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Geithner Says No Risk of a Global Currency War as Global Currency War Intensifies
October 13, 2010 01:51 PM
SO IT'S ON?
Treasury chief Timothy Geithner
and was asked about his response to media reports of a coming global currency war. Geithner's response: "No risk of that."
that many emerging markets, other than China, were seeing major capital flows, saying: "And that's unfair to them because what's happening is, as China holds its currency down, their currencies are moving up," Geithner said. "And they're having to work very hard to make sure they're not at an unfair disadvantage with China. And that's why this issue, which people like to frame as uniquely an American preoccupation, is really much more important to the rest of the world and is really a global problem as a whole."
Still, his adamant "No risk of that" response stands in contrast to
comments made by investor George Soros,
who recently declared: “Whether it realizes it or not, China has emerged as a leader of the world. If it fails to live up to the responsibilities of leadership, the global currency system is liable to break down and take the global economy with it.”
IMF leader Dominique Strauss-Kahn has said that something that looks a lot like a worldwide currency war has already started: "'Currency war' might be too strong, but the fact the countries want to find domestic solutions to a global problem is really a threat to the recovery," Strauss-Kahn
told the BBC
Read a handy primer on the topic at
, whose editors include a nice description of why currency wars happen in the first place.
And if you missed Charlie Rose, check out the
Wall Street Journal
for an overview of Geithner's responses on a range of topics.
Incidentally, the US Dollar Index today is down. .39%. Since September 1 it's down more than 7%.
No positions in stocks mentioned.
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