Tuesday, March 24, 2009

Treasury Secretary Fed Reserve Chair Reject Global Currency

Fox News coverage House Financial Services Committee hearing on AIG Oversight with Federal Reserve Chairman and Treasury Secretary in attendance.

Congresswoman... asks, by what Constitutional authority do these federal monies flow to such as rescuing AIG, etc.

She asks specifically for the citation of the clause in the Constitution.

Bernacke gives an answer - by the emergency lending authorization to the Federal Reserve by Congress in 1930s.

The Congresswoman turns to recent news headlines wherein there's been a proposal for a new International monetary standard and talk of a global currency to reportedly be proposed by China at the G-20 Summit upcoming in Aprl.

would you reject global currency

Mr. Sec Yes

Fed Reserve chair Yes

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