Congresswoman Tries to Legislate Dollar’s Challenges Away

Earlier this week, Rep. Bachmann swung to the defense of the US Dollar, on the heels of China asking for a new world reserve currency.

From Rep. Bachmann’s website:

In response to suggestions by China, Russia, and other countries around the world calling on the International Monetary Fund to explore a multi-national currency, U.S. Representative Michele Bachmann (MN-6) has introduced a resolution that would bar the dollar from being replaced by any foreign currency.

“Yesterday, during a Financial Services Committee hearing, I asked Secretary Geithner if he would denounce efforts to move towards a global currency and he answered unequivocally that he would,” said Bachmann. “And President Obama gave the nation the same assurances. But just a day later, Secretary Geithner has left the option on the table. I want to know which it is. The American people deserve to know.”

If you’re interpreting her comments the same way I am – then I think that Michele believes the US is considering using a basket of currencies to replace the dollar within our borders.

Ah, you can’t make this stuff up (hat tip to Agora Financial for uncovering this gem of a news item).

In fairness to Michele, as I’m right now digging through her website to find more material for, well, jokes, to be quite honest – I found her Twitter feed, which actually impressed me, as she is apparently quite the fiscal conservative.

In fact, here is a video of her calling for the Obama administration to cut the capital gains tax rate to ZERO – along with cutting the business tax rate down to 9%!