U.S. Treasury Secretary Tim Geithner has made it no secret that if it was up to him, the IMF (International Monetary Fund) would become the World’s Central Bank – the Global bank that would make all decisions affecting the economies of the world – and most importantly de-linking the global economy from the U.S. Dollar.
Just like President Obama, Tim Geithner grew up in Asia (mostly Thailand) because his dad was working for the Ford Foundation. He is fluent in Chinese and Japanese and is a “citizen of the world”.
Two very important things happened today. December 1st was the deadline for the Federal Reserve to disclose the details of “emergency” loan programs that were created in 2008 as Bear Stearns, JP Morgan and Lehman Brothers were ready to fail.
This provision was put into the “Financial Reform” bill by Vermont Senator Bernie Sanders, who is officially a Socialist. This is probably one of the few times in my life I’ve admired something he did. At least he stands up for what he believes, even if I disagree with him. The JournOlists are probably mostly busy today sorting through the WikiLeaks data dump looking for juicy details about the sex life of the President of Argentina.
The other was the United States rushed into the void to save the European Central Bank. Germany is fed up being the piggy bank of Europe while Ireland, Spain, Italy and Portugal fritter away the wealth of Europe, as represented by the value of the Euro. The past week the Euro has been dropping vs the U.S. dollar in a contest for which can be the weakest currency. Today, the IMF (see: United States Treasury) volunteered to become the lender of last resort for the failed sovereign debt of Europe, putting us on the hook for the failures of our economic competitor – the European Union. Currency markets immediately switched direction – interest rates on US Debt went up (indicating more risk) and the U.S. Dollar started losing value against the Euro.
“Bye, Bye Miss American Pie… Drove my Toyota to the levee and the Treasury was dry – the good ole boys were drinking whiskey and rye – singing this was the day the Dollar died…”
Ron Paul is going to become the Chairman of the House Committee that oversees the operations of the Federal Reserve in a month. The “Global Reform” the banking system is working on a very tight schedule now. Pray for Ron Paul.
There are a few juicy tidbits to snack on here.
First, Geithner is a tool. He is SO bad no one can even begin to estimate the damage he is causing, as evidenced by the revelations of “emergency” loan programs that were released this week. In addition to the Porkulus Bill and TARP, there was another 3.3 trillion loaned? To Europe?
And in case you didn’t hear, it doesn’t matter where Geithner or Obama lived, or even where he was born.
Second, kudos to Vermont Senator Bernie Sanders, even if he is officially a Socialist, for forcing the Fed to disclose this info. Don’t understand his motives, but I was glad he did it.
Third, after we saved Europe in both World Wars can’t they for once save us? At least we should take the stance that they are older than us and it is time for them to act like adults and put some money in the pot.
Fourth, the only ray of hope in this deary landscape is that Ron Paul is going to become the Chairman of the House Committee that oversees the operations of the Federal Reserve. I can’t think of a better man to shed a little light on what’s going on there than him.