Month: February 2011

Timothy Geithner at CFR

The big irony is that the Obama administration consists entirely of CFR, Trilateral Commission and Bilderberg group members, like all the other US administrations before.

Maybe we should call it the ‘Elite Puppet Wall Street Obama Bin Bush Clintonite administration’ instead.

Those criminals are bankrupting and destroying America.

– Bank Bailouts Explained (Must-see!)

– Government Economists: America Faces The Biggest Budget Deficit In History

– Elite Puppet President Obama Exposed (This video exposes also several other elite puppet US administrations!)

– Geithner Warns Lawmakers That Failure to Raise US Debt Limit ‘Precipitates a Default by the United States’ With Catastrophic Economic Consequences

– US Government Spends $6.85 Million Per Minute

– US Government Borrows 40 Percent Of Every Dollar It Spends

– Federal Reserve US Treasury Holdings Pass The $1 Trillion Mark

– Quantitative Easing Explained (Must-see!)

Prepare yourself for the greatest financial collapse in history.

This is the Greatest Depression.

Now here is the Council on Foreign Relations article …

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The Ticking U.S. Debt-Limit Clock

U.S. Treasury Secretary Geithner delivers his testimony before the Congressional Oversight Panel. (Jonathan Ernst/Courtesy Reuters)

The U.S. Treasury begins taking steps to avoid hitting the government’s legal debt limit this week as political squabbling continues over how to rein in public spending. The Treasury is roughly $279 billion away from the legal debt ceiling of $14.294 trillion. Treasury Secretary Timothy Geithner warned Congress (Reuters) earlier this month the debt limit could be reached as early as late March. As an initial step, the Treasury will gradually cut the balance of a financial lending program with the Fed to $5 billion from $200 billion (TheHill). But that’s a drop in the bucket compared to the Treasury’s day-to-day borrowing needs, and the move was already factored into Geithner’s estimate of when the debt ceiling will be reached. Employing other special measures–such as issuing more short-term cash bills and suspending payments to government employee pension funds–could push back the date the limit is reached (Reuters) by about eight weeks.

Danger of hitting the debt limit–which could force the country to default on its loans–comes amid mounting domestic and international pressure for the government to produce a credible deficit-reduction strategy. The Republican House is threatening to vote against raising the debt ceiling (NYT) unless Democratic lawmakers and the White House agree to serious spending cuts. Helping its stance was last week’s announcement by the non-partisan Congressional Budget Office (MSNBC) that the budget deficit will reach nearly 40 percent of GDP this year under the tax cut deal struck by the White House and Republican lawmakers. The International Monetary Fund added to the pressure in a report stressing that low U.S. borrowing costs will not last indefinitely. The fund said Washington would need to make up for its delayed budget strategy (Reuters) by cutting more deeply in 2012 and laying out more long-term specifics.

Read moreThe Ticking US Debt-Limit Clock (Council on Foreign Relations)