Geithner Says Countries Can’t Devalue to Prosperity

Treasury Secretary Timothy F. Geithner said countries can’t devalue their currencies to achieve economic growth, and the U.S. envisions the dollar will remain the global reserve currency.

“The United States of America and no country around the world can devalue its way to prosperity, to competitiveness,” Geithner said today in a panel discussion in Palo Alto, California. “It is not a viable, feasible strategy and we will not engage in it.” He also said the U.S. will “work very hard to make sure that we preserve confidence in a strong dollar.”