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Subject Geithner vows U.S. will not devalue dollar

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[quote:Anonymous Coward 862727:MV8xMjI2MjQyXzRFNTBGNjA3]
[b]Geithner vows U.S. will not devalue dollar[/b]

By Jim Christie and David Lawder 
Tue Oct 19, 12:41 am ET

PALO ALTO, Calif./WASHINGTON  – Treasury Secretary Timothy Geithner vowed on Monday that the United States would not devalue the dollar for export advantage, saying no country could weaken its currency to gain economic health.

"It is not going to happen in this country." Geithner told Silicon Valley business leaders of devaluing the dollar.

Geithner broke his silence on the dollar's protracted slide ahead of this weekend's meeting of finance leaders from the Group of 20 wealthy and emerging nations in South Korea, where rising tensions over Chinese and U.S. currency valuations are expected to take center stage.

"It is very important for people to understand that the United States of America and no country around the world can devalue its way to prosperity, to (be) competitive," Geithner added. "It is not a viable, feasible strategy and we will not engage in it."

cont'd:

http://news.yahoo.com/s/nm/20101019/bs_nm/us_usa_dollar_geithner
[/quote]

Original Message Geithner vows U.S. will not devalue dollar

By Jim Christie and David Lawder
Tue Oct 19, 12:41 am ET

PALO ALTO, Calif./WASHINGTON – Treasury Secretary Timothy Geithner vowed on Monday that the United States would not devalue the dollar for export advantage, saying no country could weaken its currency to gain economic health.

"It is not going to happen in this country." Geithner told Silicon Valley business leaders of devaluing the dollar.

Geithner broke his silence on the dollar's protracted slide ahead of this weekend's meeting of finance leaders from the Group of 20 wealthy and emerging nations in South Korea, where rising tensions over Chinese and U.S. currency valuations are expected to take center stage.

"It is very important for people to understand that the United States of America and no country around the world can devalue its way to prosperity, to (be) competitive," Geithner added. "It is not a viable, feasible strategy and we will not engage in it."

cont'd:

[link to news.yahoo.com]

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