Remember the other day when China said, “Hmm, maybe we want a global reserve currency that isn’t the dollar, as America’s compulsive overborrowing will most certainly lead to hyperinflation, which would suck for us”? This caused our favorite Bush-groping crazed baby-farming Minnesota representative, Michele Bachmann, to propose legislation banning the replacement of the dollar with any other currency … in the United States.
Should this legislation pass, that means we will never be able to trade yen or pesetas or Ron Paul’s dreaded Ameros in exchange for goods and services here in the US: a possibility that nobody has ever suggested might occur.
Meanwhile, there is really no stopping every other country in the world from deciding to put all their reserves in euros or whatever, even though we can all agree that is a terribly un-American thing for all of our international counterparts to do.
Bachmann Introducing Bill to Ban Use of Made-Up Global Currency [Matt Yglesias]