Skip to comments.US will not make drastic budget cuts, Geithner tells Davos
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 countrys 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 ...
So he is warning the other countries that we ride our huge deficits all the way to default?
Is it really up to him?
Geithner is a womyn’s studies major who stumbled into a quantum physics class.
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.
“Yes it will” Tea Party tells Geithner.
drastic spending cuts by the United States government was not a responsible way to bring down the countrys national debt.
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
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!
Would someone tell little Timmy that those decisions are above his pay grade.
I wonder if Timmy also told them that he was going to help decrease the deficit this year by paying his taxes.
Isn’t that the House’s call, putz?
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.
Welcome to Free Republic!!
hide and watch you little tax dodging douchebag. The House controls the purse strings.
Soros owns the DNC.
Obama is his slave.
Soros makes his money when things loose value.
“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.
Whether it is his money or my money or our money, the theory stays the same. Reduce expenditures and debt goes down, right?
The people in DAVOS are probably shocked at the incompetency of this guy and his boss......
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.”
Not trying to start an argument here, just trying to understand.
Great— Greece here we come
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.
Did I miss this gem in the domestic media?
He's run the numbers through Quicken three times - they're solid!
Geithner to Davos, “we’ve got our foot to the floor until the engine blows.”
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.
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?
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.
Thanks for your feedback, helps me understand what is going on just a little bit better.
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.
He is not a czar yet.. or is he?
***** 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.
“I followed the connections between Peter Geithner (long time head of the Ford Foundations 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 Obamas step-father, Lolo Soetoro was a high ranking military officer in Suhartos Army and a government liaison between the Indonesian military government and the international oil industry.
Peter Geithners son Tim, Obamas 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 Geithners 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 Geithners 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?”
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.
>> Geithner is a womyns studies major who stumbled into a quantum physics class.
Surely you’re not suggesting that women are an easier study than quantum physics?
So Geithner will steal from our enemies, until our government is forced to repudiate the debt. Sounds like a plan.
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.
...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.).