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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:
No Comment — November 4, 2013, 5:17 pm
An expert panel concludes that the Pentagon and the CIA ordered physicians to violate the Hippocratic Oath
No Comment — August 12, 2013, 7:55 am
How will the Obama Administration handle Edward Snowden’s case in the long term?
No Comment — July 29, 2013, 11:36 am
Is it possible to simply disband the partisan FISA court?
Number of free condoms handed out by the Brazilian government in advance of Carnival this year:
The best way to measure happiness is simply to ask people how happy they are.
Following three weeks of clashes between protesters and government forces that killed at least 17 people, Venezuelan president Nicolás Maduro announced a two-day extension of Carnival. “Happiness will conquer the embittered,” he said during an appearance at a recreation center.
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“American politics has often been an arena for angry minds.”