Congresswoman Bachmann has denounced efforts to move the US from the Federal Reserve Note to an international form of currency. She noted that a constitutional amendment would be required to truly prevent the US from moving to an international currency. She has asserted that the increased spending by the Obama administration combined with policies such as quantitative easing are devaluing the dollar. When asked, Congresswoman Bachmann stated that she would consider a return to something like the gold standard if elected President.
Multi-National Currency
In March of 2009, Congresswoman Bachmann released a statement noting legislation that she was introducing to bar the dollar from being replaced by any foreign currency.
Bachmann Demands Truth: Will Obama Administration Abandon Dollar for a Multi-National Currency?
Washington, D.C., Mar 25, 2009 - In response to suggestions by China, Russia, and other countries around the world calling on the International Monetary Fund to explore a multi-national currency, U.S. Representative Michele Bachmann (MN-6) has introduced a resolution that would bar the dollar from being replaced by any foreign currency.
“Yesterday, during a Financial Services Committee hearing, I asked Secretary Geithner if he would denounce efforts to move towards a global currency and he answered unequivocally that he would," said Bachmann. "And President Obama gave the nation the same assurances. But just a day later, Secretary Geithner has left the option on the table. I want to know which it is. The American people deserve to know."
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.
The Dollar is in Trouble
In September of 2009, Congresswoman Bachmann wrote an op-ed discussing the poor state of the dollar, and the possibility that the dollar was in trouble.
The Dollar is in Danger 9/15/2009 | Email Michele Bachmann | All Posts By Blogger
Kudos to my colleague Ed Royce (R-CA) for sounding the alarm on the international battle to downgrade the dollar. I've said for months now that our penchant for massive spending and our sky-rocketing debt will come back to bite us and Congressman Royce provides evidence seconding that notion.
As he mentions in his recent post, the U.N. Conference on Trade and Development has issued a report calling for the U.S. dollar to be replaced as the global reserve currency. This isn't the first we've heard of this. Other nations, such as China, Russia, India, and Brazil, have been beating this drum for several months now. But this marks the first time the U.N. has jumped on board.
Unfortunately, our government is giving them their best rationalization for these ludicrous proposals. After all, our nation's debt, which is the money owed by our government, currently sits at the highest it's been in our nation's history, at $11.7 trillion. Couple that with our rising deficit which has well exceeded $1 trillion (another record) and is on its way to $2 trillion fast, and our debt becomes a far less attractive purchase to other nations. China’s even voiced those concerns publicly. Higher interest rates will be necessary to sell our debt abroad. And we will soon be confronted with the growing threat of rising inflation - a devastating sign that our nation's economic fortunes are heading in the wrong direction.
This is real money we're talking about here, and your future. Fiscal responsibility must not be a campaign slogan. It must be a fundamental tenant of our governing philosophy and economic well-being. The welfare of our children and grandchildren depends on it.
In October of 2009, Congresswoman Bachmann made a video to discuss the possibility that the dollar may lose it's status as the reserve currency. She also discusses the affects of spending and debt on the value of the dollar.
Return to Gold Standard
In June of 2011, Congresswoman Bachmann participated in a bus tour whose sponsor listed a return to the gold standard as one of their objectives. Congresswoman Bachmann stated that she would consider such a measure is elected President.
I will take a close look at the gold standard issue, but I am taking part in the bus tour because we agree on a number of important principles, including spending restraint and strengthening the dollar.
Sponsored and Cosponsored Legislation
This representative has not been identified as sponsoring or cosponsoring significant legislation related to this title.
