Political Cortex: Brain Food for the Body Politic

That is puzzling because the International Monetary Fund was sending him payments for 50 percent of his self-employment tax.  Even more disturbing, he had acknowledged these payments in an agreement he signed to pay this tax (using the 50 percent of the tax IMF hadn't paid).  Was it a memory lapse?  He says it was wrong advice from his accountant.

On the front page of the January 23 New York Times, Jackie Calmes wrote the following:

"Timothy F. Geithner, who moved closer to confirmation as Treasury Secretary on Thursday, told senators that President Obama believed China was 'manipulating' its currency, suggesting a more confrontational stance than under the Bush administration."

Nobody complained about the U.S. dollar currency manipulation when former Fed Chief Alan Greenspan lowered the interest rate to a 40-year low.  

Seniors who didn't trust Wall Street or scam artists like Bernard Madoff and his crew, finally exposed for their $50 billion Ponzi scheme, went to banks for safety, getting as low as 2 percent on their certificates of deposit.  

Seniors were legally ripped off, with the British pound twice as high and the Euro between 40-50 percent higher than the U.S. dollar, American citizens were forced to compete in real estate with hard currency foreigners due to dollar manipulation.

As Calmes further stated in the January 23 article:

"The statement which is sure to anger the Chinese government comes at a particularly sensitive time, with economies in both the United States and China weakening and tension already rising around the globe over trade.  The United States moreover is increasingly dependent on China to finance its ballooning deficit."

With Obama claiming the Iraq War is costing the U.S. $10 billion a month, the U.S. borrows from China to let the Iraq War go on, for what Alan Greenspan indicated in "Turbulent Times" was "largely about oil."

How ironic that the U.S. borrows from a Communist country to fund fighting its wars.  That is reality.

As Calmes continues:

"The National Association of Manufacturers, whose members have pushed administrations to get tougher with China, was pleased, but also cautious given the potential for a confrontation that could exacerbate global woes.

"Some market strategists said Mr. Geithner's statement inflamed a contentious issue unnecessarily given that China exports and economy is falling into recession.

"Edward Yarden, an independent analyst referring to Henry M. Paulson Jr., the just-departed Treasury Secretary, 'The Chinese trade surplus is shrinking dramatically and China's economy is shrinking dramatically and China's economy is falling into recession.  I think it really wasn't necessary.  It doesn't accomplish anything.'

"Mr. Paulson initiated a round of strategic talks with the Chinese and on his watch the Chinese allowed the Yuan to depreciate nearly 20 percent."

One senator summed it all up succinctly:

"Republican Senator Michael B. Enzi of Wyoming said, 'I'm really disappointed that we're even voting on this, given that other nominees had been disqualified for less.'"