Dollar to be replaced by new global currency

At least that's what Congresswoman Michele Bachmann seems to think (via Matt Yglesias). She is proposing new legislation to "ensure that the U.S. dollar remains the currency of the United States." This is a weird development for many of reasons, but the three that come to mind most quickly are:


1. There is already a law that does this.

2. No one is suggesting that the dollar shouldn't remain the currency of the United States.

3. No one in the administration is even suggesting that US cease to be the world's reserve currency, which is the misunderstanding that started this.

As near as I can tell, Bachmann's proposal is a redundant, non-sequitur response to a misunderstanding of a misunderstanding. Or something.

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Conor Clarke is the editor, with Michael Kinsley, of Creative Capitalism. He was previously a fellow at The Atlantic and an editor at The Guardian. More

Conor Clarke is the editor, with Michael Kinsley, of Creative Capitalism, an economics blog that was recently published in book form by Simon and Schuster. He was previously a fellow at The Atlantic and an editor at The Guardian. He is also on Twitter.

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