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Tim Geithner Refuses To Brand China Currency Manipulator (Again), Says Yuan Rate Impairs China Inflation Curbing Ability
In a glowering example of humanist magnanimity, the tax expert, who also on occasion pens missives describing in detail the destruction that would ensue should dealers be hindered from perpetuating the US Treasury ponzy, known as Tim Geithner, just advised China that its low exchange rate impairs China's ability to curb inflation. This, coming from the man under whose watch the dollar has gotten pounded eight ways to Sunday. The announcement came as part of the semi-annual report issued to congress, which was due originally back in April, yet which as everyone knew was delayed for no other reason that more theatrics. And just to confirm how utterly toothless US game theory bluffs have become, Geithner, contrary to much bristling rhetoric to the contrary, decided not to name China a currency manipulator, a move that is sure to require the CME to promptly issued five margin hikes of Chuck Schumer's blood pressure. But lest someone accuse Tiny Tim of being not only a tax fraud, and a liar, but also a coward, he did add that the Yuan is "substantially undervalued." And so the USDCNY revaluation debate has been pushed back for at least one more year. And to those who experience a feeling of deja vu upon reading this, worry not: Geithner had exactly the same conclusion 3 months ago. Bottom line: China 2; US 0.
From the report:
With respect to exchange rate policies, ten economies were reviewed in this Report, accounting for nearly three-fourths of U.S. trade. Many of the economies have fully flexible exchange rates. A few have more tightly managed exchange rates, with varying degrees of management. This Report highlights the need for greater exchange rate flexibility, most notably by China, but also in other economies.
Based on the ongoing appreciation of the renminbi against the dollar since June 2010, China’s public statements asserting that it will continue to promote RMB exchange rate flexibility, and China’s recent policy commitments through the G-20 and the S&ED to address external imbalances, Treasury has concluded that the standards identified in Section 3004 of the Act during the period covered in this Report have not been met with respect to China. Treasury’s view, however, is that progress thus far is insufficient and that more rapid progress is needed. Treasury will continue to closely monitor the pace of appreciation of the renminbi by China. We will continue to encourage China to open markets and to pursue policies that level the playing field and support a shift to domestic-demand led growth.
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what poor sap has to write all that i nthe report?
A government attorney with a blank look on his face praying for the long weekend wrote it.
I think the US government employee deciding to label the Chinese a currency manipulator would be hit by lightning, or otherwise die from peak hypocrisy.
Copypasta!
If Goldman wrote the last one, then JPM wrote this one for the US Treasury...
pussy
so Tim is asking china for debt forgiveness, do you think hes going to get on his knees and beg
He either takes it down the throat now, or in the ass later.
Choose yur poison, Timmay!
I found the Chinese caligraphy for "Turbo Timmy":
http://image.spreadshirt.com/image-server/image/composition/3926545/view...
Didn't realize he has breasts as well...!
DavidC
If currencies aren't backed by non-dilutable commodities and are instead governed via a small monopolistic cartel of men than all currencies are, by definition, subject to manipulation
As such, citizens of the world, are subject to ill will by the machinations of this group which is in such a position to never suffer the consequences of their insidious and irresponsible actions.
This situation is analagous to two kids horseplaying and as a result break a vase. The parent comes in and says "what the fuck?! who the fuck is responsible for this bullshit?" And both of the kids point fingers at eachother.
If you don't mind me asking, who IS the parent in the situation?
The final nail in the coffin was when the US treasury prime directive was no longer the solvency of the US treasury but the order of "The global economic system" - in others words the bankers.
I was struck by the recent Adam Curtis interview of Robert Rubin - he made no reference to America but simply the games that Central Bankers play - and this guy was THE US TREASURY SECRATERY.
During the last Great Depression at least the Treasury held out to a large extent against the wishes of the FED but now that organisation seems to be completly infiltrated by the priesthood.
In any normal society Rubin would have been strung up years ago.
www.youtube.com/watch?v=GhsTYjXhgcg
Geithner is the ultimate example of what is means to fail up in the USA.
Jesus Christ In the middle (5 days after LEH went down) of the financial crisis not even Pandit returned his phone calls (and pandit is the biggest fuck up going considering he said NO to some sort of merger with Goldman (mind you pandit got Citi to pay him $14m and absorb this POS hedge funds he ran).
