"US Treasury Secretary Tim Geithner confessed on Wednesday that he had not read the plans by China's central bank governor for a 'super-sovereign reserve currency' run by the International Monetary Fund, but nevertheless let slip that Washington was 'open' to the idea. Whoops."
This is how matters quickly escalate in geo-finance. China's suggestion – backed by Russia, Brazil, and India, and clearly aimed at breaking US dollar hegemony – is making its way onto the agenda of the G20 Summit next week. 'Dollar-dämmerung' no longer looks so far-fetched.
Maybe Geithner is angling to get that new job running the World Treasury at the United Nations.
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