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US will not make drastic budget cuts, Geithner tells Davos
Argentina Star ^ | 1/30/2011 | Staff

Posted on 01/31/2011 6:36:20 PM PST by FromLori

Timothy Geithner, the US Treasury Secretary, appeared at the World Economic Forum in Davos to tell delegates that drastic spending cuts by the United States government was not a responsible way to bring down the country’s national debt.

The United States is the latest of many developing countries to face criticism from counterparts over unsustainable deficits and growing government debt. This criticism has grown since the US Congressional Budget Office revealed a record deficit of US $1.5 trillion for 2011.

In addition, congress will need to lift the debt ceiling past US $14.39 trillion before May to avoid a fiscal crisis within the government.

At Davos, therefore, delegates have been speculating over whether the US will be able to enact a sensible fiscal policy before there is a global rejection of the US dollar.

(Excerpt) Read more at story.argentinastar.com ...


TOPICS: Foreign Affairs; News/Current Events
KEYWORDS: deficit; economy

1 posted on 01/31/2011 6:36:25 PM PST by FromLori
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To: FromLori

So he is warning the other countries that we ride our huge deficits all the way to default?


2 posted on 01/31/2011 6:39:38 PM PST by GeronL (http://www.stink-eye.net/forum/index.php)
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To: FromLori

Is it really up to him?


3 posted on 01/31/2011 6:43:14 PM PST by kevslisababy
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To: FromLori

Geithner is a womyn’s studies major who stumbled into a quantum physics class.


4 posted on 01/31/2011 6:43:18 PM PST by Da Coyote
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To: FromLori

Is this guy is a total idiot? If my dept goes up, I cut spending, my dept goes down ... what am I missing? Please, someone help me here.


5 posted on 01/31/2011 6:44:24 PM PST by doc1019 (Martyrdom is a great thing, until it is your turn.)
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To: FromLori

“Yes it will” Tea Party tells Geithner.


6 posted on 01/31/2011 6:45:01 PM PST by MrEdd (Heck? Geewhiz Cripes, thats the place where people who don't believe in Gosh think they aint going.8)
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To: FromLori

Timothy Geithner,

drastic spending cuts by the United States government was not a responsible way to bring down the country’s national debt.


7 posted on 01/31/2011 6:45:19 PM PST by NoLibZone (Five time DNC backed candidate Fred Phelps: "God sent the shooter".)
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To: FromLori

There is NO political will to stop spending. If there was they`d have to admit is is socialist un-constitutional spending that is destroying the USA. They won`t admit it, that is their power that they will never give up


8 posted on 01/31/2011 6:45:19 PM PST by Para-Ord.45
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To: FromLori

I saw him on the Charlie Rose show. He was tapping his wingtops a mile a minute like a nervous weasel.

You’ll get yours, my pretty! And your little dog too!


9 posted on 01/31/2011 6:45:43 PM PST by DaxtonBrown (HARRY: Money Mob & Influence (See my Expose on Reid on amazon.com written by me!))
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To: FromLori

Would someone tell little Timmy that those decisions are above his pay grade.


10 posted on 01/31/2011 6:47:39 PM PST by org.whodat
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To: FromLori

I wonder if Timmy also told them that he was going to help decrease the deficit this year by paying his taxes.


11 posted on 01/31/2011 6:48:18 PM PST by voicereason (A RINO is just a different shade of Democrat.)
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To: FromLori

Isn’t that the House’s call, putz?


12 posted on 01/31/2011 6:48:33 PM PST by skeeter
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To: Da Coyote

That’s Great!


13 posted on 01/31/2011 6:50:36 PM PST by MCF
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To: FromLori

It almost seems he’s dying for a collapse of the dollar, From. It is also interesting that we’re hearing this from an Argentine news source.


14 posted on 01/31/2011 6:51:20 PM PST by BobL (PLEASE READ: http://www.freerepublic.com/focus/f-news/2657811/posts)
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To: DaxtonBrown

Welcome to Free Republic!!


15 posted on 01/31/2011 6:53:10 PM PST by Coldwater Creek (He who dwells in the shelter of the Most High will rest in the shadow of the Almighty Psalm 91:)
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To: FromLori

hide and watch you little tax dodging douchebag. The House controls the purse strings.


16 posted on 01/31/2011 6:53:19 PM PST by Feckless (I was trained by the US Government to Kill Commies and Radical Moo-slims. Now ain't that irOnic?)
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To: doc1019
Sure. That's your money. He has other people's money.
17 posted on 01/31/2011 6:53:47 PM PST by Christian Engineer Mass (25ish Cambridge, MA grad student. Any potential conservative Christian FReepmail-FRiends out there?)
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To: BobL

Soros owns the DNC.

Obama is his slave.

Soros makes his money when things loose value.


