This item is major: it's one of the emperor's top men saying the emperor has no clothes.
Here's the news item; and for the spin see the extended entry...
WASHINGTON (Reuters) - Federal Reserve Chairman Alan Greenspan told France's Finance Minister Thierry Breton the United States has "lost control" of its budget deficit, the French minister said Saturday.
"'We have lost control,' that was his expression," Breton told reporters after a bilateral meeting with Greenspan.
"The United States has lost control of their budget at a time when racking up deficits has been authorized without any control (from Congress)," Breton said.
"We were both disappointed that the management of debt is not a political priority today," he added.
source: http://money.cnn.com/2005/09/24/news/international/greenspan_france.reut/index.htm?cnn=yes
And here's the spin, after-the-fact:
A clearly irritated senior US Treasury source said: "Things can get lost in translation."
A spokesman for the US Treasury said: "This administration is absolutely committed to the President's goal of halving the deficit as a percentage of GNP by 2009 and we have every expectation of meeting that goal."
source: http://news.independent.co.uk/business/news/article315144.ece
Note, Mr. Breton speaks fluent English. "Lost in translation" my ass.
Here's more:
The Federal Reserve refused to comment on M Breton's reports of its Chairman's views.
Earlier, the French minister said that both he and Mr Greenspan had expressed disappointment "that the management of debt is not a political priority today". "The United States has lost control of its budget at a time when racking up deficits has been authorised without any control (from the US Congress)," M Breton said.
The controversy came as ministers from the Group of Seven leading economies said reductions in the US budget deficit were a key part of easing the global economic imbalances that could jeopardise world growth.
source: http://business.timesonline.co.uk/article/0,,16849-1797751,00.html
As of 1:15AM on Monday 26 September, a Google search shows no mainstream news media have covered this situation.
I think it's time we start making a big stink about this and get some mainstream coverage.