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Sunday, May 1, 2011
Geithner's Decade of Incremental Austerity
The worst is yet to come
Tony Cartalucci, Contributing Writer
Activist Post
Bangkok, Thailand May 1, 2011 - In a one hour April 26, 2011 talk before the Council on Foreign Relations(CFR), Secretary of the Treasury (and CFR member) Timothy Geithner laid out a frightening picture of America's economic future. Despite a myriad of metrics used to assure the audience that economic disaster had been averted before Geithner took to the podium, Geithner himself would stress the need for Democrats to cut back on programs while Republicans would need to rethink tax cuts as part of the long journey to real recovery.
Geithner specifically said, "this is a war of necessity. There is no alternative. Democrats have to understand that our capacity as a country to finance things Democrats believe in like education, like a minimal guarantee of protection in health care and the safety net, require demonstrating we can live within our means; and Republicans have to understand, of course, that deficits matter, that they are unsustainable and they hurt growth left unaddressed. Tax cuts don't pay for themselves." In other words, more taxes and less services would help repair damage caused by the reckless degenerate gambling dens lining Wall Street who were protected and facilitated by Washington and its band of ineffective, if not entirely nonexistent, regulators.
Geithner would go on to say that the "cuts and reforms" required to repair the economy "have to be phased in over time to avoid damaging the expansion. The biggest mistakes countries make in financial crises, apart from waiting too long to act in the face of the gathering storm, is they put on the brakes too early." Geithner continued, "they shift too prematurely to abrupt contraction-rate strategies that put at risk the incipient expansion. So you have to be -- you have to lock these reforms in, but you have to phase them in to reduce that risk to the economy as a whole."
Libya disabled children school hit in NATO strike
Dees Illustration |
Reuters
Shattered glass litters the carpet at the Libyan Down's Syndrome Society, and dust covers pictures of grinning children that adorn the hallway, thrown into darkness by a NATO strike early on Saturday.
It was unclear what the target of the strike was, though Libyan officials said it was Muammar Gaddafi himself, who was giving a live television address at the time.
"They maybe wanted to hit the television. This is a non-military, non-governmental building," said Mohammed al-Mehdi, head of the civil societies council, which licenses and oversees civil groups in Libya.
The missile completely destroyed an adjoining office in the compound that houses the government's commission for children.
The force of the blast blew in windows and doors in the parent-funded school for children with Down's Syndrome and officials said it damaged an orphanage on the floor above.
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