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.
[…]
“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.
Of course they are laughing at him because what he’s saying is laughable:
In his speech, Geithner renewed pledges that the Obama administration would cut its huge fiscal deficits and promised “very disciplined” future spending, possibly including reintroduction of pay-as-you-go budget rules instead of nonstop borrowing.
“We have the deepest and most liquid markets for risk-free assets in the world. We’re committed to bring our fiscal deficits down over time to a sustainable level.
“We believe in a strong dollar … and we’re going to make sure that we repair and reform the financial system so that we sustain confidence,” he said.
Their actions belie his words. If they really wanted a strong dollar, they wouldn’t be printing money and running up huge deficits.
Does he think they don’t know what’s going on over here? Obama is promising trillions of dollars in health care spending taking over the health care industry, trillions of dollars in deficits for years to come and billions of dollars to take over a failing automobile company . And the last time they tried pay-as-you-go they had to abandon it because they couldn’t agree on how to raise the revenue to pay for their spending, they just spent.
Who does he think he’s fooling? These aren’t clueless Obamanites who watch American idol and haven’t a clue what a huge mess the economy is in. It’s not too hard to see the writing on the wall. Even the Russians know what Obama is doing to our economy:
It must be said, that like the breaking of a great dam, the American decent into Marxism is happening with breath taking speed, against the back drop of a passive, hapless sheeple, excuse me dear reader, I meant people.
[…]
The final collapse has come with the election of Barack Obama. His speed in the past three months has been truly impressive. His spending and money printing has been a record setting, not just in America’s short history but in the world. If this keeps up for more then another year, and there is no sign that it will not, America at best will resemble the Wiemar Republic and at worst Zimbabwe.
Pravda is actually living up to its name for a change. Something is wrong with this picture when they get it and we don’t.
Read Previous Post