Opinion – Tim Geithner reveals in the raw how Europe’s leaders tried to commit financial suicide – Telegraph – John Gelmini

Official portrait of United States Secretary o...

Official portrait of United States Secretary of the Treasury Timothy Geithner Español: Retrato oficial de Secretario del Tesoro de los Estados Unidos Timothy Geithner (Photo credit: Wikipedia)

Goldman Sachs Headquarters, New York City

Goldman Sachs Headquarters, New York City (Photo credit: Wikipedia)

Dr Alf makes a good point. Europe and the UK are both behind the curve in deluding themselves into believing that if they talk things up enough everything will come right.

On the point about the Greeks, a child of six could see that with widespread property tax avoidance (nobody ever finishes the roof on their house or the roof of their business premises), productivity so low that it would make an English benefit recipient seem like a workhorse and Civil Servants retiring on full pension at the age of 38, that Greece was a hopeless case.

Dr Alf has said in other posts in earlier times that five important Greek families removed a lot of money out of the country and that this was the primary reason for Greece’s plight.

However, Greece does not make or sell anything that anyone wants, so other than relying on German tourists not enough was being done by that country to save itself.

Turning to Timothy Geithner, formerly of Goldman Sachs, he was the man who allegedly did not know the disposition of the $2.9 billion USD, given to Goldman Sachs as part of the bailout program, and the firm that advised the Greek Government on how best to present their shattered finances, was of course Goldman Sachs who as we were told by their CEO Lloyd Blankfein, “Do God’s work”.

Doubtless a different Goldman Sachs employee to Timothy Geithner provided this earlier advice and doubtless Mr Geithner knew nothing about this until the Europeans had decided to teach the Greeks and the rest of the PIIGS a harsh lesson.

John Gelmini

Why I think that Summers was right to withdraw from the Fed race – John Gelmini

White House portrait of Lawrence Summers.

White House portrait of Lawrence Summers. (Photo credit: Wikipedia)

Larry Summers should go back to academia or some other role to which he is better suited.

He was the man who decided to push for the abolition of Glass Steagall which gave us sound money before the financial collapse.

Thus Larry Summers was one of the people who helped to create the conditions under which the deliberately contrived financial and banking collapse happened.

Bankers, “Masters of the Universe” and those in control of them were thus able to steal trillions of dollars from almost everyone in the world and transmute it into gold, gems, investment property held by impenetrable offshore entities hidden in up to 40 different tax havens. Following this, $2.8 billion USD entrusted to Timothy Geithner, formerly of Goldman Sachs as “bailout money” remained unaccounted for. $2.9 trillion USD remained unaccounted for from the Pentagon budget in one year and another $1.6 trillion USD remained unaccounted for, for the previous year.

The $400 billion USD which disappeared to an undisclosed location in Israel when Lehman Brothers “went down” is still unaccounted for.

Practically anyone, even my neighbor’s black cat “Beckham “, would be a better choice because Summers, whilst brilliant as an economist, is a theoretician and has an abrasive rather than consensual style, not suited to the requirements of this politically sensitive role.

Whilst it is true that Summers was President Obama,s favourite choice ,this matters less and less because President Obama will be out of office on November 2016 just over 3 years from now and is effectively a lame duck.

What does matter is who he chooses instead and in Janet Yellon there is a far more capable candidate.

John Gelmini

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