Greenspan: US is Weakening USD. Geithner: No We Are NOT

S

shortie

one of them could be lying.

Shortie Sherlock Out :cool:
http://www.ft.com/cms/s/0/e917d7ac-eda1-11df-9085-00144feab49a.html#axzz150cMbPgq

"...
Tim Geithner, US Treasury secretary, was responding to a column in the Financial Times by Alan Greenspan, former chairman of the US Federal Reserve, in which Mr Greenspan said the US was “pursuing a policy of currency weakening”.

“I have enormous respect for [Mr] Greenspan, had the privilege of working with him for a long period of years, but that’s not an accurate description of either the Fed’s policies or our policies,” he said"
..."
 
It's a classic example of emperor's new cloth. Everyone knows it but noone wants to say it. China/europe also know it, and pissed at the US, but noone wants to do anything about it, afraid what the chain reaction will be.

To US/fed credit, this is the only thing they can do, we are already past the point of no return to try fiscal responsibility and the modern america political system will make this impossible even if someone with the balls to try it. So the only way out of this mess is to hammer the dollar.

Give you an example, this week china railway construction reported it lost over 4 BILLION yuan on an originally very lucrative project in saudi to build their high speed rail system. The reason is very simple the contract was they get paid in dollars, and of course all the cost is in yuan. This is just one of thousands of examples why the chinese/german are so pissed right now. The stock took a nose dive on the news, of course i loaded up a bunch :)
 
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