18 posted on 01/31/2011 6:54:04 PM PST by NoLibZone (Five time DNC backed candidate Fred Phelps: "God sent the shooter".)
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To: FromLori
A good example of what is wrong with the thought processes of the lunatics who are running our country.
19 posted on 01/31/2011 6:54:47 PM PST by BenLurkin (This post is not a statement of fact. It is merely a personal opinion -- or humor -- or both)
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To: voicereason

“I wonder if Timmy also told them that he was going to help decrease the deficit this year by paying his taxes.”


I’ve noticed some dollar bills with the words ‘TAX CHEAT’ above Timmy’s signature.


20 posted on 01/31/2011 6:57:37 PM PST by paint_your_wagon
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To: Christian Engineer Mass

Whether it is his money or my money or our money, the theory stays the same. Reduce expenditures and debt goes down, right?


21 posted on 01/31/2011 7:00:29 PM PST by doc1019 (Martyrdom is a great thing, until it is your turn.)
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To: FromLori

The people in DAVOS are probably shocked at the incompetency of this guy and his boss......


22 posted on 01/31/2011 7:00:55 PM PST by Red Badger (Whenever these vermin call you an 'idiot', you can be sure that you are doing something right.)
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To: BobL

You know Bob I think he really is trying to collapse the dollar and that’s pretty much all we have left...

“Mr. Geithner told the World Economic Forum in a one-on-one interview that emerging markets could manage their inflation problems better if they loosened their currencies’ links to the dollar, a measure that economists say would lead in most cases to an appreciation against the greenback.”

http://blogs.wsj.com/davos/2011/01/28/geithner-global-inflation-not-high-on-list-of-concerns/


23 posted on 01/31/2011 7:01:58 PM PST by FromLori (FromLori">)
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To: Christian Engineer Mass

Not trying to start an argument here, just trying to understand.


24 posted on 01/31/2011 7:01:58 PM PST by doc1019 (Martyrdom is a great thing, until it is your turn.)
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To: FromLori

Great— Greece here we come


25 posted on 01/31/2011 7:03:17 PM PST by therightliveswithus
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To: FromLori

Gee, lacking any growth of the economy I would think it was the ONLY way to reduce the deficit.

But then, I dropped out of college.


26 posted on 01/31/2011 7:12:12 PM PST by One Name
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To: FromLori

Did I miss this gem in the domestic media?


27 posted on 01/31/2011 7:20:35 PM PST by RightGeek (FUBO and the donkey you rode in on)
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To: doc1019
"Is this guy is a total idiot? If my dept goes up, I cut spending, my dept goes down ... what am I missing? Please, someone help me here."

He's run the numbers through Quicken three times - they're solid!

28 posted on 01/31/2011 7:27:07 PM PST by Flag_This (Real presidents don't bow.)
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To: FromLori
The United States is the latest of many developing countries

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

LOL
29 posted on 01/31/2011 7:37:16 PM PST by mamelukesabre (Si Vis Pacem Para Bellum (If you want peace prepare for war))
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To: FromLori

Geithner to Davos, “we’ve got our foot to the floor until the engine blows.”


30 posted on 01/31/2011 7:37:40 PM PST by kingpins10
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To: FromLori

I’m with you, From. It’s really, really, scary to have a government actively seeking to destroy what most people know as America.

But it’s not surprising. I went to a large college, and these SAME PEOPLE wanted to do the same thing back then. I even went to their teach-ins, where they were plotting “the revolution” that didn’t happen then...but now is underway.


31 posted on 01/31/2011 7:40:11 PM PST by BobL (PLEASE READ: http://www.freerepublic.com/focus/f-news/2657811/posts)
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To: FromLori

Gee, I wish I could run my personal budget that way. Spent too much on credit cards? No worries, just order up a second helping of credit - raise your credit limits. Do they really let mental degenerates like this graduate from kindergarten, let alone run a major government agency?


32 posted on 01/31/2011 7:40:33 PM PST by Oceander (The phrase "good enough for government work" is not meant as a compliment)
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To: doc1019

There’s a theory that a government SHOULD run a deficit during an economic slowdown and a surplus during good times. Since a politician gains power and job security by spending more money(ie buying votes and favors), he will grab on to any excuse available to spend more money. We are in the biggest economic slowdown since the great depression therefore every power hungry money grubbing politico with a pulse will try use that as an excuse to spend more than ever before. They will justify it in their own minds that it is the next politician’s job who presides during good times to run a surplus big enough to pay for it. Besides, bush and republicans got to use iraq/afghanistan as an excuse to spend more than he had. Now it’s the democrats’ turn.

This is how they think. It’s like watching a very stupid childish married couple fight over who gets to use the credit card next when they are already overdrawn in the checking account.


33 posted on 01/31/2011 7:52:19 PM PST by mamelukesabre (Si Vis Pacem Para Bellum (If you want peace prepare for war))
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To: mamelukesabre

Thanks for your feedback, helps me understand what is going on just a little bit better.


