Geithner at it again!
Remarks by Geithner ‘will anger China’
By Krishna Guha and Alan Beattie in Washington
Published: January 22 2009 20:36 | Last updated: January 22 2009 23:58
Outspoken comments on Thursday by Tim Geithner, Treasury secretary-designate, that President Barack Obama thinks China is manipulating its currency broke a key Bush administration taboo and caught experts and markets by surprise.
The remarks came in a written response to Congress on the second day of the Obama administration, before Mr Geithner was even confirmed as Treasury secretary.
“It is a pretty big announcement to put in your further written clarification to the Senate,” said Simon Johnson, a professor at MIT and former chief economist at the International Monetary Fund. “This is huge. The Chinese are going to be very angry.”
More at: http://www.ft.com/cms/s/0/b19b6900-e8c2-11dd-a4d0-0000779fd2...
The idea of Geithner, or any member of the Fed
apparatus, accusing some other country of "manipulating their currency" strikes me as cosmic hipocrisy. Is it his position that the Fed should have some kind of global monopoly on the practice?
"warning Beijing not to devalue its currency"? How about not devaluing "our" currency. I wonder which of his advisors came up with that little bit of bravado. Larry, Curly or Moe.
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"An economy built on fiat money is a society on its way to ashes."
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"An economy built on fiat money is a society on its way to ashes."