The gold standard is a barbarous relic, said John Maynard Keynes.

The very notion of foreign exchange reserves is antinomic to (against the law of) reserve currency.

The dollar has no value.

That’s what happens when the initials (“US”) of the country are the sign of “its” money and that money has then been debased by its bureaucrats.

Reuters says that secretary of the US of A treasury, Tim Geithner, will this week offer assurances to the Gulf on the US of A ability to pull out of recession.

This means that for Geithner the value of the dollar depends on the ability of the US of A to pull out of recession.

This means that the US of A dollar is in recession.

Gulf News newspaper reproduces this Reuters article under the title:

“Geithner to tout dollar [’s very ...] viability”

http://archive.gulfnews.com/business/Economy/10331354.html

Geithner is to reassure the Gulf that US dollar assets remain a “strong” investment.
http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=302806&version=1&template_id=48&parent_id=28

Ivo: See weak Tim next year.

Geithner said on Monday in London that the recession will be over by the end of the year.

There is “very strong chance” of economic growth returning.
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/5820229/Tim-Geithner-recession-will-be-over-within-months.html

Of course, next year Geithner will be unaccountable for this lie.

Statesmanship, you know!

Geithner never analysed the causes of this depression, that is, he never analysed irredeemable, at least unbacked, paper money nor fractional-reserve banking.

But Geithner has put policies “in place” which will lead “us” out of depression by January.
http://business.timesonline.co.uk/tol/business/economics/article6703015.ece 

It’s official:
Geithner and Darling predict growth restart this year
http://www.ft.com/cms/s/0/1cfe1b40-6fb7-11de-bfc5-00144feabdc0.html

The dollar has no value.

But Geithner is touting the dollar ’s very … viability in the Gulf.

Gimme a beer …

It is the Geithner fraternity which engineered the crisis.

Washington Times; Traveling Geithner displays optimism –
I think we have remarkably strong consensus in place on core elements,
he said
http://www.washingtontimes.com/news/2009/jul/14/traveling-geithner-displays-optimism/

Ivo Cerckel
honestmoney@maktoob.com
http://twitter.com/ivocerckel/