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The Women Come Out Swinging: First Merkel, Now McMorris Rodgers Joins The Contra-Geithner Chorus
Earlier today we noted that German Chancellor Angela Merkel ridiculed Geithner's declining influence ahead of the upcoming G-20 by not only openly ignoring his call to Keynesian arms, but saying that what he is doing is tantamount to long-term economic suicide: “If we don’t get onto a path of sustainable economic growth but have rather a growth bubble, then if the next crisis comes we won’t be able to pay for it." Well, as the joke goes, women once again demonstrate more testicular fortitude than their XY companions: shortly after this announcement, Rep. Cathy McMorris Rodgers (R-WA), who previously warned against the $100 billion U.S. burden to bail out Europe via the IMF, is now blasting Geithner's "Spend and Borrow" policies to be advocated at the G20 summit in a letter sent to the tax-challenged Keynesianite (enclosed), further saying that the "president is doubling down on the path to bankruptcy.”
“I have deep, grave concerns about the President’s handling of the global economy,” said Rep. McMorris Rodgers. “Last month, President Obama worked behind the scenes to craft a $900 billion bailout of the European Union – a bailout which will cost U.S. taxpayers between $50-100 billion. Even supporters of the bailout - such as German Chancellor Angela Merkel - acknowledged that the bailout would only ‘buy time’ to get European governments off their spend-and-borrow addiction. Now, incredibly, the Obama Administration – standing alone, against our European allies – is working to facilitate that addiction by vocally opposing much-needed austerity measures. While Europe - to its credit - may be learning its lesson, the President is doubling down on the path to bankruptcy.”
In her letter to Secretary Geithner, Rep. McMorris Rodgers wrote, “We are disturbed to know that despite Europe’s growing debt crisis the United States continues to push policies in the international community that promote unsustainable global government borrowing and spending… Despite the Administration’s efforts to spend the nation back into growth and prosperity, we now face record annual deficits, a record debt level of more than $13 trillion, and an unemployment rate that hovers just below 10%...Debt problems cannot be solved with more debt. Just look at Greece.”
McMorris Rodgers and Rep. Mike Pence previously introduced a Congressional Resolution, H. Con. Res 279, which opposed US participation in the European bailout. Obviously, it did not pass.
Below is a copy of the letter sent by the Congresswoman to the SecTres.
The Honorable Timothy F. Geithner
Secretary
United States Department of the Treasury
Washington, D.C.Dear Secretary Geithner:
We write in anticipation of the G-20 meeting to be held this coming weekend in Toronto, Canada and to express our concern with the reported policies advocated by the United States to address the global financial crisis. In particular, we are disturbed to know that despite Europe’s growing debt crisis the United States continues to push policies in the international community that promote unsustainable global government borrowing and spending. The United States’ position is particularly disturbing given the evidence that suggests these stimulus policies will put an even larger number of European nations, and the world, in financial peril. We need not look any farther than Greece to understand the implications of runaway spending and mounting deficits and debt.
Indeed, the October 2009 IMF Financial Stability Report demonstrates the impact that additional spending will have on the global economy. This report reveals that global borrowing will total $3.9 trillion in 2010, with global debt reaching 137 percent of gross domestic product. The same report shows that global borrowing averaged less than a trillion dollars cumulatively between the years 2002 and 2008. As most world leaders now recognize, implementing excessive borrowing and spending policies will put nations on the brink of a debt crisis. To quote German Chancellor Merkel in Seoul, Korea “growth cannot come at the price of high state budget deficits.” It is important to note that the recent elections in Great Britain was as much about excessive spending as any other issue -- demonstrating that sovereign debt and default is top of mind of individuals and leaders world-wide.
Moreover, it is clear in this country that excessive government spending policies have not worked. Despite the Administration’s efforts to spend the nation back into growth and prosperity, we now face record annual deficits, a record debt level of more than $13 trillion, and an unemployment rate that hovers just below 10 percent. In fact, 2009, the annual deficit was approximately 42 percent of all revenues and our external debt of $14 trillion was almost equal to gross domestic product. Debt problems cannot be solved with more debt. Just look at Greece.
We urge you to reconsider the Administration’s borrowing and spending policies both here and abroad, particularly at a time when fiscal restraint is necessary for the future viability of the United States and the world. Other nations are recognizing the need to reign in spending. So, should we. We look forward to hearing your response.
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I blame it all on the Palin White House...oh, wait....
Palin.. LOL! In the sequence of degradation...A Palin white house falls just in line behind Obama's WH. Whose next Snoop Dog ??
I'd take Snoop Dogg over Obama any day, for sure. Dogg could when necessary open up a can o' whup ass w/o prompting from Spike Lee. Dogg seems more authentic. More talented. More of a known quantity. Less an ideologue. Doesn't have the wife with the baggage.
