The Biden administration named David Lipton, the former deputy director of the International Monetary Fund, to its international policy team.
The Wall Street Journal reported that Lipton was named counselor to Secretary Janet Yellen, who heads the department. The paper said that both Lipton and Yellen tend to see China’s economic growth as a benefit for the global economy and not the direct challenge that some perceive.
Lipton also served under former President Obama as Special Assistant while also being part of the National Economic Council. The Trends Journal had reported in detail that many of President Biden’s top officials were former members of the President Obama team, thus our forecast of the “Obama White House 2.0.”
In August 2019, Lipton appeared on CNBC and spoke about the U.S.’s trade war with China. He was the IMF’s managing director at the time, and he appealed to both countries to come together to work out an agreement due to the global economic slowdown caused by the coronavirus.
“Global trade is actually contracting, and that is not a good situation,” he told the network.
The Trump administration levied tariffs on Chinese imports into the U.S. to try to address the American trade deficit, but, in 2020, China recorded the largest trade surplus in world history, according to research firm Capital Economics.
In 2019, those tariffs shaved only 0.1 percent from China’s GDP, according to newly revised figures from that country’s National Bureau of Statistics.
Lipton moved into the role at the IMF after the resignation of Christine Lagarde. She took to Twitter shortly after the announcement of his move at the Treasury to congratulate him.
“His extensive economic experience and invaluable expertise make him an excellent choice for this role,” she tweeted. “I wish you the best of luck David!”
TRENDPOST: Beyond the “China” issue, which was highlighted by the media and the White House as one reason for Lipton’s appointment, with “money” being the bottom line of any business or government, we note Lipton’s appointment as a key figure in the U.S Treasury to make it perfectly clear: the Banksters are in full control of the United States government. Lipton has an unblemished track record with the IMF, and Janet Yellen was the former head of the U.S. Federal Reserve.
