{"id":188337,"date":"2010-10-18T20:19:00","date_gmt":"2010-10-19T01:19:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/10\/18\/because-no-matter-how-bad-it-is-for-the-united-states-it-is-good-for-the-bankers\/"},"modified":"2010-10-18T20:19:00","modified_gmt":"2010-10-19T01:19:00","slug":"because-no-matter-how-bad-it-is-for-the-united-states-it-is-good-for-the-bankers","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/10\/18\/because-no-matter-how-bad-it-is-for-the-united-states-it-is-good-for-the-bankers\/","title":{"rendered":"Because No Matter How Bad it is for the United States, It is Good for the Bankers"},"content":{"rendered":"<p>Timothy Geithner has <a href=\"http:\/\/www.reuters.com\/article\/idUSTRE69H4VO20101019\">reiterated his support for Bob Rubin&#8217;s strong dollar policy<\/a>:<\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\"><p>&#8220;It is very important for people to understand that the United States of America and no country around the world can devalue its way to prosperity, to (be) competitive,&#8221; Geithner added. &#8220;It is not a viable, feasible strategy and we will not engage in it.&#8221;<\/p>\n<p>Answering audience questions before the Commonwealth Club of California in Palo Alto, he said the United States needed to &#8220;work hard to preserve confidence in the strong dollar.&#8221;<\/p><\/blockquote>\n<p>The dollar is overvalued, particularly with regard to the Chinese Yuan, and it has been for years.<\/p>\n<p>It&#8217;s been overvalued, because it makes the US position as a reserve currency more secure, which means more people paying American bankers to hold their money, even as it increases exports and decreases imports, harming the rest of the country.<\/p>\n<p>Once again, when Timothy Geithner has to choose between the country and the banks, he chooses the banks.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Timothy Geithner has reiterated his support for Bob Rubin&#8217;s strong dollar policy: &#8220;It is very important for people to understand that the United States of America and no country around the world can devalue its way to prosperity, to (be) competitive,&#8221; Geithner added. &#8220;It is not a viable, feasible strategy and we will not engage &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[970,1080,969,1004],"tags":[],"class_list":["post-188337","post","type-post","status-publish","format-standard","hentry","category-corruption","category-currency","category-evil","category-finance"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/188337"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=188337"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/188337\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=188337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=188337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=188337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}