Geithner on Indonesia 1997-1998

Via Belmont Club comes this post about Obama's Treasury Secretary, Tim Geithner. Before he took over destroying our economy, one of his former jobs in the Department of Treasury was to help write the International Monetary Fund program for Indonesia back in 1997-98. As he is one of Obama's 'intellectuals,' he wrote this program by applying modern day thinking to the capital account crisis that Indonesia found itself under.

How well did that work out for Indonesia? The end result was the biggest the utter destruction of Indonesia's economy- using Geithner's ideas and leadership, Indonesia set the record for the biggest fall in GDP in the 20th century.

The article in the Sydney Morning Herald goes on to further say that the failures of the IMF with Indonesia led China to build up vast reserves of money so that they'd never have to rely on the IMF, which has led to our current crisis in capital markets.

So the policies that Obama supports, the policies that our Treasury Secretary supports, have in a lot of ways done more harm than good in the world.