Start at 2:24 for a nice display of paranoia, classic congressional showboating, and general economic illiteracy. Don't forget to savor the bad grammar and Federal Reserve Chairman Ben Bernanke's exasperation. Wrap it all up with a procedural freakout from Rep. Barney Frank (D-Mass.).
Then, check out the follow up, from the website of Rep. Michele Bachmann (R-Minn.). It's time to amend the Constitution!:
Bachmann Demands Truth: Will Obama Administration Abandon Dollar for a Multi-National Currency?...Asked today about a currency proposal from China at a Council on Foreign Relations event, Secretary Geithner stated he was open to supporting it. Despite attempts to clarify his remarks later in the day, the unguarded initial response calls into question his true intentions.
Although Title 31, Sec. 5103 USC prohibits foreign currency from being recognized in the U.S., the President has the power to engage foreign governments in treaties, and the President is principally responsible for the interpretations and implementation of those treaties according to the Constitution. As a result, legislation prohibiting the President and Treasury from issuing or agreeing that the U.S. will adopt an international currency would need to come in the form of a Constitutional Amendment differentiating a treaty used to implement an international currency in the U.S. from other types of treaty agreements.
Via commenter domoarrigato and Contributing Editor David Weigel.