From the American Free Press:
U.S. Treasury Secretary Timothy Geithner enthusiastically endorsed the plan for a World Treasury Department, although he received no assurance that he would become its leader. He expressed “hope” that American and European leaders could “work together” to achieve such a “global solution” to the world economic meltdown.
The IMF’s planned new role as a world Treasury Department should be welcome news to the “little guy,” Geithner told Bilderberg. “The damage has been unfair and indiscriminant,” he said. “Ordinary Americans, small business owners and community banks who did the right thing and played by the rules are suffering from the actions of those who took on too much risk.”
But, even with a World Treasury Department, problems will not disappear overnight, Geithner warned. “These are all welcoming signs, but the process of financial recovery and repair is going to take time,” he said, lending his weight to a relative short-term recession as opposed to those who backed a long-term recovery. The people of Europe and America will have suffered enough to embrace a World Treasury Department, he said.
“Our hope is that we can work with Europe on a global framework, a global infrastructure which has appropriate global oversight,” Geithner said. “We can’t allow institutions to cherry-pick among competing regulators and ship risk to where it faces the lowest standards and weakest constraints.”