Welcome to the worst Treasury Secretary in the history of the United States: Tiny Tim Geithner.
And for his trouble we all know when he leaves government his reward for utter failure will be multi millions at some Wall Street firm.
What a system.
Hey, it takes a special kind of douchebag to preside over all of this destruction without displaying any feelings of personal culpability or remorse.
Heck of a job, Timmah.
The U.S. is toothless?
One day the U.S. is going to threaten default exclusively on all U.S. Treasury debt held by China.
We have that as the biggest "weapon of mass destruction" of all.
Even bigger than our fleet of aircraft carriers and destroyers equipped with the latest F-18's and rail guns.
RT, WMD = 'Merikan Idle?
Perhaps you intend this as a joke, or perhaps my pro-Hollywood bias is showing, but there is truth in what you said.
America ain't going away anytime soon, Turbo Timmay be damned.
Ours is also the first culture that aims to include rather than exclude. The films most despised by the intellectual elite--those that feature extreme violence and to-the-victors-the-spoils sex--are our most popular cultural weapon, bought or bootlegged nearly everywhere. American action films, often in dreadful copies, are available from the Upper Amazon to Mandalay. They are even more popular than our music, because they are easier to understand. The action films of a Stallone or Schwarzenegger or Chuck Norris rely on visual narratives that do not require dialog for a basic understanding. They deal at the level of universal myth, of pre-text, celebrating the most fundamental impulses (although we have yet to produce a film as violent and cruel as the Iliad). They feature a hero, a villain, a woman to be defended or won--and violence and sex. Complain until doomsday; it sells. The enduring popularity abroad of the shopworn Rambo series tells us far more about humanity than does a library full of scholarly analysis.
http://www.carlisle.army.mil/USAWC/parameters/Articles/97summer/peters.htm
There is a lot of shitty stuff going on in America today that is very disturbing and should be changed. Likewise, there are a lot of hataz here that want to see America go down. Neither side is going to fully get what they want.
+++++++++++++++++++++++++++++++++++++++++
nice read! mucho grass-e-ass!
By then, China will have hedged 100% of the risk, instead of 50% of the risk, and they will own 5% of US debt instead of 20% -- as the Fed continues to gobble. Time is always on the side of Chinese.
bravo!
You mean how our super smart scientist strapped radio beacons onto missles and demonstrated a missile defense system that had no way of actually working in the real world. While congress went let's fund this let's fund this!!!
Getting bluffs called is a bitch.
thats denningers point of view as well.
of course then china would seize assets of all US companies in china, and no other country will be willing to buy US debt after that.
Just desserts for US companies turning their back on the US. The US military will take care of the rest.
Who buys bonds after that exactly?
PS: I think you may be a genius Robo. Stock tips aside (I am indifferent to them) there is a lot of truth in what you bring to this site.
Whether one wants to spend this holiday weekend celebrating with family & friends or prepping for the end of the world, enjoy your time here. Good luck to all.
yup, the yuan has risen abt 2.5% against the dollar! during QEII, no less. so, dollar/yuan-wise, the inflation will be a bit less for china.
timmah is obviously pleased. the wheels seem to have not come off, yet! he's not callin anybody anything, til he gets that fuking ceiling taken care of!!!
What with recent revelations by that spoiled snot Zuckerberg about his eating habits, I wonder what would happen if he and Timmah were stranded on a desert isle?
Any thoughts, comments, suggestions?
In other news, The Squid hires former Sen. Judd Gregg as an international advisor.
http://www.forbes.com/feeds/ap/2011/05/27/business-financials-us-goldman...
Personally, I could never hire someone with meaningless double letters at the end of both names. It's just too nonsensical.
just like the word nonsensical
you both smoke weed or did.. more over you have not offered to share! which makes you cock blockers of the worst sort!
Ya' know, all the years Gregg had me fooled, thinking he was too noble to end up in the employ of the squid.
You mean GGoldman?
OT:
so, oBLAHma did his own version of robo signing the patriot act! how many forgers would love to own one of those gizmos?
You mean he signed it "Linda Green" and dated it a/o 2008?
When you're a delusional asshole like stupid little Timmy, you just try to bullshit your way through. No clue.
DotCom crash 2.0 china edition.
