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May 29, 2017

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Geithner defends the United States' exit from stimulus plan

SYDNEY -- Former U.S. Treasury Secretary Timothy Geithner defended the Federal Reserve's withdrawal of its unprecedented stimulus program in an Australian newspaper interview Thursday, saying what was good for the American economy would also support other countries.

Emerging market countries have complained about capital flight as the U.S. central bank winds back its quantitative easing, which has pumped trillions of dollars of "cheap money" into financial markets over the past few years.

"I understand it but it's not in their interest for the U.S. to run policy in a way that gives excessive weight to conditions outside the U.S.," Geithner told broadsheet The Australian in an interview.

"That is a world-class problem to have compared to what they faced over the last five years."

"In severe crises that include financial panics it is necessary to protect the average person from calamity, but that sometimes means acting in ways that appear unfair to the average person," he said.

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