The American people do not want a new world currency that China would
control.
Washington D.C.-Eagle Forum a leading conservative grassroots organization founded by Phyllis Schlafly applauds Congresswoman Michele Bachmann (R-MN-6th) for introducing a resolution which would bar the U.S. dollar from being replaced by any foreign currency. Bachmanns legislation was prompted by a series of contradictory public remarks made by U.S. Treasury Secretary Tim Geithner last week.
During a House Financial Services Committee hearing last week both
Secretary Geithner and Federal Reserve Chairman Ben Bernanke clearly stated
that they categorically renounce the proposal offered by Chinas top
central banker to replace the devalued U.S. dollar with a new global
currency. But just 24 hours later while speaking at the liberal Council
on Foreign Relations in New York Geithner contradicted his previous
statement and declared that the Treasury Department was actually quite
open to the idea of a global currency.
The American people do not want a new world currency that China would
control said Eagle Forum President Phyllis Schlafly. It is the Obama
Administrations and the Federal Reserves policies that are causing the
dollar to take even bigger hits against other currencies.
Simply replacing the dollar is not the solution Schlafly said. It would
be yet another Band-Aide to cover up the real source of the problem which is Obamas tidal wave of unlimited bailouts nationalization of the banks and the auto and mortgage industries stimulus bills and his proposed budget that will inevitably cause massive inflation and further strangle our
economy.
Eagle Forum commends Congresswoman Bachmann for aggressively questioning both Geithner and Bernanke during the committee hearing on Wednesday and for ensuring that they remain accountable for their sworn testimony concluded Schlafly. Congresswoman Bachmann is an example of the kind of leader that grassroots Americans are demanding from their elected officials and we encourage even more Members of Congress to take direct action like Michele and to go on the offensive against this Administrations economic recklessness.
Rep. Bachmanns resolution H.J. Res. 41 was officially introduced on March
25 2009. It currently has 29 cosponsors and it has been referred to the
House Committee on the Judiciary.
Because the U.S. Constitution allows the President to engage foreign governments in treaties Bachmanns resolution provides for a constitutional amendment which would prohibit the President from entering into a treaty or other international agreement that would provide for the U.S. to adopt a currency issued by an entity other than the United States.
