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Geithner Does Not See Global Inflation As A Concern
Further confirming that America deserves each of its elected officials, in this case a Treasury Secretary whose intellect is increasingly put into question with every single utterance out of his mouth, was Tim Geithner's statement from Davos earlier that inflation on a global level is "not high on the list of concerns" although probably while looking at pictures of tear gas being fired at protesters in Tunisia, Algeria, Yemen, Morocco and now Egypt he added "emerging markets across the world are certainly 'feeling some pressure'." If by pressure he means revolutions, then he is certainly spot on. As for Egypt's soon to be deposed leaders, Timmy has four words of advice: please kill the dollar. "Geithner told the World Economic Forum that emerging markets could
manage their inflation problems better if they loosened their
currencies' links to the dollar, a measure that economists say would
lead in most cases to an appreciation against the greenback." And there you have it: America continues keeping the world hostage courtesy of the dollar's reserve status, able to export inflation at will knowing that the US consumer is irreplaceable, and the only recommendation we have to the world is to continue devaluing the dollar (yes, a weaker dollar means stronger opposing non-dilutable currencies), an act for which we are sure the US middle class thanks him.
More on the inane banality emanating from the vocal orifice of the tax cheat:
As for the U.S.'s own fiscal problems, Geithner admitted that the current position is "unsustainable in the long run" and needs to lay out a credible, multi-year path to sustainability. He bemoaned the fact that the U.S. political system lacks any mechanism to enforce this.
Geithner expressed confidence that the recovery has taken root in the U.S., pointing to clear increases in private investment and job creation over the last 12 months. Without explicitly endorsing them, he referenced consensus forecasts of between 3.5% and 4% annualized growth for the U.S. for the near term, and a "tighter consensus" that the jobless rate will fall to below 8% by the end of next year, from around 9.6% at present. He noted, though that the U.S. was "consigned to a "tragically moderate" recovery and an accordingly slow decline in joblessness. Speaking Thursday, HSBC Holdings PLC chief economist Stephen King had noted that although an annualized growth rate of 3.5%-4% appears healthy enough, it's below the 5%-7% that the U.S. has seen at a comparable stages of previous recoveries.
Geithner acknowledged the need not to jeopardize the recovery by cutting spending too fast, but warned that there is "no alternative" in the long term to tackling the liabilities that the U.S. faces from its social and healthcare spending.
He took comfort from that fact that, although the U.S.'s overall public debt has risen sharply as a result of the crisis and of years of deficits before 2008, the U.S. remains better positioned than many other large economies to deal with the problem, owing to its demographics.
"We're a younger country... we have a more open economy," than many others, Geithner said.
By contrast, he argued, Japan, a country with well-documented twin problems of high debt and an ageing, shrinking population has a formidable challenge in generating the growth it will need to reduce its debt.
Lastly, Geithner confirmed the administration's view that US form of central planning is so much better than that in China and Russia.
He also dismissed the suggestion that state capitalism, as embodied by countries such as China and Russia, could establish itself as a credible long-term alternative to the U.S. model of smaller government and free trade.
"No risk of that," Geither said.
We would add that there is no risk of a centrally planned economy not following the same fate as the USSR. But that is so obvious it will be recognized by the rating agencies just a few minutes after the end.
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Didn't he feel the same about income taxes?
That was my first thought when I read the headline......
Whom the gods would destroy, they first make mad
Because he is an elf eared muppet, with all the attendant problems of men with small minds. He reminds me of Captain Darling in Blackadder...
when they hold you by the ears, that tends to happen
Tim Geithner is that guy...
...we all know who that guy was back in high school or college.
He's a real dumbass, with no social skills, whatsoever, and there are undoubtedly some very strange skeletons in his closet.
He eats alone in the Treasury's cafeteria. He's none too successful with the ladies. He once called Hank Paulson at his home to talk of 'woman issues' @ 11:45 pm, because he thought Hank was his "bff," when the 2008 financial crisis hit.
He still has the crust cut off of his PB&J sandwiches.
waaaaah waaaaah waaaaah
hey now, Uncrustables are quite delicious
Crust prices are rising, even though Timmay G doesn't know (allegedly):
As Food, Raw Materials Soar, Europe’s Central Bank Head Warns on Inflation
Let them eat crust!!
No way, he's got fluffer-nutter written all over his face, and don't forget the juicy-juice!
I'd call him an amateur meteorologist, but that would give him too much credit.
