Buttle's World

25 March, 2009

We’re In The Best Of Hands

Filed under: Posts — clgood @ 16:06

Fortunately for us, Timmy “Turbo-Tax” Geithner has experience with fixing broken economies.

In a speech to a closed gathering at the Lowy Institute in Sydney on Thursday, Paul Keating gave a starkly different account of Geithner’s record in handling the Asian crisis: “Tim Geithner was the Treasury line officer who wrote the IMF [International Monetary Fund] program for Indonesia in 1997-98, which was to apply current account solutions to a capital account crisis.”

In other words, Geithner fundamentally misdiagnosed the problem. And his misdiagnosis led to a dreadfully wrong prescription.

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