US Treasury Secretary Paul O'Neill, criticized as an unpredictable spokesman for the world's largest economy, said he'll temper his public statements, rely more on prepared speeches, and avoid offering opinions on issues.
"I have been burned so much by trying to give people an education, I've just given up hope that I can do it," O'Neill said in an interview with reporters in Seattle, halfway through a four-state tour of the West.
In his year and a half as Treasury chief, some of O'Neill's comments have roiled currency markets, sent Brazilian bonds lower, angered some members of Congress, and generated criticism that the administration of President George W. Bush lacks economic leadership. His promised reserve illustrates the pressure members of the administration are under to communicate that they have a strategy to restore confidence in the economy and they speak with a common voice.
O'Neill served three US presidents during the 1960s and 1970s, before running International Paper Co and Alcoa Inc.
After becoming Treasury secretary in January of last year, O'Neill sent the dollar plummeting by telling a German newspaper the US didn't follow a strong dollar policy. He told Wall Street traders he could learn their jobs in a few weeks, and then was criticized for being out of the country while the Standard & Poor's 500 stock index was posting its largest decline since the crash of October 1987.
O'Neill described as "show business" congressional efforts to boost the economy. And, he sent Brazilian markets tumbling by saying additional aid for the country didn't "seem brilliant." Last month, Brazil's president demanded an official US apology after O'Neill followed his comment by saying the administration needed to ensure aid money wouldn't be siphoned into "Swiss bank accounts." White House spokeswoman Anne Womack said Bush doesn't have a problem with his Treasury secretary. "The president always appreciates the unvarnished advice," she said.
O'Neill said he's tired of criticism.
"I'm doing what I think is important, talking to people that are real people about what I feel to be the truth about things, but I feel like I get short-sheeted if I do that." A more tight-lipped approach won't alter his goals, O'Neill said. "It's not going to change what I'm going to do trying to work on ideas that will improve the standard of living for everyone in the world, starting here at home," he said.
His new self-discipline was on display during a discussion with the Oregon Farm Bureau this week. Presented with an opportunity to reaffirm the US strong dollar policy, he declined.
"This is the most dangerous territory for me, because anything and everything I say about foreign exchange rates gets blasted across the world and unsettles markets," O'Neill said.
"I'm not going to engage this subject directly."
SECURITY: As China is ‘reshaping’ Hong Kong’s population, Taiwan must raise the eligibility threshold for applications from Hong Kongers, Chiu Chui-cheng said When Hong Kong and Macau citizens apply for residency in Taiwan, it would be under a new category that includes a “national security observation period,” Mainland Affairs Council (MAC) Minister Chiu Chui-cheng (邱垂正) said yesterday. President William Lai (賴清德) on March 13 announced 17 strategies to counter China’s aggression toward Taiwan, including incorporating national security considerations into the review process for residency applications from Hong Kong and Macau citizens. The situation in Hong Kong is constantly changing, Chiu said to media yesterday on the sidelines of the Taipei Technology Run hosted by the Taipei Neihu Technology Park Development Association. With
CARROT AND STICK: While unrelenting in its military threats, China attracted nearly 40,000 Taiwanese to over 400 business events last year Nearly 40,000 Taiwanese last year joined industry events in China, such as conferences and trade fairs, supported by the Chinese government, a study showed yesterday, as Beijing ramps up a charm offensive toward Taipei alongside military pressure. China has long taken a carrot-and-stick approach to Taiwan, threatening it with the prospect of military action while reaching out to those it believes are amenable to Beijing’s point of view. Taiwanese security officials are wary of what they see as Beijing’s influence campaigns to sway public opinion after Taipei and Beijing gradually resumed travel links halted by the COVID-19 pandemic, but the scale of
A US Marine Corps regiment equipped with Naval Strike Missiles (NSM) is set to participate in the upcoming Balikatan 25 exercise in the Luzon Strait, marking the system’s first-ever deployment in the Philippines. US and Philippine officials have separately confirmed that the Navy Marine Expeditionary Ship Interdiction System (NMESIS) — the mobile launch platform for the Naval Strike Missile — would take part in the joint exercise. The missiles are being deployed to “a strategic first island chain chokepoint” in the waters between Taiwan proper and the Philippines, US-based Naval News reported. “The Luzon Strait and Bashi Channel represent a critical access
Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College
RSS