Thursday, March 26, 2009

The Populist Rage Continues...

...even if it is somewhat charmingly clueless.

Representative Michelle Bachmann has introduced legislation that “would bar the dollar from being replaced by any foreign currency.” Since what China, Russia , the UN [and the Obama administration behind the scenes], etc. are proposing is a new reserve currency and not a new currency for daily exchanges in the U.S., Bachmann needs to spend more time with Rep. Ron Paul to be schooled on what is really going on.

It is impossible for Congress to legislate what China and Russia will use as a reserve currency. The real problem is Fed printng right here at home.

That said, the rage against the machine is not a bad thing. Her sentiments are correct, even if her legislation is a bit off. I think I'll see if can catch up with her over the next day or two.

UPDATE: Bachmann seems to be doing a little backpedaling in the form of a clarification:

...a Bachmann spokesperson clarifies that Bachmann understands she can't legislate foreign countries' behavior and that "This legislation would ensure that the U.S. dollar remain the currency of the United States." But nobody -- not Russia not China not Tim Geithner -- has ever proposed changing this.

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