Wednesday, February 16, 2011

Reality According to McGeachin

There's a slue of quips out of the nullification debate this morning in the Idaho House, but I wanted to touch on one bizarre bit of commentary that surfaced during the floor speech of Rep. Janice McGeachin (R-District 32). The exact quote is as follows:
"Our own U.S. currency is quickly turning into a junk bond currency. France is considering not recognizing our U.S. dollar as a recognized currency. And also saw a report from the agency that ranks our currency for bond rating because our debt to GDP ratio is increasing so much. ..."
Uh, come again? It isn't uncommon for members of the Idaho Legislature to have an obsession with currency, but seriously, she believes that France isn't going to recognize the dollar period? Here's the truth of the matter: France has recently made public their proposal to move the global financial system from from a dollar-based system to one based on several international currencies. France isn't saying that the dollar is worthless and that the dollar no longer exists as France sees it. France has been contending for some time that the global financial system should not be wholly reliant on the value of the dollar (not a bad idea given the economic crash we are recovering from, a crash that threatened the entire world economy). It has nothing to do with the dollar ceasing to exist.

If only I could find something useful to say about McGeachin's comment about the "carrot dangling in our face."

1 comment:

Kimberlee Stiens said...

This is the problem when legislators start talking like they're experts in anything that they're not. She clearly has little understanding of economics, which is not a crime, but it's plain irresponsible to get on a legislative floor and talk about something you think you read in an RSS feed somewhere like it's inerrant fact.