A lot of the Asian economies were rip roaring because they were essentially raping their forests, oceans, and air (polution) with no regulations. I have no problem with that paradigm crashing to be honest.
As far as Geithners performance:
1.) Did he learn anything is more to the point.
2.) Most of what we are seeing now was written in stone a decade ago as this thread can attest.
3.) What we are GOING to see, ie. US government throwing printed money at the problem (Geithner's fault?) is the same thing ANY economist would do outside those few precious gems (the Austrians?) which everyone thinks are quacks.
4.) Why #3??? Politics. Can you imagine the outcry and ridicule heaped on anyone that just got up and said (the truth), "the party is over, America has (essentially) lived like drunken sailors for the past 20 years and this is the result. Unemployment may hit 20% but nothing we can do... just live with it.
5.)""As for The New York Post's claim that Geithner was the hero who cajoled those quarrelsome Asians into agreeing to a $US200 billion rescue, the key fact burned into the minds of Asian elites is that the US was deaf to requests for funds. Washington did not contribute a cent of its own money to any of the emergency packages. Japan and Australia were the only nations that made loans to all three of the stricken Asian countries.""
Well this guy has no axe to grind being from Australia eh? LOL, it looks to me like Geithner was downright "Republican" and "anti-Greenspanesque" in his approach. And "Asian elites"?? We're worried about not lending money to countries riding slave labour to 7% GDP growth so Nike can make a few extra cents per share?
""Keating went on to argue that, by frightening the Chinese into building their vast $US2 trillion foreign reserves, Geithner was responsible for the build-up of tremendous imbalance in the world financial system. This imbalance, in turn, according to Keating, contributed to the global financial crisis which has since devastated the world economy.""
Well, I certainly agree that China building up $2Trillion (US) IOUs in return for hard goods was a dumb ass thing to do!! But 1.) the fact that they took all their IOUs from ONE borrow were was their own damn stupidity. They could have had it in gold or other currencies, that's not Geithner's or anyone elses fault.
2.) To say that Geithner "scared" China into doing this seems really lame to be honest. They have the lowest cost of production onthe planet... what are they scared of? If they're "scared", that's their problem. Can you imagine the IMF bailing out China anyway? The IMF should lead China to believe that they shouldn't take care of themselves cause the IMF will swoop to the rescue? I don't get it.
IMHO the only folks that might think he did wrong in all that would be the most liberal of the socialist in Europe. But wtfdik.
All these people from president on down are just cogs in a giant wheel IMHO at this point. Get your wheel barrows out early and stash some canned food.
DAK |