Guess we will have a few more resignations offered in the next few days. Can't have that realism being flaunted in the public eye.
Or is zero hour that close and it doesn't matter any more?
No shit! I sent her $50 after the first article was posted here about her. Maybe she can use it to secure passage into Canada. I propose a death match between her and Pete Stark with Jan Haldeman as referee. Can't resist posting this again. http://www.youtube.com/watch?v=UjbPZAMked0
It's too bad she didn't have about 300 co-signers. That what Geithener's going to need soon when he signs those T-Bills.
Obviously this is all Bush's fault too!
Just saw on the news Nikki Haley wins SC Repub primary race.
Bring on the girl power.
Merkel is hot (in a naughty sort of way).
Me so horny:
http://www.nrc.nl/multimedia/archive/00121/merkel_reuters_121383a.jpg
"look at the fun bags on that hosehound"
Ach du Liebe!
I get you.
Please punish me miss Merkel.
I really have been a naughty boy!!
Spend my years salary on liquor and bitches and it's only june. lol
Gurl Power!!
Merkel is almost as outspoken as JFK was on financial matters. Refreshing, but ultimately unsustainable in our age of self-deceit. If you listen closely, you can hear the knives being sharpened in Berlin with every truthful syllable. Go Angela.
Funny!
Feh.
If you love the American system and the Fed, then you must logically favor the infinite bailout bonanza.
This is selective pandering, calculated for PR effect.
Go Girls!
I would pay attention to the OP’s topic… lines are being drawn… my hunch is we are about to see some major defections from the print as you go team.
You go girl!
Too bad Jay Inslee doesn't have similar testicular fortitude.
Jay Inslee and Marsha Blackburn, two sides of the same weak assed coin.
It will have to be the Europeans who put a stop to the debt madness, as the US is officially addicted to borrowing and spending.
I don't believe Merkel has any children. A role model for human extinction I guess.
"I have deep, grave... "
No need to continue on, Cath. Thats all you really need.
Give me a break! You have to have children to care about those who come after - very sad you have such a view.
That explains the undepleted funbags.
Where's that Jamie Gumb photo when you need it the most. Turbo Timmeh, tapin' it back!
I enjoy this website. However, the knee-jerk that everything being done by Bernanke, Geitner, and Obama is Keynesian is not entirely accurate. Bernanke is a monetarist who is following the Milton Friedman monetarist handbook in trying to avoid another Great Depression. THe public fiscal spending by Obama was the only Keynesian thing his administration has done. What is really sinking our country is the lack of true and thorough financial reform. Instead, Bernanke et al. hope that pouring money into the markets like Milton Friedman argued in his essay on the causes of the Great Depression will prevent another crash without any financial reform. The monetarists believe that this flood of money is the solution and that New Deal reforms only made the Great Depression worse. This is not Keynesian thinking like Minsky and his version of Keynesian thought and I hope the anti-Keynesian viewpoint here will be more carefully argued as it is monetarism that has really failed us.
I could be wrong, but would the monetarist position really be one of encouraging massive debt?
I think the Milton Friedman / Chicago school can be expressed as
"We will say whatever is possible to earn us the most money and political influence as humanly possible."
They are the perfect whores. Keynsians are mostly just interested in a nice academic job that insulates them from the pressures of the real world. They will say anything to pander to the petty bigotries of their academic committees.
very true.
they use the chicago school when it suits them to justify allowing anything. then keneysen to justify the bailouts.
keynes would have been against these big budget defects during good times to be able to spend in bad. He also understood that the system was iinherently unstable. (required regulation as stabilizers). the chicago school says let anything go because it makes itself stable. The instabilities are an abberation. so you do the bailout, (LTCM), don't change the system, and then get a bigger crisis.
there is much misunderstanding of the economic schools on this site.
Thank you, eventually someone telling the difference.
Keynsianism has a bad rep for good reason. It was composed to justify the operations of the central bank. It is nor more useful as a economic theory than marxism. The theory of labor value is marxism redux.
Yes, Keynes advocated a reduction of debt and build up of assets in good times to cover the eventual swings in the business cycle, but he did it knowing it would never be used. The argument was used to promote deficit spending in bad times and eventually- ALL times.
Monetarism is just Keynsianism stripped naked and exposed.
Dear Dingbat,
Your computer is full of spyware.
Signed,
Turbo Timmay
BITCHES, Bitches
Niiiiice...
seems the ladies are at least a well quaified as the gents in douche bag recognition... and it sounds better coming from them! Tim Geitner is the worst excuse for a government official since the Nixon administration gang... well there was Hank Pauson and Alan Greenspan and Donald Rumsfeld and ... wait!
