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Rep. Michele Bachmann Wants to Defend U.S. Dollar, Prohibit Global Currency

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Rep. Michele Bachmann, R-Minn. (FNC)

This is a rush transcript from "Glenn Beck," March 31, 2009. This copy may not be in its final form and may be updated.

(BEGIN 'SOUTH PARK' VIDEO CLIP)

STAN MARSH: I got a $100 check from my grandma. And my dad said I need to put it in the bank so it can grow over the years.

BANKER: Well, that's fantastic — a really smart decision, young man. We can put that check in a money market mutual fund. Then, we'll reinvest the earnings into foreign currency accounts with compounding interest and it's gone.

STAN: What?

BANKER: It's gone. It's all gone.

STAN: What's all gone?

BANKER: The money in your account. It didn't do too well. It's gone.

STAN: What do you mean? I have $100?

BANKER: Not anymore you don't. Poof!

(END VIDEO CLIP)

GLENN BECK, HOST: I've got to tell you, man, I love South Park. Sometimes it just nails it. That scene goes on and it is true. Secretary of the Treasury Tim Geithner doesn't seem to know what he believes in and he can't make up his mind whether or not he supports the global currency to replace the U.S. dollar or leave the U.S. dollar.

The next guest adamantly opposes a global currency and proposing legislation now that would prohibit the United States from recognizing any other currency besides the greenback.

Republican from Minnesota, Congresswoman Michele Bachmann. Hello, Congresswoman. How are you?

Video: Watch Beck's interview

REP. MICHELE BACHMANN, R-MINN.: Hi, Glenn. I'm doing great. Thank you for the opportunity.

BECK: Sure. Now, how is the legislation coming? Is Nancy Pelosi even going to put it up there?

BACHMANN: Well, we don't have a hearing scheduled yet. But we didn't have trouble getting co-signers. We've got at least 30 members of Congress onboard and I anticipate we will have more.

BECK: Hey, hang on just a second. I can't believe that you've only got 30 cosponsors. I mean, how is it you can walk around and go — this is just "Hey, save the dollar." And only 30 people are saying, "Hey, that sounds like a good thing. Let's give that a shot."

BACHMANN: Well, maybe with your show today, we'll get a few more members of Congress that will get phone calls from folks back home encouraging them to sign on.

BECK: OK. Here is the one thing that comes to mind, Michele, and that is we can pass anything that says we're not going to recognize any currency. But that won't keep the value of the currency. The only thing that will keep the currency of value, the only reason why we would look to another currency is because ours sucks, because we devalued it by spending and borrowing and printing.

BACHMANN: That's right.

BECK: So this legislation really in the end means nothing if we don't stop the spending.

BACHMANN: The spending is key to everything. But it seems like right now, there are so many leaks in the dam from every different area. We are fighting out-of-control spending on one hand, out-of-control taxation on another.

And now, we're talking about the International Monetary Fund being expanded to take on a new, entirely different set of responsibilities it was never designed to take on. And that would be expanding the special drawing down rights for every country and taking the dollar off as the medium of exchange. That, in itself, would be devalue our dollar lower than we have ever seen before in the history of our country. I don't want to see that happen.

BECK: OK. Tomorrow is the G20. Is it tomorrow?

BACHMANN: Yes. It's coming up in London — yes.

BECK: OK. And that's, you know, the group of the 20 big countries that will get together and say, "Hey, look at us. We're important. Let's make decisions here." And then nobody really listens to them.

But this is critical because what they're going to do at the G20 is they're going to talk about new financial global institutions.

BACHMANN: Yes. That's right.

BECK: They're going to talk about new framework. How scary is this?

BACHMANN: Well, there's no authority that has been given from the United States Congress to the president to create transnational global financial authorities. And that's one concern that I had with my legislation, because we heard from Russia, China, South Africa, Brazil, India — we've heard from a number of different countries calling...

BECK: France, Germany...

BACHMANN: France — calling for this new expansion of the International Monetary Fund for moving the dollar as the standard of exchange. If that happens, again, the United States will lose its position as the premier financial authority.

And we need to recognize just how critical this is.

BECK: That's what I think people are missing because everything is too big.

