World Must Cut Deficits, Not Rely on China: Wen

[BlackSheep]

Chinese Premier Wen Jiabao, facing calls to widen support for indebted European countries, signaled that developed nations should cut deficits and open markets rather than rely on China to bail out the world economy.

http://www.bloomberg.com/news/2011-...must-cut-debt-and-deficits-increase-jobs.html


Just when you think you can guess what might happen the unexpected happens

I seem to say this every day now, but here I go again - tommorow is going to be an interesting day.

 

[systematic]

just another stage in the plan to buy up the world's hard assets

through legalised counterfeit of currency

represented as a fiat system driven by fiscal irresponsibilty

subject to the foibles of avarice and greed

fiat is a cancer - eating the world from the inside out

 

[SilverMark]

U.S. Treasury Secretary Timothy F. Geithner will press EU finance ministers to do more to combat the crisis when he meets with them this week, a euro-area official said.

That would be rather hypocritical of Geithner if true...

Interesting read, cheers

 

[projack]

U.S. Treasury Secretary Timothy F. Geithner will press EU finance ministers to do more to combat the crisis when he meets with them this week, a euro-area official said.

That would be rather hypocritical of Geithner if true...

Interesting read, cheers

Eurozone banks own 70% of the Greek debt, but 50% of that exposure is insured against default? And who issued that insurance? US institutions

 

[jpanggy]

U.S. Treasury Secretary Timothy F. Geithner will press EU finance ministers to do more to combat the crisis when he meets with them this week, a euro-area official said.

That would be rather hypocritical of Geithner if true...

Interesting read, cheers

Eurozone banks own 70% of the Greek debt, but 50% of that exposure is insured against default? And who issued that insurance? US institutions

Demonstrating the point that they deserve to die.

 

[Au.Ag.Mzch]

I think Robert Kiyosaki best summed it up when he said that the world's derivatives, credit default swaps/options, bond markets and so forth as being like 100 of the world's most prominent financial experts and politicians all sitting around a massive table, and then when the bell rings everyone starts frantically writing IOUs to one another in a desperate frenzy - then when the music stops and it all comes to a halt, attempting to try and sort out who owes what to who :/

 

[SilverMark]

guess I wasn't the only one thinking Geithner was a big fat hypcrite going to EU and telling them what to do:

Two years after being laughed out by a bunch of Chinese students, Tim Geithner realized that his hypocrisy may pass muster in the Beltway, but the crowd is tougher across the Atlantic. As Reuters reports, the much anticipated meeting between Geithner and the euro FinMins in Wroclaw, Poland, lasted all of thirty minutes and if nothing else managed to unite the Europeans... in their ridicule and derision of the man that has become a global muppet caricature. The litany of quotes needs no explanation: "I found it peculiar that even though the Americans have significantly worse fundamental data than the euro zone that they tell us what we should do and when we make a suggestion ... that they say no straight away," Maria Fekter, [Austria's Finance Minister] told reporters afterwards, recalling a difference of opinion between Geithner and German Finance Minister Wolfgang Schaeuble on how to reinvigorate the euro zone and tax financial deals." And the kicker came from Belgian Finance Minister Didier Reynders, who responded 'tartly' that "We can always discuss with our American colleagues. I'd like to hear how the United States will reduce its deficits ... and its debts." Alas, as Tim has found the hard way, being one of the biggest offendors when it comes to collapsed economies does take away from his credibility. So if we may suggest, Timmy should i) focus on fixing the US economy, and since he has repeatedly failed at that ii) to immediately resign.

http://www.zerohedge.com/news/europ...ed-states-will-reduce-its-deficits-and-its-de