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Dear Treasury Secretary Geithner:
I noticed you recently told the Japanese press that you intended to maintain a strong dollar, and that the Obama administration would bring the U.S. fiscal deficit back to a "sustainable balance."
Tell me, don't you feel your nose extending like Pinocchio's when you tell these fibs to innocent Asians?
The dollar is not strong. In fact, it's sinking to record levels of weakness, and it's going to stay that way, for three reasons:
These changes you suggest sound excellent, if this administration would only listen to reason. They really need to do something soon. The job to job-seeker ratio has gone from a little over 1 job-seeker for every job to now over 6 job-seekers for for every job available in less than two years and I feel that the proposed policies of this administration are just keeping the trend moving forward.
While looking at the dollar position is getting weaker day by day. it seems that Mr.Geithner is living in fool's paradise. In the way the chinsese is trying to weak the dollar should be very much concern for obama administration.
Right now it is very difficult to come out from the present shadow which engulf the U.S Economy. Needs to take a realistic mesaure to counter the chineses onsault.
Hello, I read your article with interest. i think the world is coming together as one closely connected entity. If you look up from 10,000 miles high in the sky, you will see one tiny place where we live. So this little speck called USA has to learn from rest of the world to live within means. I do, so does billions of people, that is why they are able to export to USA. 45% of the people in USA are debt free. So who are we talikng about? About 150 million people. USA must get out of the habit… Read more »
I believe that "future markets" are a gamble used for speculation !! Produce nothing !!! Only inflation of prices !!! Obama had to put an enourmous taxation on it !!! I didn't hear that one country bought even one barrel of petroleum at US$ 140.00 !!!
Pure gamble !!!
Excellent recommendations, but not likely to be adopted by the present Obama Administration. [They may feign adoption of some of these measures, but only in very minimalist ways to provide them with propaganda opportunities.] If you consider all they have done and are working feverishly to enact, their true agenda become apparent — fundamental change in the form of diminishing if not destroying the historical foundations of USA and replacing them with socialism and fascism as they seek and promote formation of a one-world government run by elitists like themselves. They seek total control over the lives of their subjects,… Read more »
Mr. Geithner continues to be either disingenuous or disengaged from reality or both.
What USA do now, was same in Former Yugoslavia.Inflation and artificial money. Good life, high standard. Everybody knows how Yugoslavia ended. USA wake-up.
I believe Tim is but one head of the same hydra (which is this current administration). The end game of which is power and control of the American economy and the American consumer. A growing federal dependency can all but guarantee a permenance for the democrat party. So Tim jawbones about a strong dollar all the while supporting a weak dollar stance. With the direction this country is heading under the Obama administration it should scare the hell out of ALL Americans. Is it any wonder why more American corporations are planning to go off shore?? MK
With all these billions and trillions in hand-outs for the so-called bail-outs and/or economic stimulus, makes one wonder if some of those left-overs on the table are actually being siphoned-off (right under our very noses under the table) by those "foxes-in-charge of the hen-house". [who couldn't resist the temptations, given the right opportunity?] Ow come on!…These people (POLITICIANS/FEDS/BANKERS ETC.) are professionals and not dumbos, they can use all kinds of "legal" means to hoodwink us in the name of saving the economy (while lining-up their own pockets at the same time and scheming their scams to wipe-off some of the… Read more »
An Eye-opener… A lesson in history, FOOD FOR (deep) THOUGHT: (VVIP voices… WARNINGs & Premonitions from the distant PAST) The American Revolution won for the American people political independence from Britain, but not financial freedom. Thomas Jefferson warned: “If the American People ever allow the Banks (FEDS?) to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow around them will deprive the people of all property, until their children will wake up homeless on the continent their fathers occupied. The issuing moneys should be taken from the banks and… Read more »
LOL
37 cents of every taxed dollar goes to the Department of Aggression…
From far away (Italy) I'm having the impression that the US's authorities are "a bit embarassed" regarding concrete future. No problem to understand them in front of so many difficulties. But I'm convinced that, INTERNATIONALLY cooperating, they will succeed with patience and….PATIENCE.
Good luck for everybody.
Aided by Hollywood, the greatest propaganda mill ever, the US shouts that it is a democracy. It isn't. Technically, it – like Britain – is an electorally-alternating binary oligarchy. And the difference matters. A pair of near-identical elites compete for power. You don't believe me? Try running for serious office while admitting significantly-divergent views. You need a party organisation to win – and neither will sponsor you. You need huge sums for your campaign – which you won't attract. (Incidentally, do you hallucinate that it's happenstance that these cost so very much?) Your government, like ours in UK, is in… Read more »
Dear Martin, Your open letter seems to be anwered by Congress ASAP (that was fast, ain't it?) LOL! So what do you think ot this latest outcome? LATEST news from Congress: 20/11/09…. Two buildings away, at a session of the Joint Economic Committee, Republicans escalated their attacks on Treasury Secretary Timothy F. Geithner, including a call for his resignation. "Conservatives agree that as point person, you failed. Liberals are growing in that consensus as well," said Rep. Kevin Brady (R-Tex.). "For the sake of our jobs, will you step down from your post?" Rep. Michael C. Burgess (R-Tex.) took a… Read more »
Martin, I just loved this part:
Rep. Michael C. Burgess (R-Tex.) took a different tack. “I don’t think that you should be fired,” he told Geithner. “I thought you should have never been hired.”
WoW!! Couldn't have been better said! (there's a rhyme to it too: "fired & hired")
Do you agree?
… and my own personal "dearest wish" of all is also coming true at last, after waiting for generations! This I think, is the best X'mas present for the American people (gift in advance) and I'm quite sure it will open-up a whole lot of "other" Pandora Box of startling gifts in terms of eye-popping "revelations" that of course you Martin & I know existed all this while. I just hope USA is ready for this. Thank God! The prayers of our forefathers of the past (above) are also being answered: "AUDIT & ACCOUNTABILITY FOR THE FEDS!!!!" AT LAST!! WHAT… Read more »
So sell US Dollars and buy Australian Dollars (Audies).
Just the interest on the national debt is unsustainable; since it is not being paid. The interest alone will double the national debt about every 7 years. This is geometric: 2, 4, 8, 16, 32, 64, 128, 256, 5012, 1024. So at the end of 70 years the debt will be 1000 times as large as today, even if the government did not run a trillion dollar deficit. So the crash will come sooner than 70 years. What should be done (but won't be): Five men on the Supreme Court should uphold the Constitution where it says only the Government… Read more »
Nice post! I believe that "future markets" are a gamble used for speculation !! Produce nothing !!! Only inflation of prices !!! Obama had to put an enourmous taxation on it ! The American Revolution won for the American people political independence from Britain, but not financial freedom.