Agreed.
His key attribute is not his intellect but his abilty to bend over.
Problem is that when he is presented with a microphone in this position there is a better than 50% chance of it going in the wrong oriface.
Dude, hillarious. I said almost the exact same thing about Robot Gaylord a few weeks ago. He was a complete tool growing up, no social skills except for trolling, and probably works at the local Best Buy.
Not too far off. Tiny Tim used to try to make the rounds amongst the bankers and traders when he served as an Assistant Treasury Attache at the US Embassy in Tokyo in the late 80’s-early 90’s or whereabouts. Used to give everyone the willies. I seem to remember his wife was an earthy-crunchy type. You could have gotten a billion to one odds that the weasely little character would have ever reached a position where he could wreak such havoc.
he likes to be ridden bareback, and on wall street, that's priceless.
Tool-Boy Timmy... Told To Transmogrify The Tumult, Tells The Toilers Terrible Tall Tales!!!!!
Terriffic!
Let them eat cake.
How many lost their heads in France?
Elected, yeah right.
Very frustrating listening to these so called "world leaders"! To me it seems they only represent special corporate interests and to hell with the public!
You cant expect them to come and say "we've done it"
Causing starvation, food riots accross the world... Doesnt sound like the best way to market oneself.
Right you are. It goes to show that there is no substitute for being your own leader.
I would argue that anything Geithner says is both totally irrelevant and totally ignored by 99% of the people. He is the lightest weight in an administration of lightweights.
I note that he parrots what has become the standard Obama administration mantra - we need to get a handle on deficit spending but we can't do it right now. It's a way to project an image of responsbility while at the same time allowing them to continue to act irresponsibly.
Sometimes it feels like it's a contest for these guys to prove who actually is the dumbest motherfucker on the planet.
Nero fiddles....
DaddyO
End your unfair pegs. Uncle Bennie is just getting started. I am going to enjoy watching rice riots in china but unfortunately we are a year or two away. We in the usa have more power than the third world mercantilists realize. We may yet pull off another american century yet. Our workers are some of the most productive in the world and we can compete again when we shake loose all these unfair pegs. Unpeg or die. Actually it is unpeg or die.....or they can die and unpeg. The unpegging is inevitable either way.
I found a list of 17 currencies that are pegged to the USD.
It should also be reminded that countries trying to acquire gold/Euro/Yen or stuff like that are losening their link to the USD through diversification. So far, the accusation of pegging currency is a posteriori observation. Countries that go through troubles go through because of an alledged peg to the dollar. Of course, that could not be because of the US monetary action, irrespectively for peg or not peg. So provide a list of pegged currencies so that predictions can be made before observation.I can not wait to see countries refuse to recognize the dollar as a medium of exchange for their commodities. Then you'll see riots in this country.
TCT, did you understand anything that you read? When these countries unpeg from the USD you will be competing for sweatshop wages and sweeping rice off the floors of these 'unproductive thirdworld' folks for dinner.
Timmy is not on your team and 'unfair pegs' mean you earn ten times that of your 'more productive' counterparty in Asia. Enjoy it while it lasts and BTFDs to capitalize on your unfair advantage.
"Timmy is not on your team", he is if TCT is a greedy government bureaucrat.
He can't be talking to the CEO of PG or my corner grocer
Turbo Tax has a "Don't Worry be Happy" feature? Oh hell no. Now I've got to use it.....maybe it comes with free cocaine too.
HE KNOWS NOTHING!!!! This from the guy that was the boss of the NY Fed wnen the shit hit the fan.
Which suggest hyperinflation is due next week.
Mirror-speak.
ORI
http://aadivaahan.wordpress.com/2010/06/18/of-tipping-points-and-shape-shifting/
Please, Geithner, hurry up and catch cancer of the nuts, will ya?
/Guy who used to feel bad about wishing ball cancer on people, but not anymore
He is a goverment employee for life, so he must be right.
Lots of ordinary people don't get that when Geithner or Bernanke or leading CEOs get interviewed about the economy or their business it's exactly like if you were being interviewed about your own qualifications at a job interview. You would only present yourself and your data in the most favorable possible light, stretching the truth here and there and hiding any blemishes at all costs. Now imagine you being interviewed for a job by your own adoring mother. That's a CNBS interview of Dimon by Maria.
Tha is, of course, unless you are Representative Ron Paul who actually says it like it is and keeps getting re-elected every two years!
