G-7 Will Leave Exchange-Rate Stance Unchanged, Official Says

[Joanne98]

Source: Bloomberg

Oct. 3 (Bloomberg) -- Group of Seven finance chiefs will leave unchanged their view that “excess volatility and disorderly movements in exchange rates” can threaten their economies, an official from a G-7 nation said.

G-7 finance ministers and central bankers, who meet in Istanbul today, last used that language in April and will keep it today, the official told reporters today on condition of anonymity.

The policy makers meet at the end of a week in which officials from France to Canada signalled concern a sliding dollar is threatening to impede their economic recoveries from the deepest global recession since World War II. The dollar has dropped 14 percent against a basket of seven currencies since early March.

“We have welcomed U.S. Treasury Secretary Geithner’s statement that it’s in the core interest of the U.S. to have a strong dollar,” Bundesbank President Axel Weber told reporters today before the talks. Canadian Finance Minister Jim Flaherty said on arriving in Turkey late yesterday he’s “concerned” about “upward pressure on the Canadian dollar” from the weaker U.S. currency.

The dollar’s slide risks hurting economic recoveries outside the U.S. by making their exports more expensive. At the same time, Geithner is being forced to defend the dollar’s status as the world’s sole reserve currency.


Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=agk.RPTNzXuA

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This is one of the reasons why we can't get our manufacturing base back. Geithner is supporting a "strong dollar" for two reasons. Number one.. The Banksters want a strong dollar since that's what they're holding and they want it to keep it's value. Number two Immerging market countries want a strong dollar so we can't compete with their cheap labor made products.

For some strange reason nobody can figure out Washington is more concerned about the health of other country's economies than ours. I have own theorys. One is that globalization is more important to them than the survival of the United States. The other is that since we have the dumbest people on the planet (aka the conservative base) we get voted to take the BS because other countries can't fool their people like we can. Since all the elites split the profit anyway it doesn't matter who gets the dough. This is keep happening until...

TEH STOOPID ARE PUT IN FEMA DEATH CAMPS!