- BP seeks solution after spill plan glitch | Video
- Ash cloud closes 19 Spanish airports, could spread | Video
- Germans vote in state poll, big test for Merkel
- Study finds what makes calorie-burning "brown fat"
- Lose weight fast to get lasting results: study
- WRAPUP 13-Conservatives need partners after inconclusive UK vote
- Anger as NATO prepares to join Red Square parade
- Obama makes rare comment about dollar on Russian TV
- Oil at $65 a barrel may sound alarm bells for OPEC
- U.S. warns Pakistan after NY bomb attempt: report
Obama makes rare comment about dollar on Russian TV
President Barack Obama is accompanied by his economic team as he makes a statement about the monthly job numbers from the White House in Washington May 7, 2010. From left are Director of the National Economic Council Larry Summers, Treasury Secretary Tim Geithner, Secretary of Labor Hilda Solis, Obama, Commerce Secretary Gary Locke, Chair of the Council of Economic Advisers Christina Romer and Director of the Office of Management and Budget Peter Orszag.
Credit: Reuters/Kevin Lamarque
WASHINGTON (Reuters) - President Barack Obama said if the United States has a strong economy it will have a strong dollar, in rare comments about the U.S. currency in an interview with Russian television broadcast on Saturday.
Obama also expressed fresh American concern over the debt turmoil roiling Greece, which has affected world markets.
The interviewer from Russian television's state-run Channel Rossiya asked Obama whether he would like to see a weaker or a stronger dollar.
"My basic principle is to focus on the fundamentals of the economy. I think that if we have a strong U.S. economy we're going to have a strong dollar," Obama said, according to an English-language transcript of the May 6 interview provided by the White House.
Obama's remarks were unusual as he normally leaves it to Treasury Secretary Timothy Geithner to take the lead role in commenting on the U.S. currency.
Geithner has typically repeated his long-standing mantra that a strong dollar is in the U.S. interest and its value would reflect the strength of the U.S. economy.
Some foreign investors, including China, expressed concern about dollar weakness late last year. Russia joined China in calling for discussion of the possibility of creating a new international reserve currency.
"GREECE TAKING DIFFICULT MEASURES"
Obama's comments about the dollar would have been of keen interest to his Russian audience given that many Russians, including the government, have their savings in dollars.
In the midst of the global economic crisis last year, Russian leaders called for less global dependence on the dollar and took steps to reduce the dollar's share of Russia's foreign exchange reserve holdings, the world's third largest.
But the dollar has grown stronger as worries about the Greek debt crisis have driven investors out of the euro.
The dollar strengthened to around $1.27 per euro last week from over $1.50 last December, when evidence of a U.S. recovery was less clear and there were growing concerns the U.S. budget deficit would continue to rise.
Obama, who receives regular briefings from top economic advisers about Greece's debt turmoil, said he was "very concerned" about the crisis.
"But I think it is an issue that the Europeans recognize is very serious," he added.
"Greece is taking some very difficult measures -- at least they've put forward a plan that calls for difficult measures. And if we can stabilize Europe that will be good for the United States and that will be good for Russia as well."
Greek Prime Minister George Papandreou has agreed to implement austerity measures in exchange for billions of euros in EU/IMF aid, but many Greeks have reacted angrily, with tens of thousands taking to the streets to protest against the planned cuts in wages and pensions.
(Reporting by Ross Colvin and David Lawder in Washington, additional reporting by Steve Gutterman in Moscow; Editing by Will Dunham and Todd Eastham)
I am so sick and tired of this Administration snowballing us and telling us that there are jobs out there and the economy is getting better. For God’s sake the unemployment rate went up not down. Where are all of these jobs they are talking about? They can fudge numbers any way they want to make it look to their favor. This Administration and Government wants the American people to believe they are creating jobs; when in fact we the unemployed know that is not the case.
Now our Administration and Government is once again going to slap the long-term unemployed in the face by sending financial support to Greece to help “bail” them out. What about helping out the American’s who are suffering in our country????
Here is the address to a petition just started today by Issa Decker, who authored the original 99ers petition. It expresses the anger of the American unemployed demanding that they help American’s before they bail out Greece. Please sign this petition and let’s get our anger voiced. Please also pass on the site address to all sites you can find regarding unemployment. WE HAVE TO GET OUR GOVERNMENT TO HEAR OUR ANGRY VOICES!!!!
http://uspoverty.change.org/petitions/view/no_money_for_the_greek_unemployed_before_adding_tier_extensions_for_the_american_unemployed
Do you really think that all national economies are separate from one another, with no connection? This is one world. Let the strong help the weak.
Moreover; a “stronger” dollar will reduce exports leading to cuts in the US manufacturing sector.
The Markets that would normally benefit from a stronger dollar are being regulated to the point that advantages have become mute point.
This article should have been entitled “Treading water”.
Bill Clinton admitted on Good mourning America that he and his administration failed to tighten up on regulation.
http://www.youtube.com/watch?v=_MGT_cSi7Rs
Obama has built: new schools, roads, power, generating plants, improved border security,etc… He has done all of this in Afghanistan without raising their taxes and without a plan for repayment.
39 US States are officially BROKE ! The US government is out of money this November.
As a result of the health care bill large companies plan to drop employer based coverage, diverting cost to employees.Before the plan even takes effect it will force layoffs, (eg AT&T, Deer, Caterpillar… mistakingly proved by the Dem’s…own investigation…).
http://www.portfolio.com/views/blogs/heavy-doses/2010/05/07/att-and-deere-mull-dropping-employee-health-coverage
Gov run Freedie is requesting a new $10billion bailout as the housing market continues to crumble. Obama has spent more in his first year than all former presidents combined, in fact, tax money generated for at least the next 3 generations is not enough to repay this growing debt. The world has peaked, stimulus funds are wiped out, what now?
Of course those who rely on public perception (deception) will continue their focus on the highlights. Like Mr. Bush, Obama will continue to urge banks to lend and will tell the public to spend. Any tax relief you get in the meantime, should be saved so you can purchase your mandatory private insurance coverage !
If the Chinese dump $100 billion of our debt on the market, we will see how strong the American dollar is.
Well then the USD is going to get weaker because our economy is not getting stronger. Numbers are skewed to look good yet under the cover we are fiscally irresponsible worse than the so called PIGS put together just in California alone. The printing machine going faster and faster spells doom for our currency not strength.
Give me a break! Marxist come in and bust the budget and create a totalitarian government by destroying the economy! Actually, in this case it’s even worse! Remember the Chicago weathermen of the 60’s out to create a black-run America and UN, using America for veto power? Well they did it! This actually is a black revolution that also is Marxist(anti-messiah) and even plans to control the UN! Charles Mansion(remember him?) in California took off on these two “white” guys, who are now in Africa uniting the black nations to do just that! Look at the bright side of things; it took less than 100 years since women and blacks got the right to vote and within that time period they have successfully “fundamentally transformed” our government! Biblical punishment is coming to Joseph’s seed, Israel(America), including Judah! Great Britain and Ireland are lost already, so forget them! Not much has changed in 6,000 years, has it? Watch!
Obama, the economist par excellence! With insight like that he should run for president. Just joking – he could never get elected. Too vague. No history to speak of. Sounds a little like Greece in his wanting to spread the wealth around. Perfect irony. “If I were a Rich Man” is what he will be singing next. Never mind – he already is. He made five million last year. Sounds like too much to me. An intrusive government does not make a strong economy – again, look at Greece.
