The world's largest economies need to collaborate in order to face the challenges of the new reality, said US Treasury Secretary Timothy Geithner, speaking at a plenary session. The effort is needed to transform the post-war economic deal. With a view to the pivotal relationship between the US and China, Secretary Geithner described the interests on both sides as closely tied in many ways.
"They are not fundamentally in conflict, they are largely complementary. We want to make sure they are comfortable that we are going to be able to build a system that’s going to accommodate their interests too, not just ours," Secretary Geithner said, dismissing doubts about the US long-term economy. "The great strength of the American political system is that it has always risen to the challenge," Secretary Geithner added.
Timothy Franz Geithner is the 75th and current United States Secretary of the Treasury, serving under President Barack Obama. He was previously the president of the Federal Reserve Bank of New York.
Charlie Rose is executive editor and anchor of “Charlie Rose,” the nightly one-hour interview program that engages in one-on-one in-depth conversation and roundtable discussions about important issues and ideas of our time. He is co-anchor of the daily morning television program “CBS This Morning” and also a contributing correspondent to the CBS news program “60 Minutes.” Since 1991, Rose has done more in-depth hours with Nobel laureates and extraordinary men and women of science, politics, art, business, sports, technology, literature, and entertainment than any other program in the world. These conversations have made Rose the cultural and intellectual custodian of our time, providing accessible profiles of the people who have influenced our world. Rose is the recipient of the Legion d’honneur, numerous awards from the scientific and journalism communities, and many honorary degrees.
U.S. Treasury Secretary Tim Geithner admits that the United States fiscal position is "unsustainable" and is going to require a "substantial set of changes" to mend. Geithner contends that while the President's mapping of decade-long budget policies is a step in the right direction, there is presently no mechanism to commit Congress to that plan over the next decade.