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Money Changers Brace for Coming Interest Hikes
By James P. Tucker Jr.
Less than a week after Timothy Geithner, president of the Federal Reserve
Bank of New York, warned Bilderberg of a hike in interest rates, financiers
began championing the cause. Because inflation rose 0.3% in May, the Federal Reserve Board may “feel forced to continue to raise rates,” The Financial Times, which is always heavily represented at Bilderberg, reported June 15, three days after the secret meeting ended.
Inflation “does raise the probability of another rate rise in August,” said Jan Hatzius, chief U.S. economist at Goldman Sachs, which has had representatives at Bilderberg for years.
The announcement on interest rates at this year’s Bilderberg meeting contradicts statements made by U.S. Treasury Secretary John Snow, who was attending a meeting of the Group of Eight finance ministers in St. Petersburg, Russia.
“We see no major crises, no major economies in recession; we see strong growth and inflation well-contained,” Snow said.
Snow’s contradictory statement could set him up for calls for his ouster. President Bush had several closes aide at Bilderberg, including Allan Hubbard, his assistant for economic policy.
OIL PRICES
On a happier note, news reports following the meeting indicate that Bilderbergers, reacting to public outrage, will be implementing plans to keep oil prices at present or even slightly lower levels, which still result in immense profits.
The Financial Times quoted John Browne, head of British Petroleum and a Bilderberg participant, on June 16: “We have plenty of [oil] capacity, not just for today but for tomorrow.” The Times said “Lord Browne” made the comment “last week.” It did not mention that “last week” Browne was attending Bilderberg.
“Oil prices remain close to $70 a barrel even though oil inventories in the developed world rose to their highest levels in more than 20 years in April, suggesting there is no shortage of oil,” the Times reported.
(Issue #27, July 3, 2006)
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