Today, the stock markets plunged off a cliff when they learned, the Chinese will not bail out the entire world’s economy by spending money. The Chinese people want the money to be spent on GOLD! Wow. And nearly all of the candidates Obama wants for our Treasury and other systems are withdrawing due to being a bunch of well-connected creeps. Good riddance. When will Obama look outside of the ingrown circle of idiots and find someone with some morals, a brain and some ability for analysis? HAHAHA.
WASHINGTON — Two candidates for top jobs at the Treasury have withdrawn their names from consideration, complicating already troubled efforts by Treasury Secretary Tim Geithner to staff his department at a time of economic crisis, according to people familiar with the matter.This sordid story pulls back a very small corner of a very nasty blanket. Geithner should have never been allowed to take over the Treasury nor should his stewardship of the Bank of New York be allowed to go unexamined. The dark heart of many of the scams and Ponzi schemes destroying our banking system beats at this particular branch of the Federal Reserve.
When we learned that this man, Geithner, didn’t pay his taxes correctly, his ability to be the head of the IRS was impossible. It still is. This criminal is so anxious to protect his true community, namely, his fellow ethnic/religious friends, he blustered his way into office with the help of fellow tribe members in the Obama administration.
All the names of the people withdrawing from consideration are of the same tribal affiliation. Their prominence and rise to power were paved by religious connections.
Attempts at getting everyone to ignore all of this is nearly impossible at this point. I keep saying, creeps like Stanford and Warren are NOT Jewish at all and are ponzi schemesters or con men but they are not running our economic system by running the regulation sections and the government/banking interface.
Annette Nazareth, who was expected to be tapped as deputy Treasury secretary, and Caroline Atkinson, who was being considered to oversee international affairs, have both taken their names out of the running, these people said.
Annette L. Nazareth was appointed by President George W. Bush to the Securities and Exchange Commission and sworn in on August 4, 2005.Prior to being appointed a Commissioner, Ms. Nazareth served as the Commission’s Director of the Division of Market Regulation, a position she held from March 1999 until August 2005. As Director, Ms. Nazareth had primary responsibility for the supervision and regulation of the U.S. securities markets, principally through the regulation of brokers and dealers, exchanges, clearing agencies, transfer agents and securities information processors.
This is the last person on earth, Obama should consider for ANY position. She should be arrested. True, she was at the helm only the last 3 years but what a last three years, this has been! Anyone even faintly associated with supervising brokers, dealers and exchanges, etc, is suspect. At best, incompetent.
Significant initiatives adopted by the Commission during her tenure include: execution quality disclosure rules, implementation of equities decimal pricing, short sale reforms, implementation of a voluntary regime for consolidated supervision of broker-dealer holding companies and modernization of the national market system rules. She joined the Commission staff in 1998 as Senior Counsel to Chairman Arthur Levitt and served briefly as the Interim Director of the Division of Investment Management.
Ms. Nazareth served as the Commission’s representative on the Financial Stability Forum (FSF). The FSF promotes international financial stability through information exchange and international cooperation in financial supervision and surveillance. The FSF brings together on a regular basis national authorities responsible for financial stability in significant international financial centers.
If this woman was hard at work on financial stability issues since 1998, she is part of the problem, not part of the solution. In the case of modern finance, the rot at the core is so intense, so entwined within the systems for regulating things, only total outsiders can clean house.
Across the administration, several potential candidates have been blocked by the Obama administration’s tough rules about who it will hire. In addition, the White House increased the rigor of its vetting process after tax problems threatened Mr. Geithner’s confirmation and scuttled that of former Sen. Tom Daschle.
What we must assume from this news is, all of them have tax problems. I think all the people in the government and the IRS should be audited and this should be very thorough. So much corruption has crept into the systems, all parties should be assumed to be malfunctioning or malingering. If not outright criminally engaged.
The withdrawals aren’t confined to the Treasury. Susan Tierney recently withdrew her name from consideration for the job of deputy secretary of energy for what a person close to her said were family reasons. Jane Garvey recently withdrew from consideration for the deputy secretary post at the Department of Transportation, according to people familiar with the matter.
People familiar with the matter said Ms. Nazareth and Ms. Atkinson withdrew in part because of the long vetting process, which had dragged on for weeks and included several rounds of intense questioning. Treasury is now said to be considering another person as deputy — H. Rodgin Cohen, chairman of top law firm Sullivan & Cromwell LLP, who has been an adviser to virtually every firm on Wall Street, two people familiar with the matter said. Mr. Cohen declined to comment.
Mrs. Atkinson is an IMF person who is also a Council of Foreign Relations person and I presume, happily attends all those hyper-secretive Bilderberg meetings, etc. She doesn’t want us poking around in her life, too. Being an IMF person, she is one of the army of hypocrites who dictate harsh terms for everyone but the ruling nations like the US or England. The imperial powers wish to have this double standard and she benefits from this boon.
