Town Square

Post a New Topic

Secretary Geithner vows not to devalue dollar

Original post made on Oct 19, 2010

America must invest in infrastructure and education to spur economic recovery, but it will not devalue its currency to gain a competitive advantage over other nations, U.S. Treasury Secretary Timothy Geithner told an audience in Palo Alto Monday afternoon.

Read the full story here Web Link posted Tuesday, October 19, 2010, 10:48 AM

Comments (5)

 +   Like this comment
Posted by Angela Hey
a resident of another community
on Oct 19, 2010 at 2:50 pm

Reminds me of Britain's Prime Minister Harold Wilson "the pound in your pocket will not be devalued" - then it promptly was devalued. Lady Thatcher recalls in her autobiography that governments have two instruments of monetary policy - interest rate and exchange rate.

Some policy person will devalue the dollar eventually - it's only a matter of time - and hike interest rates to attract outside investors in the US.

Web Link

 +   Like this comment
Posted by John W
a resident of Sylvan Park
on Oct 19, 2010 at 3:19 pm

Geithner's statement is totally contradictory to the Fed's much-stated objective of creating 2% monetary inflation per year, or in other words, a 2% annual devaluation of the dollar.

By the government's own calculations, today's dollar has only 4% of the purchasing power of a 1913 dollar, the year that the Fed was created. I think it's worse. The 1.5-oz. "nickel candy bars" that I bought when growing just 50 years ago now costs 89 cents -- almost a dollar. Gold was $35/oz. and is now almost 40 times that price.

 +   Like this comment
Posted by Thom
a resident of Jackson Park
on Oct 19, 2010 at 5:11 pm

I don't know how anyone can be surprised by anything this administration is doing. Look at those at the top. Hard to not laugh when you see things like this and things from his boss telling us the economy is back.

 +   Like this comment
Posted by Andrew
a resident of Old Mountain View
on Oct 20, 2010 at 7:27 am

Tim: "Okay, we won't start devaluing starting now."

Few minutes later...

Tim: "...I mean starting now! Wait wait I mean..."

 +   Like this comment
Posted by Old Ben
a resident of Shoreline West
on Oct 20, 2010 at 12:19 pm

Another shill from Goldman Sachs. You can tell when they're lying: their lips are moving.

Don't miss out on the discussion!
Sign up to be notified of new comments on this topic.


Post a comment

Posting an item on Town Square is simple and requires no registration. Just complete this form and hit "submit" and your topic will appear online. Please be respectful and truthful in your postings so Town Square will continue to be a thoughtful gathering place for sharing community information and opinion. All postings are subject to our TERMS OF USE, and may be deleted if deemed inappropriate by our staff.

We prefer that you use your real name, but you may use any "member" name you wish.

Name: *

Select your neighborhood or school community: * Not sure?

Comment: *

Verification code: *
Enter the verification code exactly as shown, using capital and lowercase letters, in the multi-colored box.

*Required Fields

Draeger’s Los Altos eyes upgrades, expansion
By Elena Kadvany | 4 comments | 2,789 views

Housing is for People
By Steve Levy | 18 comments | 1,762 views

College Visit: Lehigh and Lafayette
By John Raftrey and Lori McCormick | 4 comments | 1,241 views

Is Coffee a Date?
By Laura Stec | 4 comments | 490 views

The Opposite of What You Don't Want
By Caroline Fleck | 0 comments | 344 views