Skip to comments.Geithner says US can 'no longer drive global growth'
Posted on 06/25/2010 5:34:33 AM PDT by bamahead
US Treasury Secretary Timothy Geithner has told the BBC that the world "cannot depend as much on the US as it did in the past".
He said that other major economies would have to grow more for the global economy to prosper.
He also played down any differences in policy between the US and Europe regarding deficit reduction.
Mr Geithner was speaking in Washington ahead of G8 and G20 meetings this weekend in Toronto.
He said all members of the group were "focused on the challenge of [building] growth and confidence", and would be working to this end at the meetings.
(Excerpt) Read more at news.bbc.co.uk ...
If we don’t take both Houses of Congress this November, our country will be lost.
Not w/a Soviet style gummit. We need capitalism to revive this economy and it is being killed.
Pray for America
Well Tim, certainly not with you socialists in charge!
But, as soon as we toss your boss out on the street, AMERICA will be back on top!
What drivel! We’re only limited by leaders with no drive or creativity.
Consider: one near-earth asteroid contains enough platinum group metals to equal the gross global annual product, and our nation has the technology and know-how to exploit those riches.
But it ain’t going to be this administration that lights the drive - they’re all brain dead when it comes to creating wealth.
I don't take it the same way. He's stating the obvious: The US debt-funded consumer is kinda tapped out for now.
Wow, it only took 18 months to destroy America.
I am so stealing that.
theyre all brain dead when it comes to creating wealth.
They sure have misery creation down as a solid science.
The tax cheat speaks.
He is echoing his boss Bambi.... Bambi said it yesterday.
I really dislike this man — almost as much as I dislike the President.
Why? Look at the aggregate and per household debt figures. I could find some charts, but basically, the consumer can’t keep spending above his income. This is especially true with the U-6 measure of unemployment (those who are completely unemployed plus those who are working, but not as much as they would like) around 17% or 18%. So household income is down for many people, and they can’t take on as much debt for imported gadgets as they’ve been in the habit of doing. Another thing to look at is credit card portfolio default rates—they’ve been up sharply over the past year or so to around 10%. There’s another bunch of borrowers who are shut off.
Spread it far and wide. (I stole it too)
The globalists are saying that they have gutted the US economy completely in order to create a ‘global economy’. It would have never happened if they did not use “free trade” to redistribute America’s wealth to India, China, South America and the middle east.
He is saying the whole contrived system has done it’s job and now the globalists are looking to China to maintain their wealth and power.
It has nothing to do with American execptionalism. It has to do with the constant social engineering in the last 40 years of the American people from independence to ‘interdependence’.
What did you think exporting American jobs was about?
More inspirational messages from the a$$ clown administration and its clueless minions... when are we going to be able to wake up from this nightmare?
Once Obama leaves office and the US returns to capitalism, we will once again be the source of wealth creation that drives the world economy.
Geithner knows nothing about the creation of wealth. He does not believe the pie can grow.
us consumer debt is driven by growth of the tax burden (fed and state) placed on them. geithner is telegraphing the dems intent to massively ramp up taxes.
They do not want to create wealth in any way, they want to create misery, and dependence on the government. How else can they control us?
We just got a new large format color printer. I think a half dozen already printed it out here.
True enough. But, even if he wasn't, we'd still be dealing with the real estate hangover (admittedly driven by the Dems pushing Fannie and Freddie and the banks to lend to anyone in sight). We aren't in any shape to stimulate the world economy by borrowing. But, the dems not only will make it worse, but seem to be pleased with both the situation and the increasing share of government in the economy.
I'm not supporting Geithner or the government position; I'm just saying that as a statement of fact, he wasn't that far off the mark.
And our immigration polices import poverty with 1.2 million legal immigrants a year, most of whom are poor, uneducated, and unskilled. Milton Friedman said, You cannot simultaneously have free immigration and a welfare state. We have both.
Well then NO MORE AID MONEY!
You did mention the unemployment rate. That’s what I was looking for and is key. Everything else you mentioned comes back to it. The adminstration could put policies in place to reverse the unemployment trend, but they can’t. They don’t know how. Look at Obama’s cabinet. They could all teach at Harvard, but don’t know the first thing about running a 7-11. And throwing $2T to the wind doesn’t count. Hence, mission accomplished.
...the world "cannot depend as much on the US as it did in the past"-Geithner
How about: “I HOPE we can CHANGE it back”
What happened? The printing presses break down?
From “Yes We Can” to “Never Again” in less than two years.
Never saw that coming. /sarc
I don’t think Timmy would recognize growth if it bit him in the ass.
If there is any shred of the USA as we know it left. I fear that they are racheting up our demise at such a rate, that it may be to late.
They don’t want to create wealth. They want to redistribute it.
Looks like the Obamunists’ planned economic destruction is starting to bear its desired fruit, namely the destruction of the U.S. as a world economic power. Soon the U.S. will be Western France, all according to plan.
(BTW, if you read this and think I must be an embittered crank to express such thoughts, please understand that I’ve arrived at this position some time ago after months of study and thought. I have two degrees in computer science, have read thousands of books, read almost every issue of the WSJ for the last 20 years, and for fun, used to occasionally skim an entire encyclopedia, pre-Internet. So, I am not an uneducated man.
When analyzing the Obmamunists’ economic policies, one realizes that almost every policy is detrimental to its announced intention. For example, spending trillions of borrowed dollars and then eventually massively increasing tax rates “to avoid a crisis” will pummel the U.S. economy. First of all, tax increases are always detrimental since they remove money from productive uses in the private economy. And second, tax rates can’t possibly be increased enough anyway to support borrowing an additional trillion dollars each year, thus guaranteeing inflationary weakening of the dollar. And deficit spending is just one of at least a dozen major policies that will haunt the U.S. for a decade, or perhaps much longer for some policies.
So, one must ask oneself, “Why are they doing this”? There are really only two answers to this question, namely:
1. They are ignorant fools who are completely unknowledgeable about economics and history, and are acting with good intentions, but are simply severely misguided due to their own ignorance.
2. No one in those positions can possibly be that stupid and/or that ignorant of basic economics and history and are therefore ignorant of the long term negative consequences of their chosen policies, thus they must be acting with malice, intent upon wreaking havoc on the U.S. economy to implement whatever ideology it it that they believe requires such destruction.
You can draw your own conclusion as to which is more true.)
Another idiot among a host of idiots from/in this Jack Squat idiocy-ridden administration.....
Yes, I agree. When Obama leaves office in 2045, and when we return to capitalism in the year 2178, these things will happen.
I have a feeling we’re about to be told just how bad that oil spill is.
I’d say Timmy and his adolescent Ivy League buddies have exceptionally crapped the world’s financial system...
With Obama and his leftists in charge Geithner is 100% correct. At least he’s honest I spose.
I almost added something to that effect; that socialists don’t know how to create wealth, only seize and divide what wealth exists.