Is Race Baiting Now an Official Policy Tool of US Bankers?

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Sat, 10/09/2010 - 06:49 | 637476 smartknowledgeu
smartknowledgeu's picture

sorry! yes, everyone, I had temporary brain freeze when I wrote that article at 3am. meant to say that Geithner was critizing the Chinese central bank for not allowing its currency to appreciate more, not devalue, as the yuan, according to Geithner is not strong enough and gives China an "unfair" advantage over other trade competitors due to the Chinese central bank controlling the pace of the allowed appreciation. However, from China's point of view, the yuan when compared to the plunging dollar, is strong enough but the Chinese cetnral bank is not the instigator of this problem though Geithner frames it in this manner. This is what I meant to say and have since corrected it above. Sorry for the confusion!

Fri, 10/08/2010 - 16:26 | 636458 JR
JR's picture

A milestone post, as usual, Mr. Kim. Thank you! 

Follow the trail of deception into our servitude, and it leads to the doo of…the Federal Reserve. We must heed again the words of the great orator Daniel Webster, an American statesman during the nation’s Antebellum Period, 1789 through 1849 :

“A disordered currency is one of the greatest political evils. It undermines the virtues necessary for the support of the social system, and encourages propensities destructive to its happiness. It wars against industry, frugality, and economy, and it fosters the evil spirits of extravagance and speculation.

"Of all the contrivances for cheating the laboring classes of mankind, none has been more effectual than that which deludes them with paper money. This is the most effectual of inventions to fertilize the rich man’s field by the sweat of the poor man’s brow. Ordinary tyranny, oppression, excessive taxation, these bear lightly on the happiness of the mass of the community, compared with fraudulent currencies and the robberies committee by depreciated paper. 

"Our own history has recorded for our instruction enough, and more than enough, of the demoralizing tendency, the injustice, and the intolerable oppression of the virtuous and well disposed, of a degraded paper currency, authorized by law, or any way countenanced by government."  (Quoted in the Congressional Record, March 4, 1946.)

God help us!

Fri, 10/08/2010 - 15:42 | 636264 Stuck on Zero
Stuck on Zero's picture

There is no free trade.  Trade is war without the guns.  War is seldom free.  In dealing with mercantilist nations like China the simple response of our government should be tit-for-tat trading i.e. simply prevent Chinese products from entering the country the way they do.  VAT taxes, rules, regulations, inspections, customs, technology turnovers, hidden penalties, armies of bureaucrats, etc. are the weapons of the mercantilists.  Rather than tell the Chinese how to run their country we should just erect the same barriers they erect.  Tit for tat.  Unfortunately, our government is bought and paid for by multi-national criminal syndicates ("free traders") who are making fortunes selling this country piece by piece to the mercantilists.

Fri, 10/08/2010 - 15:26 | 636163 Rusty_Shackleford
Rusty_Shackleford's picture

Fantastic stuff JS.  Kudos.  Maybe a little over the top, but good food for thought.

Fri, 10/08/2010 - 14:48 | 636034 AchtungAffen
AchtungAffen's picture

"Maybe if any American politicians had the cajones to stand up to the destructive policies of these bankers"

I bet American politicians have lots of cajones (drawers). What they lack is a pair of cojones (balls).

Fri, 10/08/2010 - 14:37 | 635979 Lapri
Lapri's picture

Race? For a Chinese to call non-Chinese a racist? A Chinese whose sense of superiority over the other races (particularly other Asian races) is deeply ingrained in the national psyche for thousands of years?

Give me a break. Besides, with a material mistake like "...calling for China to weaken the yuan", you have zero credibility.

Fri, 10/08/2010 - 14:58 | 636077 AnAnonymous
AnAnonymous's picture

No other asian races. In the Western conception,there are four, five races around the world.

You confuse ethnocentrism and racism.

Fri, 10/08/2010 - 13:34 | 635711 working class dog
working class dog's picture

What would China do to a Government Official who cheated on his taxes,

 

   I have a hint, ask the milk tainters families as the perpetrators were executed.

Fri, 10/08/2010 - 15:03 | 636097 Seer
Seer's picture

Yup, folks in the US are pussies.  As noted, you fuck up elsewhere and you pay the price.  The "socialists" in Europe are rising up against their elite fuck-ups.  Here in the US?  The model is - The Bigger The Fuck-up The Bigger The Reward."

