Senator Paul's latest press release announced his intention to seek a vote of no confidence in Treasury Secretary Tim Geithner.
WASHINGTON, D.C. – Sen. Rand Paul today announced his intention to introduce in the U.S. Senate a vote of no confidence in Treasury Secretary Timothy Geithner. Following Sen. Paul’s call for Secretary Geithner to resign this weekend, his intention to introduce a resolution underlines Secretary Geithner’s gross mismanagement of the U.S. economy.
“The stock market gave a vote of no confidence to Timothy Geithner yesterday and for the past 11 days. Geithner has shown no acumen in predicting, diagnosing, or treating America's economic woes. The time has come for him to resign,” Sen. Paul said.
Sen. Paul’s motion stems from Secretary Geithner's failure to institute policies to curb rising unemployment, prices and debt. The passage of the motion would indicate that the U.S. Congress has no confidence that Treasury Secretary Timothy Geithner will institute policies that will reverse the downgrade in America's debt. During his tenure at the Federal Reserve and as Treasury Secretary, Secretary Geithner had a direct role in the failure of the Fed to diagnose and act on the housing crisis. He presided over bank bailouts, auto bailouts and failed trillion-dollar stimulus plans.
While we're talking about no confidence, has anyone noticed the price of gold? At the time of this writing, gold is flirting with $1780/ounce -- up almost $100 since the market opened Monday. J.P. Morgan believes it could hit $2500 before the end of the year.
The world is losing faith in the dollar reserve system and as market turmoil continues, there's a new "gold rush" and towards other commodities as investors seek "safe havens" from the fiat dollar.