Michelle Bachmann's Currency Lie
by Todd Beeton, Mon Mar 30, 2009 at 09:50:10 AM EDT
OK, so we all know Michelle Bachmann is crazy and we all assume she's a liar but check out this doozie. I wrote last week that Bachmann went on Hannity to rile up her latent revolutionaries...in an orderly manner, of course, and one of her talking points was as follows:
"If Tim Geithner is successful under President Obama, and they move us to an international currency," Bachmann warned, "Then we have no hope of standing on our own as a sovereign nation with our own economic system. It's over. We can't do that."
Huh? What's this move to an international currency she's referring to? Here's what Bachmann asked Geithner and Bernanke at a Congressional hearing on Tuesday:
We've seen both China, Russia and Khasikstan make calls for conversion to an international monetary standard as soon as the G-20. I'm wondering would you categorically renounce the United States moving away from the dollar and going to a global currency?
As The Minneapolis Star Tribune points out, Bachmann's premise is flawed:
To be sure, the Chinese are not calling for the U.S. to adopt a new global currency. Rather, as the largest creditor to the U.S., China wants the International Monetary Fund to explore a new international reserve currency as a basis for international trade and financial transactions. Financial experts say China's request reflects its growing unease with the troubled American economy and the inflationary risk of the U.S. government's growing deficits.
But regardless of the soundness of Bachmann's premise, how did Geithner and Bernanke respond to Bachmann's question on Tuesday?
BACHMANN: I'm wondering would you categorically renounce the United States moving away from the dollar and going to a global currency?
GEITHNER: I would yes.
BERNANKE: I would also.
You can watch the video below.
As we know, among the rightwing, it doesn't matter if something's a lie or easily debunkable, if it catches on, perception will become reality. My question is is Bachmann's lie about this global currency catching on?