Timothy Geithner and the Ruling Class
by Morgan Reynolds
A new, fact-rich
book by investigative journalist Russ Baker, Family
of Secrets: The Bush Dynasty, The Powerful Forces That Put It In
The White House, And What Their Influence Means For America
(2009), performs a vital service by clarifying how intertwined oil,
Wall Street, intelligence and the Ivy League Universities are. These
are the "powerful forces" Baker identifies that rule America.
As Baker explains, the "fundamentally amoral financial-intelligence-resource
apparatus" antedates World War II: "Before there was an
Office of Strategic Services (July 1942October 1945) or a
Central Intelligence Agency (founded in 1947), corporations and
attorneys who represented international businesses often employed
associates in their firms as private agents to gather data on competitors
and business opportunities abroad. So it was only to be expected
that many of the first OSS recruits were taken from the ranks of
oil companies, Wall Street banking firms, and Ivy League universities
and often equated the interests of their high-powered business partners
with the national interest" (p. 17).
to a shadowy, collective entity like the "ruling class,"
we need to deflect the slur of "conspiracy theorist."
Justin Raimondo put it best in his comment on the penetrating analysis
of Murray Rothbard: "Here there is no single agency, no omnipotent
central committee that issues directives, but a multiplicity of
interest groups and factions whose goals are generally congruent.
In this milieu, there are familial, social, and economic connections,
as well as ideological complicity, and none is better than Rothbard
at ferreting out and unraveling these biographical details. Taken
together, the author's small and studied brushstrokes paint a portrait
of a ruling class whose ruthlessness is surpassed only by its brazen
disloyalty to the nation" (Murray Rothbard, Wall
Street, Banks, and American Foreign Policy, 1984).
The nature of the ruling class has never been portrayed more accurately.
Timothy Geithner, President Obamaís "new" Treasury Secretary
who bravely announced a "new" trillion-dollar plan this
week for "stabilizing the financial system" yet, it turned
out, he had no plan to announce. Like his predecessor, the charming
and vivacious Hank Paulson from Goldman Sachs, the new non-plan
will be a monstrous bailout of Wall Street bankers at the expense
of the American people with a flimsy cover story about getting the
credit markets going again to speed economic recovery on behalf
of the American people. Geithnerís flop on Tuesday proves that he
and his cronies are making it up as they go along in their attempts
to repair the unrepairable.
Who is Geithner?
He is a creature of the eastern banking establishment and ruling
class through and through. His rťsumť nicely matches his actions
in handing out government money and guarantees to the "right
people." Geithnerís father Peter is director of the Asia program
at the Ford Foundation, a New World Order operation. Peter Geithner
oversaw the "microfinance" programs developed in Indonesia
by Ann Dunham-Soetoro, Barack Obamaís mother. Geithnerís maternal
grandfather, Charles F. Moore, was an adviser to President Eisenhower
and vice president of Ford Motor Company, according to Wikipedia.
Geithnerís wife Carole Marie, like Geithner a 1983 graduate of Dartmouth
College (Ivy League), is daughter of Mr. and Mrs. Albert Sonnenfeld
of Princeton, N.J., a professor of French and comparative literature
at Princeton University (Ivy League) for 27 years.
Timothy Geithner graduated from Dartmouth he picked up an M.A. at
Johns Hopkins in something called "international economics"
and East Asian studies. That is the extent of Geithnerís formal
training in economics, as far as I can tell. Then he worked for
Kissinger and Associates for three years, a Rockefeller satrapy,
before a series of government appointments, mostly at Treasury where
he was Under Secretary for International Affairs under Robert Rubin
of Goldman Sachs and Rockefellerís notorious Council on Foreign
Relations (CFR) and then Lawrence Summers of Harvard University
(Ivy League), World Bank and CFR. Summers, of course, is currently
Obamaís head of the National Economic Council. Want a solution for
the financial and economic woes? Why, hire the same experts who
caused the problem(s).
Treasury to join the International Monetary Fund and CFR in 20012.
In October 2003 he was appointed president of the New York Fed where
he subsequently arranged rescues of Bear Stearns, AIG and other
well-connected, world-class losers, all in the best interest of
the American people, of course.
change? A better slogan would be "continuity" or more
of the same. Perhaps we should call the new "stabilization"
spending PP: "Plunder for Plutocrats," for that is what
it is. This folly cannot persist, if only because someday there
will be little or nothing left to plunder.
Reynolds, Ph.D. [send him
mail], is professor emeritus at Texas A&M University and former
director of the Criminal Justice Center at the National Center for
Policy Analysis headquartered in Dallas, TX. He served as chief
economist for the US Department of Labor during 20012, George
W. Bush's first term. Visit his
© 2009 LewRockwell.com