SIGN IN to access Harper’s Magazine
1. Sign in to Customer Care using your account number or postal address.
2. Select Email/Password Information.
3. Enter your new information and click on Save My Changes.
Subscribers can find additional help here. Not a subscriber? Subscribe today!
Yesterday, I watched the tape of a Congressional hearing in which Representative Michele Bachmann told the chairman of the Federal Reserve, Ben Bernanke, that “China, Russia and Kazakhistan [sic]” were seeking the establishment of a “global currency.” She asked Bernanke whether he believed there was a need for a global currency, to which he answered, curtly, “no.” As the Center for American Progress highlighted yesterday this meme has been percolating through the right-wing echo chamber for the last 72 hours. It started with the Drudge Report, quickly worked its way onto Fox News, and then to the floor of Congress.
Where did this come from? It seems that those who originated and adopted this idea do not understand what a “reserve currency” is. Since shortly after the end of World War II, the world has had a currency that is de facto dominant and has been held by central banks around the world as a reserve (much in the way the world held gold reserves before World War II). That currency is the United States dollar. The fact that a global consensus is emerging against this practice is a powerful statement indicating a lack of confidence in the U.S. economy. But it has nothing to do with the creation of a “global currency.” Nonetheless, this incident is extremely useful: it allows us to pinpoint economic illiterates. Which leaves an important question: how do illiterates get such swift access to the airwaves?
Update, March 26, 2009, 1:50 P.M.
Dumb, meet dumber. Michele Bachmann is proposing legislation to thwart the menace of a global currency. But, her office clarifies, she’s not trying to influence what other countries do with respect to their reserve currencies.
“She’s talking about the United States,” Bachmann spokesperson Debbee Keller told Greg Sargent. “This legislation would ensure that the U.S. dollar remain the currency of the United States.”
Who exactly is seeking to end the use of the dollar as the currency of the United States? Bachmann’s serial delusions could furnish the material for a sitcom.
More from Scott Horton:
Mark Denbeaux on the NCIS cover-up of three “suicides” at Guantánamo Bay Detention Camp
From the June 2014 issue
No Comment — March 28, 2014, 12:32 pm
On CIA secrecy, torture, and war-making powers
Chances that an applicant to a U.S. police force in 1992 was found to be “overly aggressive” on psychological tests:
Engineers funded by the United States military were working on electrical brain implants that will enable the creation of remote-controlled sharks.
Malaysian police were seeking fifteen people who appeared in an online video of the Malaysia-International Nude Sports Games 2014 Extravaganza, and Spanish police fined six Swiss tourists conducting an orgy in the back of a moving van for not wearing their seatbelts.
Subscribe to the Weekly Review newsletter. Don’t worry, we won’t sell your email address!
“I hope that after reading the following pages the leaders of the Y. M. C. A. will start a campaign to induce good young men to do nothing. If so, I shall not have lived in vain.”