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Posts Tagged ‘Timothy Geithner’

President Barack Obama and Warren Buffett in t...

I didn’t have as much patience as some did, and tuned out near the beginning when he talked about spending money to hire teachers and police officers, and instructed the States that they need to make high school mandatory until age 18.

Here in Canada, our Prime Minister wouldn’t dare get involved in the provincial issue of education to the degree Obama did.

He indirectly brought up Warren Buffett, who pays a lower effective tax rate that his secretary. I wrote an article in 2010 about Buffett’s three major inconsistencies. He said derivatives are weapons of financial mass destruction, yet subjected his shareholders to billions in losses from them, he said you shouldn’t buy banks, since they can cook their books 10 ways from Sunday, yet he bought a big share in Goldman Sachs and then Bank of America, and he said not to invest in capital-intensive businesses, only to make his largest-ever investment in a highly capital-intensive railroad.

Since then, Buffett has claimed that making Tim Geithner the Treasury Secretary was an excellent decision, and that Bernanke did a great job since the 2008 financial collapse, and deserved his reappointment.

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Warren Buffett speaking to a group of students...

Warren Buffett showed his bankster and Wall Street insider sympathies on the September 30, 2011 episode of Charlie Rose.

At 26:54, he said:

The decision to make Tim Geithner the Secretary of Treasury was a terrific decision.

Yes, that’s correct. He’s talking about Tim Geithner, the guy became U.S. Treasury Secretary despite not even being able to figure out TurboTax, the guy who made Chinese students laugh when he tried talking up the dollar, the guy who issued a debt limit threat, and the guy who claimed the U.S. would never lose its triple-A credit rating a year before it did just that.

Seriously, Warren? Are you telling me that kind of track record got your company to where it is today? Oh that’s right — you turned your back on the principles that made your company great, as I outlined in this article.

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Timothy F. Geithner, Under Secretary of the Tr...

In May, 2011, Treasury Secretary Timothy Geithner held up a pocket copy of the U.S. Constitution, and made the audacious claim that the Congressional debt limit is unconstitutional, citing Section 4 of the Fourteenth Amendment, which reads in part:

The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.

The nerve of him to claim the federal debt limit is unconstitutional, since he was previously the head of the largest of the 12 privately-owned regional banks of the illegal and unconstitutional Federal Reserve System.

Despite the 1819 U.S. Supreme Court ruling in McCulloch v. Maryland, which effectively ruled that a private central bank is constitutional, a private central bank was regarded as unconstitutional by the Father of the Constitution, James Madison, and by Thomas Jefferson, and is unconstitutional by a plain reading of the Constitution, which states that Congress has the power to coin money.

I think most Americans would regard the delegation of Congress’ power to declare war to a private entity to be ridiculous, but what about delegating its power to coin money?

Not only is Timothy Geithner a hypocrite on one count, he’s also a hypocrite for previously threatening that Congress is going to have to raise the debt limit he now claims is unconstitutional.

He also showed his ignorance of U.S. monetary history in claiming that the U.S. meets its financial obligations, in failing to acknowledge that the U.S. ended the gold standard in 1933, and the gold exchange standard in 1971.

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Official portrait of United States Secretary o...

Treasury Secretary Tim Geithner, aka Tiny Tim TurboTax Made Me Do it, threatened the American people on the April 17, 2011 episode of Meet the Press.

The office of Treasury Secretary is no stranger to threats. Geithner’s precedessor, Hank Paulson, threatened some members of Congress with martial law in America, as Congressman Brad Sherman told fellow Representatives from the floor of the House.

Geithner said (emphasis mine):

Let me tell you how we’re going to do this. Congress is going to have to raise the debt limit. They understand that. That’s absolutely essential to preserve the creditworthiness of the United States of America. You know, we’re a country that meets its obligations, and we have to meet our obligations, and they recognize that. I heard–in fact, I heard the leadership tell the president that again on Wednesday.

A country that meets its obligations, except for when it didn’t, like ending the domestic gold standard in 1933, and the gold exchange standard in 1971.

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