Geithner gaffe watch: Sure we’re open to China’s idea … wait, what did my boss say about it last night?
On Wednesday, Treasury Secretary Timothy Geithner said he was open to a Chinese proposal that many believe would replace the dollar as the dominant global currency. Except Geithner’s boss, the president, flatly rejected that idea during his press conference the previous evening. Geithner later assured everyone that the dollar would remain the dominant global currency—after the value of the dollar plunged thanks to his earlier remarks. Better postpone that trip to Europe.