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Europe's Response To Geithner's Advice: "I'd Like To Hear How The United States Will Reduce Its Deficits ... And Its Debts"
Two years after being laughed out by a bunch of Chinese students, Tim Geithner realized that his hypocrisy may pass muster in the Beltway, but the crowd is tougher across the Atlantic. As Reuters reports, the much anticipated meeting between Geithner and the euro FinMins in Wroclaw, Poland, lasted all of thirty minutes and if nothing else managed to unite the Europeans... in their ridicule and derision of the man that has become a global muppet caricature. The litany of quotes needs no explanation: "I found it peculiar that even though the Americans have significantly worse fundamental data than the euro zone that they tell us what we should do and when we make a suggestion ... that they say no straight away," Maria Fekter, [Austria's Finance Minister] told reporters afterwards, recalling a difference of opinion between Geithner and German Finance Minister Wolfgang Schaeuble on how to reinvigorate the euro zone and tax financial deals." And the kicker came from Belgian Finance Minister Didier Reynders, who responded 'tartly' that "We can always discuss with our American colleagues. I'd like to hear how the United States will reduce its deficits ... and its debts." Alas, as Tim has found the hard way, being one of the biggest offendors when it comes to collapsed economies does take away from his credibility. So if we may suggest, Timmy should i) focus on fixing the US economy, and since he has repeatedly failed at that ii) to immediately resign.
From Reuters:
Geithner's decision to travel to the small city of Wroclaw to discuss the sovereign debt problems of Greece, Ireland, Italy and the wider euro zone was the clearest indication yet of the severity of the near two-year-old crisis, which now threatens the global economy not just the single currency bloc.
Officials said Geithner was coming to propose how the region might try leveraging its emergency bailout fund -- the 440 billion euro European Financial Stability Facility -- to better tackle the crisis, much as the United States used leverage to handle the fallout from the subprime collapse.
But however good Geithner's intentions, the indications were that the meeting did not go as smoothly as he might have hoped.
Held in a concert hall, the gathering lasted for about 30 minutes. The euro zone ministers arrived together by bus. Geithner was sped to the doors in a private car.
Jean-Claude Juncker, the chairman of the Eurogroup, was even more to the point.
"I don't think it would be wise for me to report from an informal meeting that we have with the treasury secretary. We are not discussing the expansion or increase of the EFSF with a non-member of the euro area," he said.
And the very lonely thoughts of our very own SecTreason:
"One of the starkest ways to emphasize the importance of Europe getting on top of this is that you don't want the future of Europe to rest in the hands of those who provide financing to the IMF," he said.
"There is no reason for Europe to be in that position and it would be very damaging to the credibility of the endeavour here in Europe," he said, before departing to warm applause.
"Of course your financial challenges in Europe are within your capacity to manage financially, you just have to choose to do it," Geithner told the audience, sitting cross-legged and slightly slouched in his chair.
Does that mean that Timmy to the G never chose to do manage our own challenges before? If so, can he at least manage to sign the dotted line on his resignation letter.
The bottom line:
For many in the meeting, Austria's Fekter most particularly, his message fell flat.
"I had expected that when he tells us how he sees the world that he would listen to what we have to say," she said.
Well, so much for the US telling Europe what to do...
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perhaps the game will soon be over. There are other games and as long as you need another bagholder and the bagholder is available you are ok.
But, the next bagholder may one day understand the rules of the game you were playing don't apply any longer.
RUBEs can change overnight, it seems.
Now I'm no fan of Turbo Tax Timmy, but........ I think the EuroTrash that invited him over are far worse, ...exponentially:)
I also have a good idea about how Timmy could start getting the US house in order. First he should ask Ben to 1) cut all the liquidity providing facilities to the EU. They obviously are in much better shape then the US, therefore they obviously don't need it. 2) he should ask Ben to ask for all the cash reserves ( you know, the ones from QE's) sitting in US subsidiaries of Euroland banks returned. That could be a good start. Definately would wipe the smug smiles off the faces of the ETrash. Oh, and lastly, while we are at house cleaning maybe Timmy could take the time out of his busy travel schedule and label China a currency manipulator.
But that's not going to happen. If Timmy did that, his boss Barry would get real mad. Now Barry would get real mad because Timmy would be driving the stake through the heart of the socialist nanny state. And than what would Barry say to his mates. You know, the Soros's, the Ayers family and the Van Jones's.
Can someone explain to me what this comment means..."One of the starkest ways to emphasize the importance of Europe getting on top of this is that you don't want the future of Europe to rest in the hands of those who provide financing to the IMF," he said.
So they don't want to leave their fate in the hands of the US, Germany, France, the UK? Uhmmm, what dramatically differnt decisions would this group be making than the one's already being made?
http://seeker401.files.wordpress.com/2011/05/chart-imf-donors.png
I read that, yea I have no idea WTF Timmah is mumbling about there. They ARE the IMF Timmah included...I dont know maybe it was code for something.
Code or slip? So the people that supposedly finance the IMF are actually very concerned about answering to the people that REALLY finance the IMF? As in "If you think we're bad to work with...just wait until you have to work with those mf'ers that fund the IMF. They're real assholes.".
Conspiracy theorists unite!
No wonder Timmy didn't want to go to Poland for the meeting.
Well, that was a very chilly reception. Wonder where the riff is.