Fri, 10/08/2010 - 13:07 | 635635 MountainMan
MountainMan's picture

The chickens are homesick and are heading back to the roost.

Fri, 10/08/2010 - 13:03 | 635625 percolator
percolator's picture

Yeah, those 2 bat wielding Detroit guys should've bashed in the craniums of Timmy, Benny, Jamie, Lloyd, etc...

Fri, 10/08/2010 - 12:55 | 635601 Suisse
Suisse's picture

Fluff article, nothing beneficial in regards to investment insight.

Fri, 10/08/2010 - 12:25 | 635519 AnAnonymous
AnAnonymous's picture

That Tim Geitner is surfing a wave. He did not build up the wave.

Big delusion to think that Geitner instill something new, not already present in the mind of people. Many people in the western world are ready to go on Chinese on racial ground to ease the consequences of their own short comings.

 

Large chunk of propaganda to label the FED policy a failure. The FED policy has been a tremendous success, making the US incredibly richer in the process.

The issue is not about being a failure but starting to be less and less successful. Most processes work for a period of time. After that, their efficiency is wearing out.

People are not so much angry about the FED policy per se. They are much angrier at the FED policy losing steam and no longer delivering as it used to.

Same goes for racism, when it moved so many people out of poverty, it was so cool and had so many supporters. When it lost efficiency, with the bearing of omen of turning self destructive as the targets of racism would have all to gain to become racists themselves, suddenly, racism was no longer cool.

Geitner's responsibility is little in all this.

Key rule when it comes to the US mind set: people do not oppose tyranny, they oppose being tyrannized.

Extension of the rule comes when they label it a human nature trait when it is mostly US western trait.

Fri, 10/08/2010 - 11:54 | 635393 Dan Duncan
Dan Duncan's picture

The tone of this post has a childish petulance about it.  Timmy is an "Official hate-monger"?  Yeah, OK.

There is no doubt that this is a sympathetic forum for writing anything negative about Little Tim  And 99% of the time I agree with the negativity directed his way.  He represents the worst of what our government has become.

But you're piggy-backing the built-in negativity so you can make ridiculous race-baiting accusations. 

Regardless of whether one agrees with Timmy, if China was filled with Cauc-Asians, he'd be saying the same damn thing. There are credible reasons for arguing against China's currency policies without it being "race-baiting". 

And Vincent Chin?  You are really invoking a hate-crime from 1982 to make support your assertions?

Speaking of racially charged bullshit...do you think that China's CCTV recent airing at the World Economic Forum (of all places!) of a mock race with a fat American who loses the race because he's --and I quote-- "flabby and ate too many hamburgers" was a helpful for Chinese ex-pats living in the US? 

Personally, I thought it was funny and there's some truth to it.  But it probably wasn't a good idea to show this to an "Official Hate Monger" like Tim Geithner, whom I'm told after watching it, shaved his head, got himself some Sawstika Ink.

Maybe a post about the dangers of race-baiting might be appropriately directed at the China State Controlled Media. 

Oh, but you can't.  Sorry about that.    

Now, getting past the race distraction:

If what Timmy asserts is completely wrong, then his notion of the problems associated with the currency peg are dramtically over-stated...and the reason they are over-stated is because the currency-peg just is not that big of a deal and the US should stop whining about it.

OK, but if the peg is not that big of a deal, then why does the world's 2nd largest economy and the world's fastest growing economy even need a currency peg at this point in time? 

Fri, 10/08/2010 - 15:56 | 636343 Captain Willard
Captain Willard's picture

+1000. I don't know how he can conflate nationalism by TG and racism. If it's no big deal, why don't the Chinese let their currency float?

Free trade between free people seems like a reasonable idea to me. I wonder what Liu Xiaobo would say if he could read this? Oh I forgot, that's right, he's in fucking jail.......

All of us deplore racism. But Mr. Kim has confused the issues. He's right about the Fed sucking though.

