LaRouche: Geithner's Rump Mistake
March 13, 2009 • 9:14AM

Lyndon LaRouche responded forcefully today to the most recent proposal by U.S. Treasury Secretary Timothy Geithner to increase funding of the International Monetary Fund to $500 billion and to subject the global economy to the IMF, World Bank, and Financial Stability Forum, a policy which is totally coherent with that advocated by the British Empire for the upcoming G-20 summit in London.

LaRouche said: "Geithner, you screwed up again. You are too intelligent to make stupid decisions. You don't know what you are doing to the U.S. You are betraying the U.S. with this crap. Some of us are trying to rescue the U.S. from the mess you and people like you have made. We know what we are doing, but you don't. You are causing irreparable damage to the U.S. You are kissing the British rump. Stop it! To kiss the British rump is in bad taste."

According to several media reports, Geithner has proposed to increase one of the IMF's emergency credit lines to $500 billion from the current level of $50 billion. The U.S. would be responsible for 20 percent of the total, or $100 billion, ten times its current contribution of $10 billion. At the same time, the proposal would expand the powers and scope of the IMF.

Geithner said that each of the G-20 countries should set a target of spending 2 percent of its GDP for 2009 and 2010 in fiscal stimulus, and that the IMF should monitor progress towards that goal.

Geithner's proposal completely coheres with the British Empire's recent report published by Gordon Brown on February 18th, "The Road to the London Summit." Brown calls for a new "Global Deal," with action to "stimulate the global economy" and for "reform of the international financial institutions and the creation of an international early warning system, with a strengthened role for the IMF."

LaRouche concluded his response to Geithner's statement, "this proposal is absolutely insane. You are not that stupid. Stop doing it. It should not be allowed to happen. All of the decisions you have made so far are a mistake. Cut it out. You are making nothing but mistakes. Some of them are irreparable to the U.S. and the world, at a point that the system has become extraordinarily fragile. Stop kissing British rump!"

Geithner will meet with other G-20 finance ministers outside London on Saturday, March 14, in preparation for the April 2 summit.