Geithner and previous Sec of Treasury Hank "the mole" Paulson have screaming conflicts of interest which should have disqualifed both from serving as U.S. Secretary of Treasury. Geithner can not be expected to investigate himself for his potential crimes at the NYFRB. Nor could Paulson be expected to investigate Goldman Sachs, or himself as former GS CEO, for potential crimes.
Paulson is the Godfather of Wall Street. Geither was and is a "go fer", a lap dog for the Wall Street dons. Among the Wall Street Mafia, Godfather Paulson is a man of respect... Geither is just a "front man", a patsy.
Perhaps, the machine will re-construct itself as it self-destructed: mindlessly wandering from pillar to post. Not to worry, buckos! oldman
China has bitch slapped this administration so many times the only way they can look strong is just to give China what they want.
Pay back!
Everything is going according to the script. Geithner (and his IMF/banker bosses) want the yuan to freely float so they can control and destroy China's economy. Our exportation of inflation to China is intended to achieve just that. By creating the problem (inflation in China) we then offer the solution (free floating yuan). I hope the Chinese are smart enough to know this is part of the economic offensive the West is engaging on against China and Russia to expand the dollar/West's hegemony.
Dollar hegemony will die, and the American populace will pay the price.
+100
Very well said! And Chinese are smart enough, and realize what you said. China will NOT free float Yuan, NOT until the day when they are as strong and as big financially as the U.S., so NO currency speculators can crash their economy when they free float Yuan.
If China dies a horrible death, I'm not sure that there will be much sympathy in the US.
OK, was anyone really expecting Tiny Tim to "get tough" with our owners?
All they have to do is threaten to sell some bonds and we're f*cked. Just like Britain and the Suez crisis 60 years ago.
Wrong. First, the Fed holds more treasuries than China. Second, Bernank can buy at whatever price he feels like the treasuries China decides to sell. China doesn't own a damn thing.
This is nothing new. China has unloaded, on the offshore markets for 20 plus years!
The crap they sell us is JUNK!
Them boats
them boats,
them junk boats...
Chinese people are nice. IT's a machine!! Emperor's ruled. They were always affraid..
China is a ghost city! Macau!! Land of disfunction!!
P.S. The French and English are PUSSYS! They will get bailed out in the last minute as usual! American inguenity and resources will save Europe again. I'm taking Russia this time around! PEACE!
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After Years of Watching The Bernank
To Wanker Timmay Jeethner... maybe China doesn't look like much of a currency manipulator by comparison...
"In a glowering example of humanist magnanimity..."
Sounds like the same Bachelor of Arts ephemism I recall for 'chickenshit'
I love how a country with a FIXED currency is a 'manipulator' according to TD.
How Orwellian.
The Chinese yuan is manipulated, but not by the Chinese. It is manipulated by Bernake. Labelling the Chinese manipulators labels us the same.
The truth is, it is the big U.S. companies will get hurt the MOST in case the U.S. labeled China as so-called "currency manipulator". Where did those big profit of the U.S. companies coming from? It is from using cheap labor and cheap raw materials in China! Keep in mind, 65%+ of ALL Chinese exports to the U.S. are done by the US companies themselves.
That said, China will continue to slowly appreciate Yuan, 5-7% a year. So eventually, the U.S. will get what they want. By then, the US$ may NOT be reserve currency any more!
Exactly. Shipping isn't trade.
Only the most shameless propagandists of White Capital call corporations shipping garbage from one sweatshop to another 'trade'.
When will someone in the US in that kind of position just say what is already common knowledge - even if it offends China?
What do you want TurboTax Timmy to say?
"Fixed currencies are manipulated. Floating (i.e., Banker-Gangster controlled) currencies aren't."
Do you want him to appear more idiotic before the world than he already does?
If so, talking about CHINESE forex manipulation would sure do the trick!
Have him say that "China is a currency manipulator" so that the US can legally unload some WTO punishment on China.
Welcome to the recovery summer
Anybody see on page 2 Geithner says "Commodity Prices are up 35%"? How does he jibe this with Bernanke's claim of no inflation? Oh, see? Put the report out late on a friday of a long weekend, maybe nobody will see it, BRILLIANT!
Geithner says he wants a strong dollar, but at the same time he wants the dollar to depreciate against the Yuan. Ya, no contradiction there at all.
Timothy Geithner eats shit.
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Fuck Geithner.