Reuters
BEIJING
June 1
U.S. Treasury Secretary Timothy Geithner on Monday reassured the Chinese government that its huge holdings of dollar assets are safe and reaffirmed his faith in a strong U.S. currency.
A major goal of Geithner’s maiden visit to China as Treasury chief is to allay concerns that Washington’s bulging budget deficit and ultra-loose monetary policy will fan inflation, undermining both the dollar and U.S. bonds.
China is the biggest foreign owner of U.S. Treasury bonds. U.S. data shows that it held $768 billion in Treasuries as of March, but some analysts believe China’s total U.S. dollar-denominated investments could be twice as high.
“Chinese assets are very safe,” Geithner said in response to a question after a speech at Peking University, where he studied Chinese as a student in the 1980s.
His answer drew loud laughter from his student audience, reflecting scepticism in China about the wisdom of a developing country accumulating a vast stockpile of foreign reserves instead of spending the money to raise living standards at home.
Wild Thing’s comment…..
The students laughed but I bet the party officials won’t have much of a sense of humor when it comes to protecting their economy. They are taking that seriously. I can’t blame the students for laughing either they are smarter then Obama. . I wish we could laugh at all of this.. But is scares me and worries me about the future of our country. For big and small businesses that should be going all out for the American dream.
That dream Obama is doing all he can to destroy!
Chinese assets are very safe,’ Geithner said in response to a question after a speech at Peking University, where he studied Chinese as a student in the 1980s.
I don’t want China to give any more money. I want everyone that ask for money to say NO. If Obama cannot get funds maybe just maybe it will keep him from doing that God awful socialized medicine. Maybe I am wrong but that is how I understand it. Please input what you think because I am no banker or expert on this stuff at all.
Chrissie, if you remember the financial crisis of the late 70’s, the Jimmy Carter years, then I think that is what we need to be worried about. Double digit inflation and interest rates and high taxes. Very high unemployment and a president giving us more government and government spending.
I think the Chinese see the US$ losing much of it’s value very soon and they hold lots of those dollars.
Obama is destroying America by destroying our traditional values and destroying our currency.
Geithner can’t BS the Chinese like he and his buddy berry BS the obama minions. Only Obamabots believe the Chinese money is safe, or that the stimulus is doing anything but increasing the size of our debt.
Berry already said, ‘we are out of money’, Ya think maybe the Chinese heard that statement ? You bet they did. Geithner’s sole function in China it to beg them not to sell off our debt to another nation or call in their marker and require it to be paid.
Dispite what berry says, this is now his economy and his problem.
Many of us have lead a debt free life through not taking on excessive debt, paying off our loans, paying our respective bills on time, instead of the the I want it creed. It hasn’t been easy and the sacrifices are many, every decision is balanced with the query. Do I want that or do I need that purchase? Like most returning troops expecting to re-enter their previous jobs, mine was still held by law but the firm was into probate at the death of the founder. It was dissolved in less than 3 months.
You couldn’t beg, borrow or steal a job in the early 70’s, I lucked out pulling wrenches and selling gas until I could get back into school. Then I was a full time student, ineligible for unemployment comp or anything else, the GI Bill funds were specific and far too little, coming well over 3 months too late. Nothing had changed it was more belt cinching and hard work. Looking back it is a lifetime of self sufficiency, hard earned savings an retirement plans pillaged to fund Obama’s Marxist take over and redistribution to all those without financial responsibility and avarice yielding to those without fiduciary conscience.
“it is illegal for a fiduciary to misappropriate money for personal gain” Geitner!!!
I see it the same way Tom does, China is holding a lot of dollars that are becoming worthless due to George Soros and his money manipulations, Saudi money manipulations and the current Congress’s ineptitude and Socialist grab for total control. Capitalism has always bankrolled Socialism and Communism.
If you want to see the prosperous future United States look only 90 miles off the Southern coast of Florida or just look immediately South of the border for the unbridled prosperity under Fascist or Communist control.
Hell yes, Tax Cheat Tim Geitner is the world’s laughing stock, the guy that blames Turbo Tax for his failure to pay his taxes. Wrong Timmy, Turbo Tax works if you don’t cheat in the inputting and fail to declare all sources of that income. To do or say other wise is a lie.
Now it is not good for the Christian’s health
to hustle the area in brown
for the Christian riles and the Aryan smiles
and it weareth the Christian down
And the end of the fight is a tombstone white
with the name of the late deceased –
and the epitaph drear:
“A fool lies here who tried to hustle the East!”
~ Rudyard Kipling
It’s time for the obama administration to get a spanking from daddy. Obama is definitely working for the damn chicoms. If it wasn’t for us they’d still be in the damn stone age thanks bill clinton you commie SOB.
“The men the American people admire most extravagantly are the most daring liars; the men they detest most violently are those who try to tell them the truth.” Henry Louis Mencken
Tom, thank you, yes I sure do remember
those Carter years.You so right.
Mark, exactly and I worry too about
how much land and business etc. Obama
and Geithner are giving away to try
and get the Chinese to give money. I
sure would hate to find out later that
China and Arabs own a lot of our land and
parks and things like that and it could
happen without anyone knowing about it
till it is too late.
Jack, thanks for the poem, good one.
Your right this is what it is “Socialist
grab for total control”.
JohnE PFC U.S. Army, thanks for the
quote, perfect for this.