Fri, 10/08/2010 - 11:47 | 635355 tamboo
tamboo's picture

"... comparable to saying that British colonists “let Africans ride their ships” to America during the slave trade. "

see this:

http://www.scribd.com/doc/13478199/Who-Brought-the-Slaves-to-America



Fri, 10/08/2010 - 14:56 | 636065 Seer
Seer's picture

And, WHO kept them as slaves?

We're talking two different things here: abduction vs. slavery.  While one wasn't likely to be able to go home after the release of abduction, clearly being enslaved for the remainder of one's life is a whole lot worse... just saying...

Fri, 10/08/2010 - 11:10 | 635173 Shameful
Shameful's picture

This is part of the build up for a hot/cold war with China. After the dollar collapses and the standard of living in the US plummets the masses will want someone to blame. Naturally this blame should fall to those who engineered and profited off the controlled demolition of the US economy, but it won't, enter the scapegoat.  They have been planting the seeds of propaganda in the minds of the masses for years for the future scapegoat, China.  Look at Guitner's comments when he came into office, look at Greenspan's comments of a few years ago, or damn near anything written by Krugman.  They are beating the war drum, they are acclimating the people to place blame in the foreigner.  In the coming years and months you will see it increase and a reintroduction of the "Yellow Menace" of yesteryear.  This tactic has worked like a charm throughout histroy, so naturally they are dusting off an old classic.  And saddly it will work again here, the people will want ot beleive that it's China's fault, not that our leaders looted us for generations. 

Also I will point out I expect a similar job to be done in China.  China will be hurt when the dollar pops and the CCP will need a convenient and convincing way to galvanize the people (and prevent revolt).  Seems to me blaming the fat, dumb, wasteful, thieving, and bankrupt Americans would do just nicely.

Fri, 10/08/2010 - 14:45 | 636020 Seer
Seer's picture

+1000

Fri, 10/08/2010 - 11:08 | 635162 espirit
espirit's picture

When another points the finger of blame, I always surveil the pointer. Usually, there is gain to be obtained by distraction.

Should honesty and fairness be commonplace, there would no need for the distrust needed for survival.

Some days, I don't even trust myself.

Fri, 10/08/2010 - 10:52 | 635096 rpboxster
rpboxster's picture

I thought this was going to be about the recent report concluding that predatory lending to minorities caused the housing crash.  That's race baiting.

Fri, 10/08/2010 - 10:38 | 635056 Species8472
Fri, 10/08/2010 - 10:34 | 635047 DonutBoy
DonutBoy's picture

Race-baiting?  You are certainly correct that the Federal Reserve is the number one currency manipulator - and Geithner praises countries that let us screw them and chastises countries that push back.  That's wrong, immoral, misunderstood by most Americans and misused by most politicians - but it's not race-baiting.  He did not single out the Chinese race in anything I read.  He said, and it's true, that China has a less free economy and is not letting their currency float.  That's not racist.

What's becoming clear is the other big command economy is the US.  There's no price for houses, stocks, treasury bonds, or anything else short of what the Fed gives it - we have macro price controls, crude, but controlled.  The Fed prints currency to prevent asset price drops.  The SEC steps in and erases market transactions that it deems to be "incorrect pricing".  He who controls the past...

 

Fri, 10/08/2010 - 16:47 | 636552 MakesMeChunder
MakesMeChunder's picture

I agree D-Boy - Mr. Kim has employed the wrong phrase which is unfortunate because it weakens his opening message that is spot on:

... When the momentum of the masses gravitates toward the truth, those that desire to suppress it have always resorted to smoke and mirrors to divert the people’s attention away from the truth and to channel their focus into avenues that waste their energies...

Fri, 10/08/2010 - 14:38 | 635985 Seer
Seer's picture

"He said, and it's true, that China has a less free economy and is not letting their currency float.  That's not racist."

Come on!  It sure the hell is MEANT to be, if not outright stated as such.  That's the game they play.  The set up of China, just as happened with the Middle East, has been painted for years.  Just refer to the 80s hate crime that was eluded to in this article.  TPTB have essentially created a ton of Manchurian Candidates, people who, given just enough seemingly inconsequential input (MSM) will do TPTB's bidding (distract attention away from TPTB).

And people are unable to make the distinction between govts and people.

You better believe that the holders of lage amounts of USTs and the purchaser of large oil contracts is a "national security," a threat to the "American way of life" [for TPTB].

