Geithner Flubs, Dollar Flails
It’s Friday… let’s have some fun at someone else’s expense.
“So what have you done specifically to safeguard the dollar’s decline?” Maria Bartiromo asked Treasury Secretary Geithner last night. Get ready for this one…
Sec. Geithner: “Well, I think, Maria, if you look generally, you know, I don’t — I don’t talk about developments in the exchange markets, but — I generally don’t do that, but I think if you look at what’s happened over the last year, you’ve seen really a lot of confidence in the U.S. finance, a lot of confidence in the U.S. economy.”
Heh, we see you’ve been working with Sarah Palin’s interview coach, Mr. Geithner. Good choice. But we get your point… if there’s been a real underlying theme of the past year, it’s unwavering global confidence in American finance. Surely, there is no better gauge of that stalwart, badass, James Bond-meets-John Shaft confidence than the U.S. dollar. Behold, the mighty dollar index!
Perhaps the dollar and U.S. Treasuries were the investments du jour during the worst of the credit crisis in 2008. Was that thanks to confidence in the U.S., or simply the fact that there are lots of both and they are accepted anywhere? Either way, all this “strong dollar” talk sure isn’t speaking to the market.