Homicidal Hypocrite Alan Greenspan On a Manipulated Dollar
Pic credit: Popular Science, 1933 (via Modern Mechanix)
Hahahahaha wait a second, what do you mean by "currency weakening" exactly? If anyone can recognize it, it's Alan Greenspan but at least when he did it we got a bunch of big ass houses and cars and new kitchens out of the deal.
Said homicidal maniac Alan Greenspan in the Financial Times on Wednesday, "America is also pursuing a policy of currency weakening. The suppression of the renminbi and the recent weakening of the dollar are, of necessity, producing firming exchange rates in the rest of the world to, as they see it, the rest of the world’s competitive disadvantage. Something has to give in this arena of zero-consolidated current account balances."
Well Tim Geithner really didn't like to hear that and immediately took issue with Greenspan's statements even though Greenspan didn't specifically name Geithner nor Treasury in his accusations and frankly probably meant the Federal Reserve first and Geithner's needy ass second. Has our esteemed Treasury Secretary ever heard of you smelt it you dealt it?
"We will never seek to weaken our currency as a tool to gain competitive advantage or to grow the economy," he said, adding that it was "not an effective strategy" for any country.
Greenspan claimed in the Financial Times that the policy was pushing up exchange rates in the rest of the world.
"That's not an accurate description of either the Fed's policies or our policies and again I don't think it's an accurate description of what's happening in markets today," Geithner told CNBC.
Was anyone fortunate enough to see the actual tape of Steve Liesman grilling Geithner? You could practically feel the beads of sweat seeping through the remote.
See if you can click on this and not void your laptop's warranty by barfing all over the keys.