As is the case with all Tim's and his relatives' ponzi schemes, in order to assure continued success, you need another player and Europe affords him a most timely opportunity.
Geithner urging Europe to set the bar low...very, very low...
(Reuters) - U.S. Treasury Secretary Timothy Geithner will urge European officials this week to conduct some form of banking system stress tests, CNBC reported on Tuesday, citing an Obama administration official.
The stress tests, however, would have to differ from those conducted by U.S. regulators in the spring of 2009, because Europe lacks a huge bailout fund like the $700 billion Troubled Asset Relief Program to plug any capital deficiencies found, CNBC said.
Geithner and other Treasury officials routinely cite the U.S. stress tests, which helped open the door for private capital to return to the banking sector, as calming intense market turmoil caused by the financial crisis.
Similar tests could provide more transparency into the European banking sector's condition and help boost market confidence.
Link to Timmy's Pretend Stress Test Article