FedUpUSA

Geithner: Douche Extraordinaire

 

 This tops his TurboTax excuse…..

Treasury Secretary Timothy “Fuck-You” Geithner said a damaging dynamic of large economies keeping their currencies undervalued can cause quicker inflation and asset bubbles, and restrict growth.

More and more countries face stronger pressure to lean against the market forces pushing up the value of their currencies, Geithner said in remarks prepared for a speech at the Brookings Institution in Washington today. The collective impact of this behavior risks either causing inflation and asset bubbles in emerging economies, or else depressing consumption growth and intensifying short-term distortions in favor of exports.

Oh, and you were holding a mirror in front of your face while pontificating on this?

What the hell do you call this Timmy?

That’s a 13% intentional devaluation of the dollar, with half of it in the last month.

So let me see if I get this.

We bitch about China intentionally maintaining a peg to our currency which we devalue on purpose, and by doing so, they devalue theirs as well. 

But who’s doing the devaluing Timmy, and why aren’t you taking your potshots at Ben “I’m gonna make gas $5/gallon” Bernanke?

I mean, look – Japan is clearly tampering with their exchange rates, and so are other nations.  But then again, so are we, and we’re doing it just as intentionally and with malice aforethought as everyone else.  Indeed, we even have folks in The Fed who admit they’re tampering with the dollar’s value as an express tool to support asset valuations – that is, doing exactly what you claim other nations are doing (creating asset bubbles)!

What’s worse is that we started it – in 2007 and even before, going back to 2002.

So cut the shit you lying piece of crap.  You seem to think that you can bitch and whine about other people following your lead, when you’re the one setting the standard. 

If you want other nations to take you seriously then you have to do what you say is right.

Otherwise, you’re just a

smiley

and what’s worse, Bernanke and Paulson tried the same crap in 2007/08, and it didn’t work to “support asset prices” then either.  Instead it added to an already unstable situation and was one of the proximate causes of the stock market collapse.

The difference is that when (not if) the same thing happens this time the policy measures available to try to arrest that have already been spent.

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