Liberals never understand the concept of American exceptionalism or now 
freedom and liberty drive the human condition.

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http://news.bbc.co.uk/2/hi/business/10406463.stm

Geithner says US can 'no longer drive global growth'

US Treasury Secretary Timothy Geithner has told the BBC that the world 
"cannot depend as much on the US as it did in the past".

He said that other major economies would have to grow more for the 
global economy to prosper.

He also played down any differences in policy between the US and Europe 
regarding deficit reduction.

Mr Geithner was speaking in Washington ahead of G8 and G20 meetings this 
weekend in Toronto.

He said all members of the group were "focused on the challenge of 
[building] growth and confidence", and would be working to this end at 
the meetings.

The Group of Eight and Group of 20 rich and developing nations are 
assembling on Friday for three days of talks on emerging from the worst 
financial crisis since the Great Depression.

UK Prime Minister David Cameron, who has arrived in Canada along with 
other leaders, said in an article for the Globe And Mail newspaper: "No-
one can doubt the biggest promise we have to deliver: fixing the global 
economy." 

"I believe we must each start by setting out plans for getting our 
national finances under control," he added.

Common goals
 
Many European governments have implemented severe austerity measures in 
recent weeks in order to cut debt levels.

In a letter to G20 leaders last week, US President Barack Obama warned 
against cutting national debts too quickly as it would put economic 
recovery at risk. 

Continue reading the main story We're in the very good position of being 
able to deliver relatively strong growth rates [compared] to what we're 
seeing in other major economies
Timothy Geithner
 
US Treasury Secretary
 But Mr Geithner said the US and Europe "have much more in common than 
we have differences".


But he said that the US and Europe would take "different paths, at a 
different pace" in order to reach the common goal.

"It's going to require different things as we have different strengths 
and weaknesses," he said.

Mr Geithner said the US was not in a position to work out what were the 
best policies for European countries to pursue.

'Strong growth'
 
The treasury secretary said the US had laid out "very ambitious plans as 
well" to cut its deficit.

But he said the US was in a stronger position than many other economies 
to cut its debt levels.

"We're in the very good position of being able to deliver relatively 
strong growth rates [compared] to what we're seeing in other major 
economies," he said.

Some commentators in Europe argue that austerity measures should only be 
introduced once strong growth has been secured in the wake of the global 
downturn. 

This was a more widely held position until the Greek debt crisis focused 
policymakers' minds on cutting debt levels. 

The Greek crisis showed that governments with high levels of debt find 
it very difficult to borrow money from international investors, money 
that they need to service existing debts.

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