Geithner, China & Saudi sittin' in a tree...

As concerning as this economic downturn is... it's really a symptom of a much bigger issue - the redistribution of wealth from developed nations to developing nations.

The most noticeable factor for most of us has been the shift of manufacturing jobs to Asia and Latin America. More recently the service sector has been bleeding jobs from America and Europe to BRIC and elsewhere.

But the redistribution of wealth is now moving full steam ahead with a sellout of American interests under the auspices of the global economic crisis. Gone are the days of the G-7 (Britain, Canada, France, Germany, Italy, Japan, USA). Now America is sitting at the G-20 table.

As Bloomberg News reports:

The Group of Seven, whose finance chiefs convene this weekend in Rome, is ceding its traditional power to rebuild the world economy to a broader body of governments that now wield greater sway over global growth.

As U.S. Treasury Secretary Timothy Geithner and European Central Bank President Jean-Claude Trichet join their G-7 counterparts, it’s the Group of 20 that occupies the vanguard responding to the financial crisis.

The shift in influence to the group, whose membership ranges from the U.S. to China to Saudi Arabia, reflects the fact that industrial nations lack the resources to fix the world’s economic woes alone. That curbs the G-7’s scope to deliver new initiatives this week, say economists and former officials.

The internationalists will rejoice! But I fall into the camp that places America and freedom first.

While Geithner would love for me to forget about that little incident in Tiannenman Square, I won't. See I care about the "little things," such as transparency and freedom of speech.

Why should I trust China about anything?

But what I don't understand at all is... why does Obama stick with this guy?

Geithner has clearly demonstrated that he places himself before country. And now Obama is asking him to sit down at a table with China and Saudi... and come up with some sort of fair deal on economic policy reforms? Please.

Why should I trust Geithner about anything?

Someone needs to ask Obama that since he ran against "Bush's failed economic policies," what exactly is his vision of economic change? I mean, is Geithner a Bush guy or not? If so, what is Obama's change?

Of course, there is no change. And that's the way the billionaire bankers want it... with Bush, Obama and all Presidents - going back to before Obama was born - drinking their kool-aid.

Unlike his predecessor, I think Obama will admit it when he makes a mistake. I hope it's not too long before Obama realizes he made a huge mistake with Geithner... and gets rid of him on the spot.

Geithner has got to go.

Tim White