The future of this country:
http://www.youtube.com/watch?v=y0O7_3o3BrI
I think Merkel is looking really stressed out, almost as gruesome as Hilary. I am enjoying this austentatious show of EuroThrift, battling with The FiatCentral Scrutinizer. This debt ship already hit the Ice Land a while back and is sinking fast. What a Titanic G20 this is going to be. They will be planning the evacuation. All lifeboats must be made of gold or silver, otherwise they will not float. But they will not announce that fact!
I've been a male rights activist for years. Males in general and boys in particular have been getting railroaded by western governments for a long time now. (Anyone so inclined can squawk all they want. I've heard it all.) My take on this: Democratic/leftist women despise men; Democratic/leftist men grovel for women who despise men; Republican/so-called-conservative men are idiots; Republican/conservative women rock (they're hot, too).
There. I said it.
Much true!!
It is all just talk until somebody gets killed.
Bank of Canada:
However, the coming “Age of Austerity” carries its own risks. Fiscal policy that is tighter, sooner for all could create deficient demand in the global economy. The Bank of Canada estimates that, in the absence of real exchange rate adjustment and higher domestic demand elsewhere, the shortfall in global GDP could reach $7 trillion by 2015.3
To recoup this enormous sum, both the public and private sectors must be bold.
Public Boldness: The G-20 AgendaAt the Pittsburgh summit last September, the G-20 claimed that “It worked.” Well, it isn’t over. The G-20’s agenda is comprehensive and radical, but we need to implement, as well as propose.
As a consequence, Canada’s priorities for the upcoming G-20 Leaders Summit are:
As long as the G20 and the bunch of moronic economists who advise them don't understand that after more than 3 decades of "strong, unsustainable and unbalanced growth" you can't get "strong, sustainable and balanced growth", the G20 agenda will continue to be a complete joke riddled with oxymorons and incompatible goals.
+10
Damn, there's been Truth bustin' out all over the place in the last few days. WTF? Has O's Truth Suppression Czar been taken ill?
McChrystal spoke his mind, and publicly! Merkel's telling Herr Geithner he sucks. That Congressman from Texas correctly diagnosed the BP shakedown, before coming to his senses. Vander Sloot admitted the latest killing, before coming to his senses. A week or so ago, an ump blew a call and cost a pitcher a perfect game - and the ump admitted it!! And actually seemed remorseful! BP's leak-rate estimate is getting into the real range of late. Hayward went yachting, and didn't deny it. What's next, Obama trotting out his hard-copy birth certificate!!
If this truthiness trend persists, it is going to be a major adjustment taking things people say and do at face value.
We'll know if all of this hubbub is more than another epic waste of quality O2 if Christine Lagarde jumps onto this particular bandwagon.
This proves men need only be bought once, while women most be paid for repeatedly, from first date to alimony till death and men usually die first.
All this and more are things i didnt really want to know. Oh well, i console myself that viagra mixed with geritol is an excellent drink for those wishing closer relations with seeing eye dogs.
Its more difficult to be funny in light of gulf oil/storm coming scenerio, mixed liberally with coreexit and no warnings given .Hurrah my country this of thee etc. is rendered meaningless with the flight of leadership. Evacuations should have begun allready, at a minimum ask those who can, to take a vacation north. get some out early before the crunch.
Is no one thinking in DC ? Am i full of shit?
Are you old?
Milton Friedman would not have approved of the Fed buying $1.3 trillion of bad mortgages worth a couple of hundred billion from banks. I would classify that as Keynesian fiscal stimulus in monetarist clothing.
Just maybe " testicular fortitude" is a misnomer, as well as a myth.
very accurate.
The truth as Minsky is the "current standard theory, the after keynes systhesis"
In truth it borrows much of the worst of both. together they function to justify the worst abuses of the system. Those that run the system of course have managed to get a theory adopted that permits them the wprst abuses. this has become the "current standard theory"
Keynesianism, neokeynesianism, monetarism, economic liberalism ... they are all variations of the neoclassical theory which assumes that humans are rational and narrowly self-interested actors who have the ability to make judgments towards their subjectively defined ends.
Because we all know this basic assumption is complete bollocks, neoclassical economics and all its variations is nothing more than an outdated religious dogma that dominates economics and business schools. Too bad all our governments base their policies on this bullshit.
“I have deep, grave concerns about the President’s handling of the global economy,” said Rep. McMorris Rodgers
President is handling the global economy? Mhmm ...... interesting, never noticed.
The solution is Austrian, the question is never asked. We don't speak austrian, therefore we must speak wealth transfer. When they finally come to collect on their debt by attempting to steal your land, future labor and first born- will you finally say enough?
Governments and central banks are the problem, revolution is the answer. All we need to do is say no more, peacefully. Black Market Revolution. Use real money- American Silver Eagles or similar depending on your country. Many coins are legal tender. Currently untraceable or taxable. Starve the beast.