Senate Confirms Jared Bernstein, Wants to “Dethrone King Dollar” as Reserve Currency

June 15, 2023 — bunkerville

 

The Senate on Tuesday confirmed Jared Bernstein to become chair of the Council of Economic Advisers (CEA). His education is in Music and Social Work with a PhD in Social Welfare. Perfect. Turns out the Dollar as the Reserve Currency is a “burden” he thinks. We cannot afford it so goes his thinking. Well this is certainly a twist on policy after we are reassured that “not to worry” our dollar is going no where fast. If we have a plant in the government who actually wants this what possibly could go wrong?

Senators voted 50-49 on Bernstein’s nomination to the post that Cecilia Rouse vacated in March. Sen. Joe Manchin (D-W.Va.) was the lone Democrat to side with every present Republican.

“Mr. Bernstein’s economic philosophy is problematic as he has shown a willingness to disregard the need for all-of-the-above energy policies and necessary federal budget cuts to alleviate the skyrocketing cost of living for working families,” Manchin explained in a statement.

“I did not vote for Mr. Bernstein because we must protect America’s economic stability and energy security from radical policies such as the Green New Deal,” Manchin added.

 

Republicans lined up to oppose Bernstein ahead of the vote, with Senate Minority Leader Mitch McConnell (R-Ky.) arguing that he was a political choice to serve as chair.

“The CEA was designed to produce objective, empirical economic analysis. With the rarest of exceptions, it’s been led by a seasoned economist with a PhD in the field. That streak would end with Mr. Bernstein,” McConnell said on the Senate floor Tuesday.

“The nominee the Senate will consider this week can more accurately claim expertise in partisan warfare than economics.”

His bio indicates he is a “Progressive.” Wikipedia indicates that Bernstein graduated with a bachelor’s degree in music from the Manhattan School of Music where he studied double bass with Orin O’Brien. He also earned a Master of Social Work from Hunter College as well as a master’s degree in philosophy and a PhD in social welfare from Columbia University.[5]  In 2008, Michael D. Shear described Bernstein as a progressive and “a strong advocate for workers”.[3]

 

His 2014 NYTimes Op-Ed where he promotes the idea of abandoning support of the dollar’s reserve currency status.

 

 

Bernstein writes:

“THERE are few truisms about the world economy, but for decades, one has been the role of the United States dollar as the world’s reserve currency. It’s a core principle of American economic policy. After all, who wouldn’t want their currency to be the one that foreign banks and governments want to hold in reserve?

But new research reveals that what was once a privilege is now a burden, undermining job growth, pumping up budget and trade deficits and inflating financial bubbles. To get the American economy on track, the government needs to drop its commitment to maintaining the dollar’s reserve-currency status.

….

The privilege of having the world’s reserve currency is one America can no longer afford.”

Bernstein’s confirmation came coincidentally the same day as Treasury Secretary Janet Yellen warned that the U.S. dollar’s international status as the chief reserve currency is slowly diminishing as other countries diversify their assets.

Read more

Our gal Yellin.

Sen. Rand Paul: The dollar is in a precarious position

 

 

The best of the swamp.

Posted in Federal Reserve. Tags: , , , , . 20 Comments »

Dollar loses reserve status to Yen & Euro

October 13, 2009 — bunkerville

Bernanke could go down in economic history as the man who killed the greenback on the operating table.

Ben Bernanke‘s dollar crisis went into a wider mode yesterday as the greenback was shockingly upstaged by the euro and yen, both of which can lay claim to the world title as the currency favored by central banks as their reserve currency.

Over the last three months, banks put 63 percent of their new cash into euros and yen — not the greenbacks — a nearly complete reversal of the dollar’s onetime dominance for reserves, according to Barclays Capital. The dollar’s share of new cash in the central banks was down to 37 percent — compared with two-thirds a decade ago.

Currently, dollars account for about 62 percent of the currency reserve at central banks — the lowest on record, said the International Monetary Fund.

http://www.nypost.com/p/news/business/dollar_loses_reserve_status_to_yen_hFyfwvpBW1YYLykSJwTTEL;jsessionid=65E301CF47ED50D15170F8D6530791C5

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Poland Ratifies EU Lisbon Treaty – a Threat to U.S.

October 11, 2009 — bunkerville

Polish President Lech Kaczynski signs EU's Lisbon Treaty at presidential palace in Warsaw on Oct. 10, 2009

Polish President Lech Kaczynski signs EU's Lisbon Treaty at presidential palace in Warsaw on Oct. 10, 2009

The Main Stream Media is not reporting on one of the most threatening actions taking place. And that is the beginning of the Lisbon Treaty. Poland is the second-to-last EU member to sign the Lisbon Treaty, which must be ratified by all 27 member states before it can take effect. Update:And they are threatening to throw the last hold out, out.

“The Treaty of Lisbon will define what the EU can and cannot do, and what means it can use. It will alter the structure of the EU’s institutions and how they work. As a result, the EU will be more democratic and its core values will be better served”. This is what is claimed. In reality, the countries will essentially give up their  sovereignty.

It will only be a matter of time until the U.S. will be required to adhere to an International Court. Our new Supremo stated during her confirmation, that we should consider “other laws” than our own  in determining  a U.S. ruling. The Euro will become the world’s currency. There are already rumblings about using other currencies than our dollar for the world’s currency. Yet we are like sheep. No one, not one elected official is addressing these issues. Instead, voting our country into bankruptcy. We are in decline, and no one is speaking out.

Only one more country to go- then the Treaty goes into effect. That country?

Now the only signature missing is that of Czech President Vaclav Klaus, who has also expressed concerns about a more powerful EU.  Breaking news:

Germans seek to oust Czech president Vaclav Klaus over EU treaty

In faraway Brussels furious diplomats were calling for his impeachment and even his country’s expulsion from the European Union because of his obstinate refusal to sign the Lisbon treaty. Klaus, now the only European leader holding out against ratifying the document, made it clear he did not give a damn.

http://www.timesonline.co.uk/tol/news/world/europe/article6869578.ece

http://europa.eu/lisbon_treaty/index_en.htm

This new treaty is the result of negotiations between EU member countries in an intergovernmental conference. Poland has signed the Lisbon Treaty which aims to streamline the workings of the European Union. http://english.chosun.com/site/data/html_dir/2009/10/11/2009101100804.html
In a ceremony Saturday, Poland became the 26th country to ratify the Lisbon Treaty. Despite his personal antipathy towards the European Union, Polish President Lech Kaczynski signed the accord.

The Constitution of the United States of Europe :http://europa.eu/lisbon_treaty/full_text/index_en.htm  Also the “official site” of the E.U.

The European Union is not a democracy, because no Euro politician or Euro M.P., nor any European President or E.U. leader, has ever been elected or voted for by the general public. Yet the European Parliament is in control of the official government of the countries in Europe.

The European Parliament has the final say in deciding laws which apply to every E.U. member states, and the European Court is higher than any national court and has the final say in enforcing law in all member states. Is the New World Order just a conspiracy theory, or is there truly a secret agenda to unite the world under a single government, a single currency, a single legal system, and perhaps even a single religion? What happens to countries which do not wish to participate in the United Nations or the New World Order? What will happens next after the process globalisation is complete? Globalization is an internationalist process which transcends nationality, so who controls it and who is behind it?

Posted in Government. Tags: , , , , , , , , , , , . 2 Comments »