Tuesday, November 3, 2009

Geithner Tries to Figure Out How to Borrow More Money

This evening, Secretary Geithner will join Treasury officials meeting with the Treasury Borrowing Advisory Committee as part of the Quarterly Refunding process.

It's the only item on Geithner's public schedule, today.

Meanwhile in Africa, Deputy Secretary Wolin will travel, today, to South Africa, the largest economy in sub-Saharan Africa.

In the late morning, heavy propaganda. He will visit Thermaspray in Johannesburg, a South African small business, to discuss the importance of access to credit for small and medium enterprises and ways to expand financial access.

Thermaspray received debt and equity investments in 2002 from Business Partners. According to the Treasury, Business Partners is "South Africa's leading investment company for small and medium enterprises (SMEs) and a pioneer in SME financing in sub-Saharan Africa."

So you just have to know, when a government official is promoting small and medium size business investments, the very big shadow of big government is not far from the scene. And there it is. The Treasury reports:
The International Finance Corporation - the private sector lending arm of the World Bank Group - works closely with Business Partners to expand its successful lending model to other sub-Saharan African economies.
And when this all turns out to be corrupt, Michael Moore will make a movie with clips of Wolin in Africa and somehow linking the to free markets and capitalism, when in fact it is government directed funds to teh politically connected.

In the afternoon, Wolin will meet with incoming South Africa Reserve Bank Governor Gill Marcus in Pretoria to discuss "South African monetary and financial sector policies as part of the G20 response to the global financial crisis." Just keeping everybody in line.

In the evening, Wolin will meet informally with what the Treasury identifies as "leaders from the local business community in Johannesburg."

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