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 ...
Mission accomplished
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.
they’re 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.
Ok...why?
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’.
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