Fri, 10/08/2010 - 10:28 | 635029 deez nutz
deez nutz's picture

If the US Federal Reserve had merely kept the US dollar strong for the last several decades, such an action would be helping Americans today a thousand more times than calling for China to weaken the yuan.

Maybe I am mistaken but aren't they calling for China to STRENGTHEN the Renminbi?

Fri, 10/08/2010 - 12:06 | 635454 hbjork1
hbjork1's picture

deez...,

Yes, I think so.  And since the yuan (round) was the term in the pre "revolution" days and Renminbi (People's Currency) is now official, they mean the same thing. 

Fri, 10/08/2010 - 10:11 | 634962 Mercury
Mercury's picture

I love how Geithner implicitly refers to the Obama Administration as a regime.

Fri, 10/08/2010 - 10:10 | 634959 RockyRacoon
RockyRacoon's picture

There will come a time when Americans, unemployed, hurt, scared, and miserable, will direct their misguided anger against foreigners instead of rightfully directing it towards bankers.

No doubt.  And this will be stirred and enhanced by the media, a wholly-owned subsidiary of the underlying powers.  The string-pullers will foment a war at the slightest hint of domestic unrest that might lead to violence.  What good will the U. S. infrastructure do them if it lies in smoldering ruins?

Fri, 10/08/2010 - 10:36 | 635050 SheepDog-One
SheepDog-One's picture

Timmah DREAMS that americans are stupid and will direct their anger overseas! Only problem- not all of us are as stupid as he imagines we all are! YEA I remember their solemn oaths before congress that stimulus and bailouts would QUICKLY make everything fine again! And also remember Paulsons threats of martial law if the keys to the blank check presses werent immediately handed over!

Fri, 10/08/2010 - 11:15 | 635199 Shameful
Shameful's picture

They don't need everyone they just need the majority. So a lot of us know what they are doing, and? There is little we can do to stop them. We cannot stop the propaganda engine. The masses actually want to be plugged into the matrix, so most will not or cannot wake up. Hell most people have been so thoroughly indoctrinated they think war is good morally and for the economy. So even those who have not been paying attention will think "Yeah we get into a war with China and that will bring the jobs back! America #1!".

In this world we cannot rely on others rallying around us. Only to do what we can as individuals and try to plot a course through the nightmare ride though hell.

Fri, 10/08/2010 - 10:06 | 634942 MarketTruth
MarketTruth's picture

TIMMAH is just grasping at straws. Seems to me all he, Ben Shalom Bukkake, Obama, Goldman Sachs and other can do is jabber jaw now. Notice all the jabber jawing in hopes of moving the market and things yet they are resisting actually doing the BIG decision.

 

Fri, 10/08/2010 - 10:34 | 635043 SheepDog-One
SheepDog-One's picture

Ben Bukkake? LOL, probably true!

Fri, 10/08/2010 - 10:04 | 634934 gmrpeabody
gmrpeabody's picture

Great opinion piece. Your views are shared by more Americans than you may realize. Plenty of us are targeted when in foreign countries out of similar stupidities. Our leaders have and continue to be the problem, not the solution. Shared views, such as yours, are part of the solution.

Fri, 10/08/2010 - 10:00 | 634931 Uncle Bens Inst...
Uncle Bens Instant Dollar Mix's picture

Timmy's Kung Fu is good

Fri, 10/08/2010 - 09:54 | 634916 umop episdn
umop episdn's picture

Divide and conquer. Sometimes I think that 'we the people' make it a bit too easy for TPTB, and sometimes I think that the internet may somehow make 'we the people' resistant to such hate speech. I dunno. For myself, I have stopped watching/reading/listening to the mainstream media totally, as I know that I am not immune to such poison. Here's to making the MSM totally irrelevant...<clink>

Fri, 10/08/2010 - 09:46 | 634898 razorthin
razorthin's picture

"To say that countries have 'let their currencies appreciate' is comparable to saying that British colonists 'let Africans ride their ships' to America during the slave trade."

+10

Fri, 10/08/2010 - 09:47 | 634882 Ieetseelmeet
Ieetseelmeet's picture

In hockey there is the "third man in" penalty.

Let the antagonists fight. There may be reasons for the fight that you do not know about.

