Treasury Secretary Meets With Germany’s Finance Minister, Central Bank Officials as EU Leaders’ Summit Approaches
By SUDEEP REDDY
BERLIN—Treasury Secretary Timothy Geithner, boosting pressure on European nations ahead of a critical summit, appealed to euro-zone officials on Tuesday for stronger action to calm the Continent’s deepening debt turmoil.
Mr. Geithner, dispatched by President Barack Obama on a three-day trip to Europe, said the currency bloc will need “a sustained commitment of political will” to resolve its troubles. . . .
Mr. Geithner praised European officials for their latest steps, including budget overhauls in several countries and a move toward tighter budget-enforcement procedures.
Much more at the link.
So, our Secretary of the Treasury is praising the democratic European leaders for trying to get their budgets under control with austerity programs and deficit reduction, while his boss, President Obama, still wants to push ahead with more government spending and economic “stimulus.”
If the United States wasn’t so big, with such a large economy, would anybody take these people seriously? Responsible European leaders, including Italian Prime Minister Mario Monti, who is a real, professional economist, have all decided that, as much as they don’t want to do it — it’s politically unpalatable and may well cost them and their parties their seats in the various parliaments — the only realistic, responsible and workable solution to their ever-deepening debt crisis is to stop overspending, to cut back on unsupportable social welfare programs, and to start living within their means. And the President of the United States, the man with the greatest responsibilities of anyone on earth, sends his top economic official to Europe to praise the actions of the European leaders, and even “appealed to euro-zone officials on Tuesday for stronger action,” but uses the most blatant demagoguery to attack Republican proposals in the United States to take the same kind of action here, before our debt crisis reaches Italian levels, and wants to do the exact opposite of what he praises the Europeans for; our President still wants to engage in Keynesian economic stimulus.