He sees a need for inflation. The world has to transition from a hydrocarbon based economy to a hydrogen based economy and that is going to take a lot of money.
So the pig trough has to get filled to the overflow point and all of a sudden the oil will stop and the hydrogen must begin. Fasten you safety belts it's going to be a WILD ride.
Hey America, who's more foolish, the fool or the fool who follows him?
A twit who twitters....
ORI
The big question is whether even Goldman Sachs will adopt him when his time at Treasury is up...
Monitors of incestuous nepotism between the beltway & financial sector want to know.
I hope he ends his career transplanting rice in China.
I hope he ends his career transplanting rice in China.
Guys!!! People get angry all the time. Egypt will be fine in a few days, and if you missed the opportunity to BTFD---it will be a long wait and a lot higher for the next window of BTFD!!
US trying to trash the dollar as an excuse to move to SDR before China yuan has a chance to take reserve status.
I'd love to hear you elaborate. Intriguing hypothesis.
I thought he looked an awful lot like an ostrich.
So what is the alternative? A strong dollar policy? Tight money at the zero bound? We may have some unpleasant trade offs but you have not seen a middle class squeeze until you have seen a hard money squeeze. Devaluation is just a pleasant reach around compared to the anal reaming of tight money in deflationary environments. People forget william jennings brian or however you spell it and how tight money is used by plutocrats to really squeeze the unwashed masses.
Sssshhhh...you'll frighten the flying monkeys.
Will he maintain his non-chalance when it's ABC instead of Al Jaz showing pictures of firebombs being thrown at public officials?
The official American line of bullshit & what's being said over there don't mesh. Who got their lines crossed?
As Food, Raw Materials Soar, Europe’s Central Bank Head Warns on Inflation
Geithner acknowledged the need not to jeopardize the recovery by cutting spending too fast, but warned that there is "no alternative" in the long term to tackling the liabilities that the U.S. faces from its social and healthcare spending.
Translation: Once our plan to recapitalize the rich is complete - everyone else is toast.
Translation: Once our plan to recapitalize the rich is complete - everyone else is toast.
Your translation is a little off. It should be:
Once our plan to recapitalize the members of congress and the bankers is complete - everyone else is FUBAR.
"He bemoaned the fact that the U.S. political system lacks any mechanism to enforce this."
Well, there was a poster yesterday, and I am too lazy to go look up his name, whose premise that our national debt can get paid back with one obvious hedge "if we had the political will to do so" or something to that effect. And he had a great tome fending off the supposed doomers who attempted to refute his thesis, which was flawed only because of his hedge.
Well, there you have it, our own Treasurer just declared that that facility does not exist.
So everyone should make up their own minds and prepare accordingly.
Don't forget the HIRE act passed last year contains a 30% withholding on money leaving this country. Our politicians plan on extending this charade as long as possible, and have no intent that any of the money used for debt service come from their sacred pockets.
Lest anyone forget. The role of the U.S. government is to perpetuate itself, NOT to keep people in North Africa from starving to death....unless of course that starvation hurts our economy:
http://www.youtube.com/watch?v=fbMq1WWUXc8
Geez.. The diahrrea that spews from Geithners mouth. Unbelievable. He's on the Plunge Protection Team, right?
Geithner is just an admin suck-up who is always first in the barrel. Anything that comes out of this douche bags mouth ignore immediately.
Geithner Does Not See Global Inflation As A Concern
Well, of course not. That is part of his job description at this point.
The likes of Geithner, Bernanke and Obama are paid very well to look the other way while the banksters and the rich corporations rob the taxpayers of each and every dollar they spend or save. They do so by inflating the prices of things they consume and selling them toxic assets leaving the rest of the population helpless, starving and broke for their foreseeable future.
http://www.marketoracle.co.uk/Article24581.html
OF COURSE global inflation is not important to him. Plan: create civil unrest in areas where food is a very high percentage of living expenses (like Tunisia, Egypt... China) by exporting (for now) inflation in order to drive suckers to the relative safety of the dollar, thereby providing low-interest loans to fund huge, long-term deficit spending in the US. The same effect will come from EU defaults and the crash of China's bubble.
It's the best AMerica can do folks - to WTF (win the future) - change the yard stick ... make it 28" in some places and 40" others.
Size matters!
The yard stick and inches, and Tiny Tim, I leave it to your imagination on this Friday afternoon!
Geithner's an educated idiot.
DavidC