Mr. Kim, you are the third man in.

Yours is a different fight.

Fri, 10/08/2010 - 09:42 | 634878 Kina
Kina's picture

Little Timmy scum. The US the past masters at currency manipulation (and everything else).

Things must be getting near the end, they are looking for rediculous scapegoats.

Fri, 10/08/2010 - 10:37 | 635053 SheepDog-One
SheepDog-One's picture

Yep, FED is now lookin for scapegoats, endgame draws neigh.

Fri, 10/08/2010 - 09:03 | 634787 williambanzai7
williambanzai7's picture

Racial scape goading and xenophobia are mainstream economic tools. You should know that.

Fri, 10/08/2010 - 15:08 | 636119 knukles
knukles's picture

"When the momentum of the masses gravitates toward the truth, those that desire to suppress it have always resorted to smoke and mirrors to divert the people’s attention away from the truth and to channel their focus into avenues that waste their energies."

The First Law of Propaganda.  Obfuscate, divert and redirect.  It makes no difference the who, what, how and why of foreign trade and exchange values, for it is what it is.  T'is not the fact which is material, but what the people believe to be the fact, which is manipulable.  And by and large, America has reaped the bounty of its own seed.  Simply, the most powerful economic and military power on earth (historically) has never fallen from without, but within. 

Current political and populist ruminations, media manipulation and propaganda are merely tools for those in power to retain such at the expense of tier own citizenry.

Quickly men, Diversions!  For else they see the cupboards stripped near bare.  But care, for there is yet last bounty for continued efforts.  Steal softly, my good fellows thence we shall depart the empty shell. 

Fri, 10/08/2010 - 10:30 | 635036 Rasna
Rasna's picture

The focus of the post is correct as are the strategies of creating a scapegoat and then whipping up public frenzy to distract from the real issues. 

Witness 911... Bush had the opportunity to unite the country and take advantage of overwhelming worldwide support for the US to develop cooperation on a range of international issues that needed to be addressed... Instead we go the Patriot Act, the shredding of the Constitution, a war with Iraq made up out of whole cloth that was really about oil and water and cost us over a $T, and the list goes on.

Unfortunately, the poster fails to understand how America now operates and has for the past 98 years.  He got tantalizingly glose when he said,

"If the US Central Bank ever enacted monetary policy that was beneficial for Americans instead of just for the private banking families that own them,..."

The key is to understand who owns the Fed... Don't say the member banks.  Look at the ownership of those.  Once you understand this then you will understand why the Fed and our government officials do what they do, but that is another discussion.

The point is, The Fed, the President and a significant portion of our Congress serve at the pleasure of the US and international power elite.  These are the banks, multinational corporations and a small group of ruling families...

Obama has no power and is just a care taker, the next President to replace hi will be the same, as was Bush earlier... No one gets near the White House who is not blessed and annointed byt this elite cabal.

So, since it's starting to get dicy out there, of course they will dredge up the old chesnuts that have worked so well in the past to create a distraction for the public... I have said, unkindly, that the "sheeple" are too dumb to see through this and Cognitive Dissonance, called me and a few outhers out for being disparaging of the American middle class.  I ,however, am more cynical since nothing was done to halt the runup of the Iraq war for oil and crony profiteering, to halt the bankster bailouts, or to hold congress accountable, for blatantly defying the will f the people by passing the unpopular bills, and by continuing to believe the Dem/Rethug and liberal/conservative talking points.

So, expecting anything different from our officials at this time is naive... I do believe in American resillience even though we are hated in a lot of Europe and similiarly in Asia.  To me, the otly thing that will shake America out of this lethargy is for the current corrupt system to fail and go through the pain of rebuilding.  We are coming to a forced reset.  The current corporate/banking system has metastisized into a cancer that is hollowing America out and requires radical surgery.  That's what we're preparing for.  My hope is that when we come through this, that we will have intelligent leaders, that we finally understand who the culprits were and hold them accountable, and have a much smaller government that works for the people.  Perhaps it is I who is being naive.

Fri, 10/08/2010 - 14:28 | 635924 Seer
Seer's picture

Well stated.  I'd only disagree with the  premise that there needs to be "leaders." (http://dissidentvoice.org/Nov05/Carpenter1102.htm)

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