{"id":5606,"date":"2012-09-27T16:46:00","date_gmt":"2012-09-27T20:46:00","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=5606"},"modified":"2012-09-27T16:46:00","modified_gmt":"2012-09-27T20:46:00","slug":"obamas-economic-saviour-savaged-as-keating-lets-rip","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/27\/obamas-economic-saviour-savaged-as-keating-lets-rip\/","title":{"rendered":"Obama&#039;s economic saviour savaged as Keating lets rip"},"content":{"rendered":"<p>By Peter Hartcher<\/p>\n<blockquote><p>In a speech to a closed gathering at the Lowy Institute in Sydney on Thursday, Paul Keating gave a starkly different account of Geithner&#8217;s record in handling the Asian crisis: &#8220;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.&#8221; In other words, Geithner fundamentally misdiagnosed the problem. And his misdiagnosis led to a dreadfully wrong prescription.<\/p><\/blockquote>\n<p>For the record, Indonesia&#8217;s <a href=\"http:\/\/en.wikipedia.org\/wiki\/1997_Asian_financial_crisis#Asia\" title=\"Wiki: 1997 Asian Financial Crisis\" target=\"_blank\">GNP<\/a> fell 83% by July 1998.<\/p>\n<p>via <a href='http:\/\/www.smh.com.au\/opinion\/obamas-economic-saviour-savaged-as-keating-lets-rip-20090306-8rk7.html?page=-1'>Obama&#039;s economic saviour savaged as Keating lets rip<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Peter Hartcher In a speech to a closed gathering at the Lowy Institute in Sydney on Thursday, Paul Keating gave a starkly different account of Geithner&#8217;s record in handling the Asian crisis: &#8220;Tim Geithner was the Treasury line officer who wrote the IMF [International Monetary Fund] program for Indonesia in 1997-98, which was to &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/27\/obamas-economic-saviour-savaged-as-keating-lets-rip\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Obama&#039;s economic saviour savaged as Keating lets rip&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,5,34],"tags":[231,3419],"class_list":["post-5606","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-economy","category-us-canada-countries-regions","tag-asian-crisis","tag-tim-geithner"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Obama&#039;s economic saviour savaged as Keating lets rip - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Obama&#039;s economic saviour savaged as Keating lets rip - the patient investor\" \/>\n<meta property=\"og:description\" content=\"By Peter Hartcher In a speech to a closed gathering at the Lowy Institute in Sydney on Thursday, Paul Keating gave a starkly different account of Geithner&#8217;s record in handling the Asian crisis: &#8220;Tim Geithner was the Treasury line officer who wrote the IMF [International Monetary Fund] program for Indonesia in 1997-98, which was to &hellip; 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.\",\"sameAs\":[\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\",\"https:\/\/www.instagram.com\/colin_thepatientinvestor\",\"https:\/\/au.linkedin.com\/in\/colintwiggs\"],\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Obama&#039;s economic saviour savaged as Keating lets rip - the patient investor","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Obama&#039;s economic saviour savaged as Keating lets rip - the patient investor","og_description":"By Peter Hartcher In a speech to a closed gathering at the Lowy Institute in Sydney on Thursday, Paul Keating gave a starkly different account of Geithner&#8217;s record in handling the Asian crisis: &#8220;Tim Geithner was the Treasury line officer who wrote the IMF [International Monetary Fund] program for Indonesia in 1997-98, which was to &hellip; Continue reading \"Obama&#039;s economic saviour savaged as Keating lets rip\"","og_url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/27\/obamas-economic-saviour-savaged-as-keating-lets-rip\/","og_site_name":"the patient investor","article_publisher":"https:\/\/www.facebook.com\/profile.php?id=61572934660810","article_author":"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","article_published_time":"2012-09-27T20:46:00+00:00","author":"Colin Twiggs","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Colin Twiggs"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/27\/obamas-economic-saviour-savaged-as-keating-lets-rip\/#article","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/27\/obamas-economic-saviour-savaged-as-keating-lets-rip\/"},"author":{"name":"Colin Twiggs","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454"},"headline":"Obama&#039;s economic saviour savaged as Keating lets rip","datePublished":"2012-09-27T20:46:00+00:00","mainEntityOfPage":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/27\/obamas-economic-saviour-savaged-as-keating-lets-rip\/"},"wordCount":108,"commentCount":3,"publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"keywords":["Asian crisis","Tim Geithner"],"articleSection":["Australia &amp; NZ","Economy","US &amp; Canada"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/27\/obamas-economic-saviour-savaged-as-keating-lets-rip\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/27\/obamas-economic-saviour-savaged-as-keating-lets-rip\/","url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/27\/obamas-economic-saviour-savaged-as-keating-lets-rip\/","name":"Obama&#039;s economic saviour savaged as Keating lets rip - the patient investor","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/#website"},"datePublished":"2012-09-27T20:46:00+00:00","breadcrumb":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/27\/obamas-economic-saviour-savaged-as-keating-lets-rip\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/27\/obamas-economic-saviour-savaged-as-keating-lets-rip\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/27\/obamas-economic-saviour-savaged-as-keating-lets-rip\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/thepatientinvestor.com\/"},{"@type":"ListItem","position":2,"name":"Obama&#039;s economic saviour savaged as Keating lets rip"}]},{"@type":"WebSite","@id":"https:\/\/thepatientinvestor.com\/#website","url":"https:\/\/thepatientinvestor.com\/","name":"The Patient Investor","description":"Smart. