $1.4982 per euro at 12:55 p.m. in Tokyo from $1.4993 in New York yesterday, when it touched $1.5020, the lowest since Oct. 26. The yen rose to 89.56 per dollar from 89.81 and earlier reached 89.47, the highest since Nov. 2.
The Dollar Index, which IntercontinentalExchange Inc. uses to track the greenback against the currencies of six major U.S. trading partners, touched 74.889 today, the lowest level since August 2008.
Geithner said itâs too soon for officials around the world to stop efforts to stimulate their economies.
âItâs, I think, too early on a global basis to see people shift to restraint,â Geithner said. He said countries will need to provide ongoing âcarefully designedâ assistance to their economies and financial systems until the recovery is on firmer footing.
Still, he said, emerging signs of growth will allow for some shifts. âThe mix of policyâs going to change a little bit going forward.â
To contact the reporter on this story: Rebecca Christie in Tokyo rchristie4@bloomberg.net
Last Updated: November 10, 2009 23:19 EST
