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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:
Conversation — August 5, 2016, 12:08 pm
Sidney Blumenthal on the origins of the Republican Party, the fallout from Clinton’s emails, and his new biography of Abraham Lincoln
Conversation — March 30, 2016, 3:44 pm
Joseph Hickman discusses his new book, The Burn Pits, which tells the story of thousands of U.S. soldiers who, after returning from Iraq and Afghanistan, have developed rare cancers and respiratory diseases.
Flor Arely Sánchez had been in bed with a fever and pains throughout her body for three days when a July thunderstorm broke over the mountainside. She got nervous when bolts of light flashed in the sky. Lightning strikes the San Julián region of western El Salvador several times a year, and her neighbors fear storms more than they fear the march of diseases — first dengue, then chikungunya, now Zika. Flor worried about a lot of things, since she was pregnant.
Late in the afternoon, when the pains had somewhat eased, Flor thought she might go to a dammed-up bit of the river near her house to bathe. She is thirty-five and has lived in the same place all her life, where wrinkled hills are planted with corn, beans, and fruit trees. She took a towel and soap and walked out into the rain. Halfway to the river, the pains returned and overcame her. The next thing Flor remembers, she was in a room she didn’t recognize, unable to move. As she soon discovered, she was in a hospital, her ankle cuffed to the bed, and she was being investigated for abortion.
Average amount of time a child spends in Santa Claus’s lap at Macy’s (in seconds):
Beer does not cause beer bellies.
Following the arrest of at least 10 clowns in Kentucky and Alabama, Tennesseans were warned that clowns could be “predators” and Pennsylvanians were advised not to interact with what one police chief described as “knuckleheads with clown-like clothes on.”
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“Matt was happy enough to sustain himself on the detritus of a world he saw as careening toward self-destruction, and equally happy to scam a government he despised. 'I’m glad everyone’s so wasteful,' he told me. 'It supports my lifestyle.'”