America’s Crony Capitalism – Council on Foreign Relations is an editorial written by her in 2002. She laments the crimes of Enron and Global Crossing and compares this with the Asian Currency Crisis and the Argentine inflation episode of 1998.
What amazes me is, she calls this ‘crony capitalism’ but doesn’t explain how these cronies work: via political donations in elections and lobbying efforts in DC. Enron bought many politicians including Bush Jr. A simple thing to write! She didn’t write it nor mention how these cronies congregate or socialize, either.
I am going to return to Mrs. Atkinson’s later editorial, Forget Sovereign Bankruptcy Plans – Council on Foreign Relations later in this article.
Ms. Nazareth’s ability to get the job may have been complicated by her previous role at the Securities and Exchange Commission, where she ran the division with oversight of financial markets, including what were once the nation’s investment banks.
Some on Wall Street had raised concerns in the Senate over Ms. Nazareth’s role as the founder of the SEC’s Consolidated Supervised Entities program, which was created in 2004 to coax global investment banks to voluntarily submit to regulation, according to people familiar with the matter.
The five major investment banks no longer exist. They have either been acquired, filed for bankruptcy protection or reorganized as regulated banks. Many people cite their ill-advised bets on the mortgage market as one cause of the financial crisis.
The program was abandoned in September 2008 after then-SEC Chairman Christopher Cox declared it “fundamentally flawed from the beginning.”
Ms. Nazareth’s role in creating the program had come to the attention of the Senate Finance Committee. Because her nomination hadn’t been formalized, any effort to delve into her role in the failed regulatory regime never got beyond the early stages.
She is obviously pure poison. I am glad she is going back under a rock. I hope we never see her name again but alas, she lurks inside of the system, doing her dirty work. Which is, to protect the various empires of wealth of people who associate and socialize with her and give to the same charities and hold the same international positions vis a vis Israel.
The withdrawals come amid growing concern about the lack of staff at Treasury as it tries to grapple with an unrelenting financial crisis. Mr. Geithner is the only official to be nominated, let alone confirmed.
Paul Volcker, an economic adviser to President Barack Obama, recently called the lack of staff “shameful” and said Mr. Geithner “shouldn’t be sitting there alone.”
Oy Veh! There has to be someone who can be used to protect the status quo! They are running out of obvious candidates. The idea of going outside of this charmed circle is not even entertained.
Caroline Atkinson, Adjunct Senior Fellow for International Economics May 17, 2002 Financial Times
Rather than ponder new ways for dealing with failing countries, the IMF should use better the tools it has.
The main tool the IMF uses is to end all social spending and to enable vultures to come in and pick apart the carcass of any unfortunate nation that falls in arrears. The cruel methods kill people which is why we have ‘IMF riots’.
Question: when is a country not like a company? When it has run out of money. A company can declare bankruptcy. A country cannot. Debt work-outs for companies are guided by domestic bankruptcy laws. Debt work-outs for countries are not. They can be long and messy.
‘Messy’ is her cute, little girly way of saying, ‘Oh my, look at all the dead bodies! Houses are burning! People are screaming. Look at the starving children! Oooh!’ Long means, ‘Oh dear, they are still dying?’
It is little wonder that the International Monetary Fund and creditor government officials struggling to manage emerging market financing crises are seeking new ways to resolve them. The debacle in Argentina adds urgency. Yet the boldest proposal – a sovereign bankruptcy procedure drawing on the analogy with companies – is likely to prolong debate, not resolve it. The less ambitious US Treasury plan – a renewed effort to press for bond clauses to facilitate orderly debt work-outs – also falls short.
The ruling elites who control the global banking systems and who hobnob at Davos and at Bilderberg soirées are delicately not mentioned by this squeamish IMF female. Paying off the debts is the #1, #2 and #3 business. But hark! When the home bases of these entities is in trouble, they get to play the ZIRP game which is why the #1,#2 and#3 economies , the US , EU and Japan all get to give themselves ZIRP loans when in trouble. God forbid, Argentina gets to do this!
Neither scheme would have stopped Argentina’s collapse or made its problems more tractable. Declaring default without changing the currency peg would have triggered more capital flight. Better procedures for dealing with bondholders now would not address the imploding financial system, the crumbling economy and the threat of hyperinflation.
HAHAHA. No wonder she doesn’t want the Obama appointment! It will be happier for her to hang out with her internationalist banking buddies and apply the thumbscrews on us from over in Europe.
Conversely, if Argentina restores financial stability and a credible framework for growth, its creditors will be keen to strike a deal. In crises from Mexico to Turkey, debt problems are a symptom as well as a cause of economic trouble. Resolving them requires reforms, notably exchange rate changes that, although needed for growth, cut living standards in the short term. Identifying the reforms, persuading countries to implement them and being ready to stop lending if they do not are the challenges.
