Wednesday, October 27, 2010

Germany Calls Out Geithner's Hypocrisy, Says Money Printing Is FX Intervention

MORE proof that Geithner/Bernanke are destroying our Country

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Leave it to Zerohedge to say it as plain as vanilla;
T.W.

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from the article linked above;



After months of US bitching and moaning about China's so called unfair exchange policies, when it is the US Fed which is the biggest currency manipulator in the world by orders of magnitude, one country finally had the guts to stand up and call out Tim Geithner on his endless bullshit. At the G-20 meeting, per Bloomberg, German Economic Minister Rainer Bruederle said that the Fed's "push toward easier monetary policy is the “wrong way” to stimulate growth and may amount to a manipulation of the dollar. Excessive, permanent money creation in my opinion is an indirect manipulation of an exchange rate." The fact that China was smart enough to peg its currency to the most rapidly devaluing currency in the world is a different story altogether, and merely confirms that they are leap and bounds more sophisticated in their monetary policy than anyone gives them credit for. If Geithner wants to prevent a relative depreciation of the Yuan versus all other currencies in the world (especially the EUR, against which it continues to be in freefall), the answer is simple: stop bloody printing!
And with Tim Geithner present, could the G20 meeting possibly not end up being a total farce? Of course not:
U.S. Treasury Secretary Timothy F. Geithner dismissed prospects of mounting criticism of the Fed’s approach in his press conference after the G-20 meeting yesterday. When asked whether he expected Germany’s criticisms to gain steam, he replied: “I do not.”
In the future, when asked if he ever had problems with being called an idiot and a moron by virtually everyone, Tim Geithner will have the same reply.
And the stand cup comedy continued.
The Treasury chief declined to comment directly on the Fed’s policy, while also saying that major economies like the U.S. need to make growth a top priority. One of the global imbalances is the disparity between rapidly expanding emerging- market economies and too-slow growth in developed nations, he said.

“We are going to continue to try to strengthen the recovery under way so we can dig out of this as quickly as we can,” Geithner said.
In other words, the Fed will celebrate the recovery "under way" by printing another $1.5 trillion in money.
It has gotten so bad that Germany is now directly siding with Brazil which spat in the face of America and decided to not even show up, demonstrating just what it thinks of Geithner's endless hypocrisy.

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