Geithner wants G-7 to stop blaming China
One really interesting aspect of Dictator of Treasury Tim Geithner’s biography is that he lived most of his youth in Asia. His father worked for the Ford Foundation handing out money, and his father had met Barack Obama’s mother, who worked for the elder Mr Geithner in Indonesia.
Timothy Geithner is fluent in both Japanese and Chinese.
Worrried yet?
Despite the central bank interventions to prop up failed banks and flood the world with close to zero percent money, the London InterBank Offer Rate (LIBOR) is going back up. Almost all US Dollar denominated debt (like that owed by big US corporations and variable rate mortgages) is pegged to the LIBOR rate. If LIBOR starts to really take off again (like it did last September), the global fat lady is singing. The central banks our out of ammunition. It’s time for triage. Not eveyone is going to make it out alive.