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Tuesday, March 31, 2009 12:00 AM

Michele Bachmann to China: The buck stays here

The People's Republic yearns to dislodge the dollar from its supreme perch. But the congresswoman from Minnesota will not permit such ignominy. Who will prevail in this battle of superpowers?
Andrew Leonard

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  • Tuesday, March 31, 2009 02:32 PM

    Just to be clear on Michelle Bachmann

    Ms. Bachmann, I am sure, means well. (Doesn't most everyone?) That said, the status of the USD as the world's agreed upon reserve currency has absolutely no bearing on the status of the dollar (and other denominations of US currency) as the legal tender used for exchange and banking inside of the United States of America. The reserve status is simply irrelevant as a legal issue to that state of affairs. Where the reserve status counts is in international trade and the financing of our deficits.

    —Roman Berry Read Roman Berry's other letters

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