Geithner says US can 'no longer drive global growth'

Geithner says US can 'no longer drive global growth'

news.bbc.co.uk

 
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.

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[edit on 6/25/2010 by semperfortis]

So this was said during the g8 summit...

What is he signaling here? Could he be referring to a future with a weak US currency?

Or is he just saying, the world is getting to big/small for just us to be the only strong economy?

Is this scary or rather mundane?

What is he signaling here?

What do you think?

news.bbc.co.uk
(visit the link for the full news article)


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[edit on 6/25/2010 by semperfortis]

I don't know what exactly Geithner was referring to, but in essence he is correct. The US has assumed a role in the world that, ultimately, is neither helpful for the US nor for the world as a whole. Nor is it sustainable.

The world relates to the US in a very disturbing way. It is either blamed for every single problem known to mankind, or it is leaned on by countless billions seeking everything from aid to markets to military assistance. On the other side, the US iteself blunders around like a drunken giant, sticking its fist into all kinds of hornet's nests without realizing even the short-term implications -- to say nothing of the long-term fallout. The whole thing is a mess for everyone involved. Time for the US to go hole up and lick its wounds for awhile. Time for the rest of the planet to deal with the resulting positives and negatives.

More specifically, because Geithner is a US Treasury guy, I'm assuming he's speaking about the "mercantilist" economies like China and Japan that base huge amounts of their GDPs around selling to the US. For a whole host of reasons this cannot continue.

I never thought I'd find myself agreeing with anything this clown has to say, but I guess a stopped watch is right twice a day.



[edit on 6/25/10 by silent thunder]

reply to post by HunkaHunka


Duh, Geitner. The US economy is in the pits. It has been for a very long time, however you have done very well for yourself. I think it's time for Russia and China to take over. Economically speaking. The US has crap to give to the world. No industry that can advance the rest of the world. Nothing but a military complex that cannot support itself now.

It is time for a new superpower, This one has worn itself out. It's time for the US to get back to the basics. Producing things from within it's borders.
Now is the time to let the world go, and let some other countries spend themselves into oblivion. Meanwhile, regroup, and this time set upon a better path to provide for the most important people in this country. Our own folks. Let the rest burn themselves out in their own time.

Get back to the basics of trade, without alliances, based upon ecomomics of natural trade, not forced trade through war.

Trading partnerships, not military alliances.

reply to post by HunkaHunka


In my opinion, due to the up and coming audit of the Federal Reserve
when the American Taxpayers find out that for years their hard earned dollars
have been diverted to prop up the Central Banks and Economies of Europe,and Elsewhere, THE PARTY IS OVER. It was with Great Decency and Forethought
that the U.S.A. did this after World War II , but then it became Dependency.
He is saying, Uh -Oh, we're Bankrupt too.

Hope you enjoyed the show ...Pokie...

reply to post by Wildmanimal


While I agree, I have the sad duty to tell you.. The audit has been struck down.. The news of this got buried somewhere between the invasion from the south and the gulf oil spill.. =/

I'm far, far from and expert (and you may use that to slam me if you must), but economics is theory...not science. And this man really doesn't have a clue what he's talking about. He's just saying what he's told to say. Ultimately. He's been conditioned.

The worst thing anyone could do is believe this bile he just spewed, because that more than anything will kill us. It was irresponsible and almost treasonous of him to make this speech without qualifying it by saying something like, "If the current trend and policies continue and based on past economic indicators..."

We've hurt ourselves badly since the Reagan era. Many predicted this exact thing. Not enough listened. But it's never too late with some radical and fast action. We still have some power. We just have to stop fighting ourselves and unite to pressure our government into doing what we want them to do. Whatever that takes.

People, I'm thinking it's time to reign it in and regroup and heal our own country and get strong again with some different priorities. Time to do something like this...maybe?

The Original American Foreign Policy

We need to sanction ourselves.

reply to post by HunkaHunka


Both Silent Thunder and Kyred have it down pat, however I don't agree with
Kyred about letting someone else take over at all. We spend more on defense
than the next 10 on the list combined. I think we just need to cut back on that
and streamline our costs and upgrade our tracking of expenditures. (No more $29,000.00 Toilet Seats Etc.) Furthermore, we HAVE to reduce our Foreign Aid.
If there is anything that we should be demanding or releasing control of to
other countries, it is that. Let them "Step Up To The Plate " for a while.
Especially in the regard to Humanitarian Aid.!!! Everyone complains about the
U.S. But they certainly don't mind depositing our checks do they? One final note
on the Pentagon. I truly believe that we could spend HALF of what our budget
is now, and still maintain Superiority for the American People, and our Allies
around the world. But it would Sure Stir up the Stew..... Well, SOMEONES gotta cook it right, or at this rate, it wont be fit to eat.If you catch my drift.

reply to post by PayMeh


I believe it is watered down, but still a one time Audit of the Federal Reserve.
I will try to back up my claim, but if you can enlighten me please feel free.
Thanks..Wildmanimal

Originally posted by PayMeh
reply to post by Wildmanimal

 

While I agree, I have the sad duty to tell you.. The audit has been struck down.. The news of this got buried somewhere between the invasion from the south and the gulf oil spill.. =/

You sure about that? This is the latest news that popped up when I searched google.

www.washingtonpost.com...

reply to post by ~Lucidity


Well yes, apparently our foreign policy in the beginning was "Don't Get
Involved with their Money Trap". For Good Reason. Yet we have become
the Octopus with tentacles around the globe. You know how it is when you
got a good squeeze, you just don't want to let go of that Gal. Even though
your dry. Well that appears to be the scene, and there is no director with
the stones to say "Cut" . Go to the Credits, "The End".
Too bad too, because there is a new script, a new actress, and a new Hero,
ready for "action".

reply to post by HunkaHunka


Well at the risk of being called an American hater for speaking the truth. What he is saying is that because of the GFC and the fact it cost the US 23.7 trillion so far over just a few years. That the sun has actually set on the US empire and it's going into decline.