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. 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She also discusses her differences with Tim Geithner during the GFC and how the Treasury Secretary skewed the banking bailout to favor Citigroup. Click image to play video. Hat tip to Barry Ritholz.","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1474,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/23\/leadership\/","url_meta":{"origin":5606,"position":1},"title":"Leadership","author":"ColinTwiggs","date":"October 23, 2011","format":false,"excerpt":"\"You wonder why leaders really want these jobs when they do not want to lead. And what is their risk? That Barack Obama will not get a second term? Or that Angela Merkel's coalition might finally end up on the rocks? If they actually made the leap they might astound\u2026","rel":"","context":"In &quot;Other&quot;","block_context":{"text":"Other","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/other\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12207,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/08\/19\/currency-manipulation-and-its-distortion-of-free-trade-a-b-laffer\/","url_meta":{"origin":5606,"position":2},"title":"Currency Manipulation and its Distortion of Free Trade | A B Laffer","author":"ColinTwiggs","date":"August 19, 2015","format":false,"excerpt":"Extract from Arthur B. Laffer's paper on currency manipulation: ....Successful currency manipulation inhibits the exchange rate from acting as an automatic stabilizer to macroeconomic events, and thereby leads to growth and trade imbalances. Currency manipulation has therefore, in part, inhibited the world from fully recovering from the financial crisis. For\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"GDP growth rates","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-08-19-worldgdp.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-08-19-worldgdp.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-08-19-worldgdp.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":1194,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/06\/americas-debt-crisis-why-europe-is-right-and-obama-is-wrong-spiegel-online\/","url_meta":{"origin":5606,"position":3},"title":"America&#8217;s Debt Crisis: Why Europe Is Right and Obama Is Wrong &#8211; SPIEGEL ONLINE","author":"ColinTwiggs","date":"October 6, 2011","format":false,"excerpt":"American economists, central bankers and fiscal policy makers have reinterpreted British economist John Maynard Keynes's clever idea that government spending is the best way to counteract a serious economic downturn -- and have turned it into a permanent prescription. In their version of the Keynesian theory, declining growth or tumbling\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12244,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/08\/24\/australian-dollar-during-the-1997-asian-financial-crisis\/","url_meta":{"origin":5606,"position":4},"title":"Australian Dollar during the 1997 Asian financial crisis","author":"ColinTwiggs","date":"August 24, 2015","format":false,"excerpt":"Performance of the Australian Dollar during the Asian financial crisis. The falling Dollar acted as a buffer, protecting the Australian economy from the Asian contagion. A similar 25% fall from today's 72 US cents would offer a target of 54 US cents. No science to this. Simply speculation.","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12260,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/08\/25\/asx-during-the-1997-asian-financial-crisis\/","url_meta":{"origin":5606,"position":5},"title":"ASX during the 1997 Asian financial crisis","author":"ColinTwiggs","date":"August 25, 2015","format":false,"excerpt":"Performance of the All Ordinaries during the 1997 Asian financial crisis and ensuing Russian financial crisis in 1998. The index gained 7.9% in 1997 and 7.5% in 1998 despite the upheaval in Asian markets. Australia is now a lot more reliant on exports to Asia, however, than in 1997\/98. Reversal\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"All Ordinaries 1996-1998","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-08-25-xao1997.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-08-25-xao1997.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-08-25-xao1997.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5606","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=5606"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5606\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=5606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=5606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=5606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}