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US Treasury Secretary Timothy Geithner has unveiled a comprehensive $1.5 trillion (£1.02 trillion) bank bail-out plan to beat the financial crisis
"The G7 is made up of debtor countries, countries like the United States, Britain, France, Italy - these are all borrowers.
"There's no surplus countries in that. If you look at the structure of the IMF the Chinese get 3.7 per cent of the vote, the Indians get 1.9."
"The Europeans and the Americans get 51 per cent and there is just now way the Chinese communist party is going to hand over control of their currency and their political fortunes to a Washington-based, US Treasury run institution."
"The top 200 financial institutions in the world have suffered an average loss of value of 74 percent. What we need is a completely new global political and economic settlement. Get rid of the old G7, get rid of the old IMF, we’ve got to bring the surplus countries into the political framework. There’s just no way the Chinese Communist Party is going to hand over control of their currency and their political fortunes to a Washington based U.S. Treasury run institution. So this is going to be a complete resettlement. We’re not going to get out of this. The United States budget cannot reflect the world. We’ve always been in a situation where the United States budget could reflect the world. This is not going to happen now. See, the budget this year was gonna be $850 billion, now President Obama’s talking about another trillion, so $1.8 trillion. They’re GDP is $13 trillion so their running a budget deficit this year of 15% of GDP and they’ll do this for three or four years 16% of American GDP. Who’s going to buy the bonds? Every serious American policy maker knows that they’re not going to be returning value, in the end they’re going to inflate their way out… the debt will be so overwhelming that it cannot be repaid.”