It is going to lose it's super power status.

The banks hurt America very badly and we are only seeing the begging of the amount of pain and trouble they've caused.

Both the UK and USA are in very deep trouble right now. And I fear for their future.




I found this series to be rather informative. But there are so many other facets to this problem like Magnetaur and Goldman and Synthetic CDO's.

And unfortunately there seems to be little of any solution in the reform bill. This is going to happen again. And next time it does the USA will die.

reply to post by aeabdo11


Thank You! The Audit is still standing, and gaining momentum. Thanks for
the quick link! I am new here, and do not understand how to do that yet.
I only know how to : Open a new browser page, highlight URL, copy,and paste
to (in this case) the ATS post page. Any tips would be appreciated.

Originally posted by ~Lucidity
The worst thing anyone could do is believe this bile he just spewed, because that more than anything will kill us. It was irresponsible and almost treasonous of him to make this speech without qualifying it by saying something like, "If the current trend and policies continue and based on past economic indicators..."

You just don't get it.

I don't know what happened to all the well informed posters on this board it's like they've left.

But I will try and fill you in as best I can. There is much research you must do if you are still at this stage of understanding. I don't say this because I think you're not smart or whatever. I'm saying this because you have to know this and if you don't you probably won't live.

What Geithner is saying. He should have said 2 years ago. Right now he is significantly understating the problem and the US economy is only a few years away from total collapse.

The banks debts are so large they can never be repaid. And the American people have been forced to pay all their wealth into a bottomless black hole created by lax regulation.

This has created a sovereign debt crisis. And even though BIS says USA GDP will not exceed 100% until 2013. Many estimates already have it at 130%

Unemployment is high. The housing market is collapsing. Nobody actually has any money and the markets are controlled by High Frequency Trading bots.

They have done nothing at all to warn you to prepare. And if you are not prepared you will suffer just like Weimar Germany.

Don't take this as some crazy conspiracy theory. Start stocking up on food and fuel now because you will need all you can get.

Also, look at getting as far out of town as you can.

reply to post by belial259

Oh, no. Barring some unforeseen event that faces all of us, prepared or not, I'm going to live. Trust me. And so is my family. I'm a second generation survivalist and second generation conspiracy theorist and was born prepared. And by the way that first generation survived the Nazi work and death camps. But thanks for the concern.

And part of the point I attempted to make above but probably failed miserably in making due to lack of sleep, is that economics is smoke and mirrors and manipulation. And that includes the banks. The Fed needs to be exposed. And reigned in if not downright toppled. I understand all that. But we can manipulate the economy back...not without much pain. A lot of pain. All I was saying is that it might not be too late.

reply to post by belial259


Intuitively, I know you are right, and I am actually as well prepared as I can
afford. However, I would like to think that there is a way out. Not unscathed,
but an actual solution. You know as well as I do, there is a way. In the U.S.
there are 300+ Million of us , and "How Many of Them?" I mean really.
1 % of the total would be 3 Million. So what would their odds be?
I think we could change their minds real fast if push comes to shove.
Savvy?

reply to post by Wildmanimal


Look you've got the ability to. It wouldn't be easy but it could be done.

But the sad fact is America is so divided right now and not many even understand what has been done to them. Or the level of fraud being committed by their own government against them for the benefit of Too Big to Fail banks.

Most believe that what Obama says is true. That the TARP funds of $700 billion were all that was spent to bail out the banks and the economy is in recovery.

US debt clock

This is where you stand right now roughly. In the next few years I fully expect to see all entitlement programs cancelled.

Many of the states and local governments are flat broke or heavily in debt.

California especially is in big trouble. So is NY.



This movie is very informative. But I don't agree with some things in it. And it doesn't appeal to everyone because they have some left/right thing going on. I'm not one to pick sides so I can watch it.



Fairly long speech. But very well done and very accurate. Faber basically says what will happen and I believe him because I thought the same before I even watched this.

And I've heard more sources more or less say the same thing.

We're going to see the US use Quantitative Easing one more time to try and balance things out. But it's just another quick fix.

I don't think this will happen until after November. But I could be wrong.

After that there will need to be a major war to keep the US economy going.

reply to post by belial259


Yep im starting to see entitlements get cut way back...


It's prolly going to get crazy... Time for families to move in with each other

I can fit three more. But you have to work for it.

Whether he is telling a version or facsimile of the truth I will leave you to decide. But remember please. Geitner is a politically-appointed shill for the Federal Banking System and everyone in our government KNOWS it.

The words of corporate insiders regarding the desired conduct of their cattle does not sway me half as much as the reality which we can all see around us. I know many people don't 'internalize' the fact but there is a serious dysfunction in the application of any economic theory that literally funnels the wealth of the world into the hands of a tiny group people who neither toil nor produce anything AT ALL....

And our political-social climate is driven and stoked by a Media which is owned by them and creates endless desire and consumerism while shielding corporate entities from the liability of their actions.

Geitner is part and parcel of that paradigm. So is the G8, so is the G20....

These are all BANKERS deciding the fate of nations based on the profitability of their corporate ventures. WELL OVER 99% of the wealth in the hands of FAR LESS THAN 1% of the people.

Are we learning yet? - ("It's a club and we ain't in it!" - Carlin)