BACHMANN: Yes.

BECK: I want to try to at least see if we can break it down when we come back in a second. We'll break it down. America, this is what this will mean to you if the dollar goes away, next.

(COMMERCIAL BREAK)

(BEGIN VIDEO CLIP)

BACHMANN: Would you categorically renounce that the U.S. moving away from the dollar and going to a global currency as suggested this morning by China and also by Russia, Mr. Secretary?

TREASURY SECRETARY TIMOTHY GEITHNER: I would, yes.

BACHMANN: You categorically — and the Federal Reserve chair?

BEN BERNANKE, FEDERAL RESERVE CHAIRMAN: I would, also.

GEITHNER: We're actually quite open to that suggestion, but you should think of it as rather an evolutionary building on the current architecture rather than moving into a global monetary union.

(END VIDEO CLIP)

BECK: I mean, this is amazing. That was Congressman Michele Bachmann from Minnesota who's with us. Congresswoman, it was a one-day spread between. You asked him first. The next day, he said that.

BACHMANN: It was less than 24 hours that we saw the complete contradiction. So the question is, which treasury secretary do we believe? The one in front of the committee or the one in front of the Council on Foreign Relations?

BECK: Council on Foreign Relations.

BACHMANN: Right.

BECK: Did you think about saying to him, "Hey, Treasury Secretary, let's play hardball?" No?

BACHMANN: Notice they weren't asked to raise their right arm and declare a solemn oath the way they it happened with AIG officials.

BECK: Yes. I think, congresswoman, the Fed and the Treasury — what we're all being told right now is just a pack of lies. They know maybe — what do I know? I'm a self-educated man. But just my spider senses tell me we can no longer pay for the debt that we're currently incurring, all the things, all the programs, all the stimulus, all of it — everything.

We're on the hook now — not Social Security, Medicare and Medicaid and all that stuff, but what they have done to us in the last six months and what Bush and everybody else did to us over the last 10, 15 years. We are now at $19 trillion. How do we pay for that except print our own money and devalue our dollar?

BACHMANN: And that's the problem. You hit it on the head. Because when you have that level of debt, there are only three ways you can solve it. You can tax people $19 trillion, which simply can't be done because it's not available.

You can borrow the money, but again, you have to be able to pay that money back. Or three, you print worthless paper to pay for that. And clearly, it appears that is what the route the Obama administration will go.

BECK: Isn't it interesting to you — I'm sorry to interrupt but until we have a minute, I want to get this in: Isn't it interesting that he said to you, "No, I have no intention." But then, when he's in front of the Council on Foreign Relations — "Yes, you know, you've got to think about this complex framework and everything else." And he goes into something that he's obviously thought about.

This isn't off the top of his head. And yet, in the State Department, in the story we did a few minutes ago, Harold Koh is going to be our chief attorney for international relations and this guy is an internationalist that wants to forget the Constitution, gang. He wants to tie us all together.

Do you find this connected at all, congresswoman?

BACHMANN: Well, Mr. Koh has a very strong agenda. He wants to move the United States away from being under a constitutional form of government, where the people elect representatives and we truly use that as our framework, to essentially rejecting that and moving to an unknown international authority that is accountable to no one.

It's very frightening and it's very frightening when you couple that with the comments that were made by the treasury secretary. That's why it's imperative that we keep the United States in control of setting the valuation of our own currency.

We don't want to cede that authority to the International Monetary Fund.

BECK: We've got to stop spending money.

BACHMANN: Yes. Yes.

BECK: Congresswoman, thank you so much.

Content and Programming Copyright 2009 FOX News Network, LLC. ALL RIGHTS RESERVED. Transcription Copyright 2009 CQ Transcriptions, LLC, which takes sole responsibility for the accuracy of the transcription. ALL RIGHTS RESERVED. No license is granted to the user of this material except for the user's personal or internal use and, in such case, only one copy may be printed, nor shall user use any material for commercial purposes or in any fashion that may infringe upon FOX News Network, LLC'S and CQ Transcriptions, LLC's copyrights or other proprietary rights or interests in the material. This is not a legal transcript for purposes of litigation.

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