34 posted on 01/31/2011 7:59:31 PM PST by doc1019 (Martyrdom is a great thing, until it is your turn.)
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To: FromLori

If the GOP gets a backbone and refuses to go along with raising the debt ceiling you will see some major slashing going on so that Timmy does not default on the TBills.


35 posted on 01/31/2011 7:59:48 PM PST by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
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To: org.whodat

He is not a czar yet.. or is he?


36 posted on 01/31/2011 8:04:54 PM PST by JSteff ((((It was ALL about SCOTUS. Most forget about that and HAVE DOOMED us for a generation or more.))))
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To: mamelukesabre

***** a theory that a government SHOULD run a deficit during an economic slowdown and a surplus during good times. Since a politician gains power and job security...****

“The Group” here, raise their salaries and guarantee their “jobs” at insulated levels.


37 posted on 01/31/2011 9:11:33 PM PST by Varsity Flight
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To: FromLori

snip-
“I followed the connections between Peter Geithner (long time head of the Ford Foundation’s Asia Division) and Ann Soetero. The Ford Foundation in Asia is widely held to be connected to the U.S. Central Intelligence Agency. Ann Dunham Soetoro worked extensively with the Ford Foundation as well as the U.S.A.I.D. and the World Bank, both considered sometime partners in covert operations. Barack Obama’s step-father, Lolo Soetoro was a high ranking military officer in Suharto’s Army and a government liaison between the Indonesian military government and the international oil industry.
Peter Geithner’s son Tim, Obama’s Treasury Secretary, was raised primarily in China and Southeast Asia. As Clinton undersecretary for Asian Affairs and high ranking officer in the International Monetary Fund, it was Geithner’s monetary medicine that led to a worsening of the Asian financial catastrophe — which wrecked the economies primarily of Thailand, Indonesia and South Korea. Many experts believe Geithner’s monetary policy led to the crash of the Southeast Asian economies. Other factors in the collapse were overvalued real-estate assets and outside currency manipulations. Foreign capital had been pouring into the Southeast Asian economies, due to high interest rates relative to the dollar. When American interest rates began to rise, capital flowed toward American investments, out of Asia. Thailand was forced to “float” its currency against the dollar. This resulted in the crash of the value of the Asian currencies and a deep retrenchment of real estate values. The financial collapse called for a massive infusion of IMF funds.
Does this scenario sound familiar to you?”

http://smartgirlpolitics.ning.com/profiles/blogs/why-is-this-man-smiling-1


38 posted on 01/31/2011 9:31:00 PM PST by Mortrey (Impeach President Soros)
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To: Mortrey

It does sound familiar back around the time of the crash we had a thread going that said the same thing and it had ties to Kissinger/Soros as well. Thanks for the reminder.


39 posted on 02/01/2011 2:50:11 PM PST by FromLori (FromLori">)
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To: Da Coyote

>> Geithner is a womyn’s studies major who stumbled into a quantum physics class.

Surely you’re not suggesting that women are an easier study than quantum physics?


40 posted on 02/01/2011 2:55:03 PM PST by Gene Eric (Your Hope has been redistributed. Here's your Change.)
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To: FromLori

So Geithner will steal from our enemies, until our government is forced to repudiate the debt. Sounds like a plan.


41 posted on 02/01/2011 7:03:04 PM PST by familyop (cbt. engr. (cbt), NG, '89-' 96, Duncan Hunter or no-vote.)
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To: familyop

He’s a real genius isn’t he. He sent a letter saying how we have to raise the debt ceiling to congress but never bothers to mention the important parts like our dollar is being devalued.


42 posted on 02/01/2011 7:13:31 PM PST by FromLori (FromLori">)
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To: FromLori
"He’s a real genius isn’t he. He sent a letter saying how we have to raise the debt ceiling to congress but never bothers to mention the important parts like our dollar is being devalued."

I disagree with monetization of the debt, of course, but you know that he's in a fix. So are all who depend on government revenues through debts. They can let our economy crash now, which crash will be severe due to lack of US manufacturing (for sustainable revenues) and debts already amassed. Or they can put the big crash off for a time with funny money, which crash will lead to a significant turning point toward very small government and participation of nearly forgotten, competing political interests. [Possible scary "Neanderthal"/family/heterosexual/moral/conservative takeover again...oh, no!].


43 posted on 02/02/2011 3:50:33 PM PST by familyop (cbt. engr. (cbt), NG, '89-' 96, Duncan Hunter or no-vote.)
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To: FromLori

...another way to look at it, IMO. They buy time and keep their jobs a little longer by continued monetization and lose the business end of globalism. Or they stop the debt nonsense now, give up their jobs, and hope that some vestige of “we are the world” will survive the nationalistic tendencies in front of us (downward currency race, resurgence of western participation in protectionism, etc.).


44 posted on 02/02/2011 3:56:24 PM PST by familyop (cbt. engr. (cbt), NG, '89-' 96, Duncan Hunter or no-vote.)
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