OK: she, the sheltered female hyena, even mentions the sad need to ‘cut living standards’ to fix things. Got that? Ready for it? Her job will be, to tell us how to ‘reform’ ourselves. Well, first reforms are arresting the many criminals involved and there are a lot of them. The IMF prefers despots so I am betting, they are hoping to find some hard-edged individual who will reduce our standard of living and force us to pay our debts…TO JAPAN, CHINA and the PIRATES. The offshore pirate tax dodgers. Like Mitt Romney, GOP governor of Mass. and presidential candidate.
Energy should be focused not on the mechanics of debt work-outs but on three deeper issues. First, how to judge when a country cannot pay its debts without crippling its economy. Second, how to strengthen the international community’s will to deny money when policies stand little chance of working. Third, how to use existing tools to push debtors and private creditors towards agreement.
READ HER CLOSELY! She specifically says, ‘DENY MONEY when policies stand little chance of working.’ China is going to do this with IMF blessings? You bet! And I love the ‘Push debtors and PRIVATE creditors towards agreement’! The privateers are pirates who created this mess via the ZIRP Japanese carry trade!
When crisis hits, it is hard to tell whether policy reform and temporary official financing will be enough to restore investor confidence. In a few cases, debts may have to be restructured. Tough judgments are involved in deciding when restructuring is the only option and how to share the pain between debtor countries and their creditors.
Sharing pain! HAHAHA. She probably means, ‘If you are weak, you pay, if you are strong and have nukes, you don’t pay.’ Except China has nukes and is the creditor here, not us. The pain we might share might be a war sort of pain.
The IMF is the only body with political legitimacy and the technical ability to make such judgments. It should do so with more transparent guidelines on debt sustainability. Its programmes already require assumptions about a country’s ability to raise taxes, cut spending and borrow. What is needed is a more open acknowledgement of when debt restructuring is needed to make these assumptions add up.
HAHAHA. The IMF will FORCE us to raise taxes and then all the money will go to our creditors: Japan, China and the pirates.
This entire article enrages me no end. Why did Obama pick this human shark? Take a wild guess. The US has shirked paying taxes since the Reagan Tax revolt. This stupid revolt has put us in debt to our most dire trade rivals. Our future taxes will go to Japan, to China, not to us.
Today, I had some email exchanges about Japan’s debts. The person said to me, people think Japan will go bankrupt. I said, ‘No, they owe 87% of their debts to Japanese. We owe tremendous debts to the Japanese. We are the ones in trouble, not they.’ Japan has no worries about their own debts, we will pay them in the future! OUR taxes will make China stronger, too! This is the difference between a ‘creditor’ and a ‘debtor’ nation. The IMF recently got a cheap loan from the Japanese so the IMF can lend it to say, Iceland. There are few places the IMF can go to for money to lend out to deadbeat nations.
Deutsche Bank U.S. economists Joseph LaVorgna and Carl Riccadonna expect first-quarter Gross Domestic Products to shrink by 8 percent, steeper than the 6.2 percent fall in the fourth quarter.
“However, the risks are skewed heavily on the downside, so we would not be surprised after revisions, if output end up being down closer to minus 10 percent,” they wrote in a research note released on Wednesday.
The economic news is grim. Stocks fall 1,000 points and then go up 250 and everyone cheers. But it is all just a slinky going down the staircase of history. I read this night, 67% of Americans want more war in Afghanistan! This is pure lunacy. It is like Argentina going to war over the Falkland Islands. Both the British and the Argentines couldn’t afford that foolish war.
In a survey of major Chinese economists, more than two-thirds are reportedly bearish on the prospect of China increasing its holdings of US government bonds, and believe instead the nation should putting more of its hard-earned into gold.
This news is hot news if you are holding or buying gold! The ancient monetary value potential of gold is very alluring. Like a distant statue of a goddess seen from afar, she shines in the murk.
According to a China Business News survey of 70 Chinese economists (including one foreign economist), the exact figure is 71.4% anti-bonds and pro-gold.
The use of China’s huge foreign exchange reserve is a topic of concern and controversy. The remaining 28.6% of those polled believe China should continue to buy U.S. Treasury bonds. 38.6% think that China should not continue to buy, but also should not to sell US bonds. 32.8% believe thatChina should unload the bonds, 22.8% of whom think we should have a slight sell-off, while 10% think China should drop them like a bad habit.
And the IMF and all the spend-thrift central bankers of the West worked very, very hard to convince everyone, gold is stupid and useless. All that effort, down the drain! I predicted that China, when it takes over from us, will impose a gold standard and since we owe them, will demand possession of our gold reserves. End of story.
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