Obama’s Treasury Candidates: Old Guard Of The Corporate Elite

Obama’s Treasury Candidates: Old Guard of the Corporate Elite

Global enthusiasts and architects of the financial meltdown do NOT represent change.



Steve Watson


Thursday November 6, 2008



All of the leading candidates for the position of Treasury Secretary under president elect Barack Obama directly represent the old guard of the corporate elite system that has used the American economy as it’s engine to drive their march toward a global empire for decades.

Under the banner of “change” whichever of these candidates is appointed to the Treasury will continue to rapidly expand the empowerment of the Federal Reserve monetary system and institute the very policies that have led us to the brink of financial ruin to move the economies of the world toward a centralized global banking system.

The Leading candidate for Obama’s Treasury Secretary is current Chairman of the Federal Reserve Bank of New York Tim Geithner.

In 2001, after leaving Bill Clinton’s Treasury, Geithner joined the Council on Foreign Relations as a Senior Fellow in the International Economics department. He then worked for the International Monetary Fund as the director of the Policy Development and Review Department until moving to the Fed in October 2003. In 2006 he became a member of the influential Washington-based financial advisory body, Group of Thirty, which was founded in 1978 at the initiative of the Rockefeller Foundation.

Back in June of this year after attending the annual Bilderberg power brokers conference in Virginia, Geithner penned an article in the Financial Times in which he called for a worldwide financial overhaul and the implementation of a globalized banking system.

Geithner stated that the US Federal Reserve should play a “central role” in the new regulatory framework, working closely with supervisors in the US and round the world.

“At present the Fed has broad responsibility for financial stability not matched by direct authority and the consequences of the actions we have taken in this crisis make it more important that we close that gap,” Geithner wrote.

How can Geithner represent real change when he is a long time servant of the very entities that created the conditions for and perpetuated financial meltdown for years?

Geithner represents an entrenched central banking system that has killed the free market, built up a power monopoly over the money and credit system, consistently followed an intrinsically detrimental path of ceaseless borrowing and presided over the fundamentally damaging process of printing of money out of thin air, leading to the devaluation of the US dollar which now has a global reputation on a par with if not worse than that of George W. Bush.

Geithner represents a critically bloated bastard entity of government and private wealth that has manipulated interest rates and falsely inflated bubbles that have fostered an economy of moral hazard and driven the world straight into a financial black hole.

In what way does this man offer any possibility of “change”?

He now advocates the implementation of measures of predatory globalism to solve the very crisis those policies have created. And he will have the tools to do it after the recent bailout bill passed granting the Treasury virtual dictatorial powers over economic policy.

Geithner is likely to get the nod as Treasury Secretary because he best fits the appearance of change, even though he does not represent any significant change.

Consider the following from a recent New York Times article:

[…] one senior adviser said it would be important to send a message of change at a time of economic crisis. “You can expect a fresh face instead of a recycled face” at the Treasury, the adviser said. He said that would include the boyish-looking Mr. Geithner, 47, who worked at the Treasury under Mr. Clinton and his Republican predecessors and has generally gotten high marks for his role in shaping the government response to the current crisis.

These traits symbolize Obama’s presidency to the tee, he appears to offer change on the surface, but underneath he offers as little real change from the entrenched elitist system in Washington as a McCain presidency would have or if George W. Bush had simply announced he was going to serve a third term.

(Article continues below)

The other candidates for Treasury secretary are likely to pursue exactly the same path as Geithner. Those candidates are:

Paul A. Volcker

The former Federal Reserve chief was a key figure in the decision to suspend gold convertibility in 1971, which resulted in the collapse of the Bretton Woods system. Volcker’s policies and continued high interest rates contributed to the significant recession the US economy experienced in the early 1980s, which included the highest unemployment levels since the Great Depression.

After leaving the Fed he became chairman of J. Rothschild, Wolfensohn & Co, the prominent New York investment banking firm run by former president of the World Bank and prominent Bilderberger James D. Wolfensohn.

Volcker was also a founding member of the Trilateral Commission along with David Rockefeller, whom he has also worked with at Chase Bank and through membership of the Trust Committee of Rockefeller Group, Inc.

As of October 2006, he is the current Chairman of the Board of Trustees of the Rockerfeller-founded Group of Thirty.

Robert E. Rubin

Former Treasury Secretary during the first and second Clinton administrations.

Rubin is as much to blame for the creation of the current financial crisis as Alan Greenspan is, as both men ignored the advice of the Commodity Futures Trading Commission (CFTC) and strongly opposed the regulation of derivatives. Over-exposure to credit derivatives of mortgage-backed securities – or credit default swaps (CDS) was a key reason for the failure of Bear Stearns, Lehman Brothers, Merrill Lynch, American International Group, and Washington Mutual in 2008.

On November 4, 2007, Rubin became the Chairman of Citigroup and is currently co-chairman of the board of directors of the Council on Foreign Relations. Rubin is also a member of the Group of Thirty.

Lawrence H. Summers

Former chief Economist for the World Bank (1991–1993) and Secretary of the Treasury for the last year and a half of the Clinton administration. Also served as the 27th President of Harvard University from 2001 to 2006.

Summers has been persistently criticized as an ardent proponent of globalization.

He has been involved in scandal several times, but perhaps the most notable was in December 1991 while at the World Bank. Summers signed a memo, which was subsequently leaked to the press, stating that developed countries ought to export more pollution to developing countries because these countries would incur the lowest cost in terms of lost wages of people made ill or killed. An aside to the memo stated that “the economic logic behind dumping a load of toxic waste in the lowest wage country is impeccable and we should face up to that”.

Summers is also a member of the Group of Thirty, the Council on Foreign Relations and the Trilateral Commission.

So there you have it, choose your poison. Although they all have different labels they originate from the same bottle. These people do not represent change, they represent a continuation of the same elitist system that has no allegiance to the US and has been driving the American economy into the ground as part of its maniacal agenda for decades



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