Monday, June 1, 2009
Geithner Tells Chinese "Your Assets Are Safe". The Crowd Laughs.
Isn't it the Left that is always concerned about how the rest of the world perceives America? Well, maybe they should take note of the fact that the fiscal and economic policies of the Obama Administration have become a source of grim amusement for the Chinese and a national disgrace for the United States. Treasury Secretary Timothy Geithner is overseas for a few days this week to pay homage to America's biggest creditor, China. Seeking to reassure Chinese leaders that their dollar investments are safe despite America's mind-blowing fiscal recklessness, he had the nerve to tell the Chinese that the United States believes in a "strong dollar". 1 C'mon Tim, who are you kidding? The Chinese are not stupid. They understand full well that what Timothy doeth and what Timothy saith are two entirely different things. It is not a secret that the US government is openly sacrificing the dollar in an attempt to prop up the markets and well-connected Wall Street banks. If the US government really believed in a strong dollar, it wouldn't be throwing trillions of borrowed and printed dollars into bailouts, toxic assets, and massive "stimulus" bills that Congress doesn't even bother to read. Despite being a part of a culture that tends to speak indirectly, former Chinese central bank advisor Yu Yongding didn't mince words in an email relating to Geithner's visit:Referring to the Federal Reserve "as the world’s biggest junk investor," and to Chairman Ben S. Bernanke as "helicopter Ben," Yu said the Fed has dropped "tons of money from the sky since the subprime crisis."
Ouch. Speaking at Peking University, Geithner reassured students as well that Chinese dollar assets are "safe". Their response?
"The balance sheet of the Federal Reserve not only has expanded like mad but is also ridden with 'rubbish' assets," he said. 2
Laughter. 3
What a disgrace. What a national embarrassment. Even Chinese University students can see how ridiculous Geithner is.
...how many more days is it until the next presidential election again?
References
1. Geithner Tells China Its Dollar Assets Are Safe. (June 1, 2009). Retrieved June 1, 2009 from, http://www.reuters.com/article/usDollarRpt/idUSPEK14475620090601?pageNumber=1&virtualBrandChannel=0.
2. Global Crisis 'Inevitable' Unless US Starts Saving, Yu Says. (June 1, 2009). Retrieved June 1, 2009 from, http://www.bloomberg.com/apps/news?pid=20601087&sid=aCV0pFcAFyZw.
3. Geithner Tells China Its Dollar Assets Are Safe.
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6 comments:
Great Post! How true. The Obama Administration prints money with the same reckless abandon as Brett Favre throws passes over the middle. I have a feeling rates are going down, and hopefully the price of gas with it. Take a look at my last post, and let me know what you think. My views on Romans 13 may seemingly be moving towards the Calvinist position.
Yeah, it's getting bad. The problem is that the more money they print, the harder it is to keep rates down. When enormous amounts of debt floods the market, the government has to make it more attractive to buyers by raising rates on it. That forces up rates for everything. Additionally, selling all the debt drains money from other places, like the stock market. They can't keep doing this without negatively impacting the stock market. The short market rally we've seen over the past few months, I believe, was probably engineered to some extent so all the big players could make back some money and get out. Now that they've made their money, they're trying to draw back in the masses with happy-talk about "green shoots" and such so that the big players have somebody to offload their positions to before the market crashes again.
If the market crashes(goes down) won't Gold skyrocket again?
Possibly, but one thing that happened last fall was that big investors had to unload even positions in gold to cover losses elsewhere as the market tanked. Could happen again, but any dip in gold would probably be short-lived and would be a great buying opportunity. The fundamentals for the bull market in gold haven't changed and demand for precious metals remains huge, so it would probably rebound quickly. People see the writing on the wall; we've got inflation coming.
Hey, I commented on your Romans 13 post. Check it out...
I did read your post and it was my position, along with the Natural Law Theory espoused by the framers, but I think Calvin, and Aquinas may have been correct as to the text.
I posted some of what the Professor said, I'll post the rest later, but it is a great topic to debate, for if Calvin was right, any rebellion by the people themselves under that authority, is not ordained in Scripture. All this is water under the bridge, as God has Blessed this Nation for violating one of his incidental, rather than fundamental commands.
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