US Treasury Secretary Timothy Geithner has told the BBC that the world “cannot depend as much on the US as it did in the past”. He said that other major economies would have to grow more for the global economy to prosper.
He also played down any differences in policy between the US and Europe regarding deficit reduction.
Mr Geithner was speaking in Washington ahead of G8 and G20 meetings this weekend in Toronto.
He said all members of the group were “focused on the challenge of [building] growth and confidence”, and would be working to this end at the meetings.
The Group of Eight and Group of 20 rich and developing nations are assembling on Friday for three days of talks on emerging from the worst financial crisis since the Great Depression. (Read more.)
B.S. Report–So the government creates a Recession/Depression through their own irresponsible actions and then Geithner shows false contrition by saying the U.S. can’t be the global economic engine it once was. The real truth is that if the government would take its shackles off the private sector and allow it the freedom to operate, that act alone would unleash the usual flurry of economic activity and free us from our present malaise.
But our government has no desire to relinquish any of the ill-gotten, unconstitutional power that they presently have over our economic system. Instead, they are in the process of a total “Wall Street” overhaul that will vastly expand their power over us. The protective safeguards of our Constitutional “check and balance” system have been breached and there’s very little that we can do about it…
http://news.bbc.co.uk/2/hi/business/10406463.stm
