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Tag "Minnesota"

On Glenn Beck’s radio program:

BACHMANN: Let me tell you, there’s something that’s happening this week in Congress that could be the eventual unravelling for our freedom, and it’s this. I had asked the Treasury Secretary and Ben Bernanke, the Federal Reserve Chair, if they would categorically denounce–

BECK: I know.

BACHMANN: –taking the United States off of the dollar and putting us on an international global currency. Because as you know, Russia, China, Brazil, India, South Africa, many national have lined up now and called for an international currency, a One World currency. And they want to get off the dollar as the reserve currency.

BECK: Most people don’t understand what that means.

BACHMANN: What that means is that all of the countries of the world would have a single currency. We would give up the dollar as our currency and we would just go with a One World currency. And now for the first time, we’re seeing major countires like China, India, Russia, countries like that, calling for a one world currency and they want this discussion to occur at the G20. So I asked both the Treasury Secretary and the Federal Reserve chair if they would categorically denounce this. The reason why is because if we give up the dollar as our standard, and co-mingle the value of the dollar with the value of coinage in Zimbabwe, that dilutes our money supply. We lose country over our economy. And economic liberty is inextricably entwined with political liberty. Once you lose your economic freedom, you lose your political freedom. And then we are no more, as an exceptional nation, as we always have been. So this is imperative.

It’s clear that Michele Bachmann doesn’t know what a reserve currency is.  Fortunately, Matt Yglesias does:

This falsehoods here are coming so fast and loose that it’s hard to know where to start here. But to get to the main point, most countries hold “reserves” of various kinds—foreign currency and gold. Most countries, right now, primarily hold dollars. Euros are also popular, and Yen and British Pounds somewhat less so. The United States of America does not, obviously, hold any dollars in our reserves. We actually have quite a lot of gold. And different countries vary their practices in this regard. But most countries mostly hold their reserves in dollars. So the dollar is, in effect, the “global reserve currency.” The IMF also issues something called Special Drawing Rights that countries can use as a reserve asset. SDRs work as a kind of meta-currency, with their value based on a basket of major world currencies. A Chinese official suggested that it might be good for the world to tilt away from such a heavy reliance on dollars as the reserve currency of choice, since this leaves countries exposed to policy decisions in the United States, and toward something more SDR-like that would be balanced between dollars and euros and yen and pounds and so forth.

This has nothing to do with replacing the dollars in your bank account—or Michele Bachmann’s—with a new currency. Nor would it be the creation of a One World Currency. And to be clear, while the United States could prevent the IMF from formally creating any kind of new internationalized reserve currency, there’s nothing we can do to stop foreign countries from weighting their reserve baskets away from dollars. It’s just not up to us.

What is unfortunate, however, is that Michele Bachmann is a congresswoman from Minnesota, and Matt Yglesias is not.  So, congratulations, sixth congressional district of Minnesota! You’re congresswoman is an idiot.

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Go read Nate Silver taking the WSJ editorial board to task over their claims regarding Minnesota’s “illegitimate” senator:

The Wall Street Journal is bar none one of the best newspapers in the country — except when its Editorial Board is having a bad day. And today the Board is having a very bad day, having published an editorial that declares Al Franken’s provisional win in Minnesota, which the state just certified moments ago, to be illegitimate, while accusing Minnesota’s Canvassing Board of being inconsistent and biased in favor of Franken.

There is nothing intrinsically wrong with taking such a position. The Journal’s editorial, however, has several basic facts wrong, makes several other assertions based on flimsy or nonexistent evidence, and generally has little understanding of the process that has taken place to date.

People who are bad at their jobs shouldn’t be allowed to continue unabated.

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Al Franken appears to have come out of challenge-ville with a slim lead:

The Star Tribune reports that Al Franken holds a 48-vote lead over Norm Coleman, with thousands of withdrawn challenges having been added back in to the respective candidates’ totals. This number would be roughly in accordance with the 35-50 vote lead projected by the Franken campaign.

Coleman is pretty screwed here.  He doesn’t have a whole lot going for him, and his only real possibilities for gains will be from rejected absentee ballots and possible reduction in Franken votes due to alleged duplicate ballots.  Both avenues appear extremely unlikely to net him enough votes.

Let’s stop and give a hand to the Minnesota State Board of Elections and the Minnesota Secretary of State.  This recount has been handled fairly well, given the circumstances, and things will likely be resolved in a decent manner.  Also, I think Minnesota has set the standard for transparency during a recount process, by posting vote totals and procedures online, as well as displaying the review boards decisions live on flat panel TV’s.  Also, the Minnesota Star Tribune has been indispensable during the process, providing all challenged ballots online for your perusal.

So, I say: Good job, Minnesota. (Even if FoxNews doesn’t think so…)

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