EckerNet.Com

Dear Obama,

It’s been written about the Culture of Incompetence that seems to infect your entire administration.  So with that in mind, we’d all appreciating if you “Shut the Hell Up!”.  Every time either you or one of your administration says anything about the economy it tanks even further.

In a blink of an eye, the U.S. dollar has collapsed against the Euro, Japanese Yen and other major currencies. The trigger was comments from Tim Geithner who said that the U.S. is “quite open” to China’s suggestion of moving towards a Special Drawing Right (SDR) linked currency system. If the world adopts the SDR, which was created by the IMF as an international reserve asset, it would mean that countries around the world would need to hold less U.S. dollars. The U.S. is probably open to this suggestion because a weaker dollar is stimulative for the U.S. economy and would relieve the U.S. from having to implement effective monetary policy while balancing the international demand for a reserve currency.

Geithner’s comments indicate that the U.S. is not taking China’s suggestion with a grain of salt and instead is giving it legitimacy. This is extremely important ahead of the G20 meeting. The only question is whether this is another amateur mistake by the new U.S. Treasury Secretary.

You guys need to get your act together.  Every time you open you mouth, you mess things up worse.  And what’s more there seems to consistently be conflicting stories coming out of the administration.  Part of the problem is you barely have anyone working at the Treasury Department, and you don’t ever meet with the few ones you do, despite requirements to do so.

So since you seem set on incompetence, we’d appreciate it if you would just let the market fix itself.  It’s probably happen a lot quicker without your interference.

Sincerely,

The American Public