NEW YORK (CNNMoney) -- U.S. Treasury Secretary Tim Geithner warned Saturday that the sovereign debt and banking crisis in Europe represents "the most serious risk now confronting the world economy." In an official statement to the International Monetary Fund, Geithner also discussed the need to both support the U.S. economy in the short term and take steps to lower the nation's long-term deficits. But his strongest comments were directed at Europe, where the specter of a default by the Greek government has upset financial markets around the world. The nation's long-standing debt problems are threatening to spill over into the European banking system, with possible repercussions for the fragile U.S. economy. While he praised the actions European leaders have taken so far, Geithner said more needs to be done to create a "firewall against further contagion." http://money.cnn.com/2011/09/24/markets/geithner_debt/index.htm?hpt=hp_t1 "The threat of cascading default, bank runs, and catastrophic risk must be taken off the table, as otherwise it will undermine all other efforts, both within Europe and globally," the Treasury chief said. "Decisions as to how to conclusively address the region's problems cannot wait until the crisis gets more severe." Geithner also reiterated his argument that President Obama's recently proposed $447 billion plan to boost hiring and employment could create one million jobs "at a critical moment in the recovery." At the same time, Geithner reaffirmed the administration's commitment to reduce deficits by more than $3 trillion over 10 years by cutting spending and reforming the nation's tax code.
Geithner....Isnt he the guy that went to China and told them we have a strong dollar policy, and then put us in debt another 5 trillion dollars in less than 3 years? Seems to me, world leaders are trying to spook us.
look the Bush tax cuts will have the federal debts paid off by the year 2011, its why they were voted for. Europe needs a similar program and presto, problem solved.
http://news.sky.com/home/world-news/article/16076510 Controlled splattering of PIIG Shit. A new study from the Countries Underpinning Nationally Tainted Shekels (CUNTS) shows little liklihood that rock-rib ramrodding unlikely to produce desired results. Therefore a flood of liquidity from the CUNTS could ensue urging orgasmic equital returns. Or something like that.