Multiple drunks holding each other up. Timmy is holding the bottle with the most boos in it (i.e.; the reserve currency status of the dollar), so the others put up with his pontificating, but just barely.
Poor Timmy, neverthelss the Greek Fraud Goldman Sachs Mr, Draghi sure, in the near future will make Geither seem a reliable officer
You appointed a Petty Tax Sinner, we, a Great Fraud Designer
Timmy is just an agent for the banksters, a transparent one at that.
What's important is to note what policies he advocates. Basically they involve taxpayers bailing out the TBTF banks and EU citizens relinquishing their national sovereignty and being subsumed into governance by a Brussels controlled bureaucracy that is merely another proxy for the bankers.
Note how so many of the (bought off) EU politicians, journalists (Ambrose), George Soros, etc are harping incessantly about unification being the only salvation.
Essentially the bankers want total control and they're using this crisis as the vehicle to acheive it.
Geithner's offer sounds like what John Perkins wrote about; Confessions of an Economic Hit Man.
His tepid reception seems to confirm that.
The guy with the biggest club usually wins.
Hello, I just joined. So, what's all this talk about a financial problem????
Europe: Broke
Japan: Broke
US: Broke
Going to pet my cats now and watch the geese on the pond! Notify me when armegedon arrives. "Yawn"
Lads, thanks for sending him over, selfish of you too keep him all too yourselves. not laughed as hard since..welll..I dunno ..maybe
http://www.youtube.com/watch?v=sq1t1iFmsv0
At the same show, Danielle Park, of Barrie, Ont.-based Venable Park Investment Counsel Inc., told attendees to “keep your powder dry, pay off debt and use these record low interest rates to get debt free and downsize real estate sooner than later, where necessary: Canada has gone on longer than it ought to have in this cycle.”
In his new book, The Wealthy Barber Returns, David Chilton warns against both the dangers of saving too little and taking on too much debt. Chilton sees it as just a matter of time before interest rates start rising.
“We’re not going to be living in an easy-credit environment forever,” he writes, “At 3%, all this borrowing is manageable. At 7%, it’s tough. At 11%, buy some canned goods and head for the basement — we’re in big trouble.”
http://business.financialpost.com/2011/09/13/canadians-might-be-heading-...
Timmmmaaaaayy. They don't respect your authoritaaaaayyy. I'm sure when he gets home he and Obama and the Bernanke can spoon and watch Beaches as they come up with another plan to blow up the economy.
When Japan imploded 10+ years ago the response from the US was 'kill off your zombie banks'. Imagine if we took the same advice?
What bothers me the most about Timmy and Ben and Barry is not that they're idiots, even malicious idiots, but that having them as our 'leaders' has cost us the respect of so many people around the world whose respect ought to matter to us. It really doesn't matter how impressive we are at blowing shit up and killing people; what matters ultimately is whether we stand for anything worth standing for, and with these fools showing our flag around the world it's clear to almost everyone that we do not.
Of course we the people have to take our fair share of blame too. If we weren't such consumption-addicted, short-term thinking, mouth-stuffing obese whiners people around the world might be able to say "Well they have fools and idiots in charge, just like most of us do, but at least the people have qualities to be admired". Instead we give the world Paris, and Rush, and Snookie, and Donald, and Sarah, and Nancy, and Bernie, and in particular all those 'reverends' who are to gag for, so we can't blame the descent of America into the world's laughingstock just on the leadership. But it sure would help if there were at least a few in public life who we could point to with pride and say there, take a look, in spite of everything these people represent what is best about America.
Where are they? I don't see them. And I am very, very sad and angry that a nation and an idea that was once worthy of respect has been brought so low by such evil nasty little people.
Again, Europe seems to be taking the role of the demure tease that drives Keynesians like Krugman mad ... "we will not stimulate ourselves but you may stimulate us if you so choose with your odious policies."
Der Spiegel has more on the palpable dislike of Geithner at the gathering:(My trans.) http://www.spiegel.de/wirtschaft/soziales/0,1518,786690,00.html
Fuck YOU....Timmy Bitch.
And I'm in a good mood.
So if we may suggest, Timmy should i) focus on fixing the US economy... ii) resign.
I like to think Tim will cling-on to the bitter end with that nasty combo of naked ambition all born losers have and total desperation to pad out his career in the vein hope the economy may turn and make his comical ineptness and pathalogical lying look better given time!
So i hope he doesn't resign as I'd like to see him carried out into the streets by an angry/livid mob of robbed taxpayers, roped and **censored** and then **censored** ...same 'justice fantasy' i have about most polticos in fact!!
It is indeed a vain hope. The "infinite growth with crippled manufacturing" paradigm can't turn ... it must be replaced with a new paradigm that doesn't involve central planning and theft/fraud.
How will the USA pay its debt ? Thats an easy one. Print more money just like the EU will.
My question is why does Geithner have to go to Europe before someone tells him he is incompetent? Where are the truth tellers in the US? Our media is truly pathetic.
No...the media is not pathetic....the American People are.
But nothing is new under the sun concerning corrupt Treasury Secretaries.............and the inability for the American Idiots to do anything about.
http://en.wikipedia.org/wiki/Whiskey_Rebellion
Fascism was born moments after the Constitution was ratified.
If the US had a President with more spine, there would be a third option: Sent packing!