Geithner Laughed at in China
June 1, 2009 – 9:40 pm
From Reuters: Geithner tells China its dollar assets are safe
“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.
Wish there was YouTube footage…
Posted in treasury |
16 Responses to “Geithner Laughed at in China”
Wish more people were laughing here–guess they’re too afraid.
By Lisa on Jun 2, 2009
this story was completely ignored by the liberal media!
By joe on Jun 2, 2009
Joe: it goes against the grain of truth.
Everyone is having anxiety over the rising price of oil (gas at the pump) and the media is pointing at anything that moves as the cluprit… when in fact Timmy and Benny and the crowd blowing our money are 100% at fault… the rest of the planet is barely affected as it’s the dollar’s drop against all currencies that is driving up the price of oil.
The Chinese could start selling USD at any time in massive amounts.
By ChrisofNH on Jun 2, 2009
We’re laughing at him here, but it’s not reported.
By bee on Jun 2, 2009
any video of this?
By jb on Jun 2, 2009
I think that the Chinese are smarter than to sell now; I think they’ll wait until the next big drop in stocks–precipitated by the next wave of defaults in the Neg Am/Alt A market.
Not that the dollar has value–but at that time it’ll have demand which will shoot the price up. It’s then the Chinese will probably seize the grand opportunity to gobble up commodities, land and other assets they need to be competitive and service their own economy.
Who knows–maybe in the future the Chinese will buy General Motors!!!
By Lisa on Jun 2, 2009
BTW–this is an amazing story if it is true…
Obama Selling Military Secrets To China For Debt Forgiveness?
By Lisa on Jun 2, 2009
Liberal Media? Don’t believe the hype from the right.
It’s corporate media and they’ll cover whatever sells and suppress whatever might cost them. An Ex-Wall Streeter getting laughed at doesn’t please the corporate media.
The same cabal is running (or is that ruining?) our economic system regardless of which of the parties is in charge.
By huh on Jun 2, 2009
Lisa- You said, “maybe in the future the Chinese will buy General Motors.”
Today, a Chinese company DID buy General Motors. Sichuan Tengzhong Heavy picked up the Hummer brand. The US workers at the Hummer factor in Louisiana now work for the Chinese!
By Obviator Moore on Jun 2, 2009
The bible says that the debter is slave to the lender. On that basis I guess that makes the American people the slaves of the Chinese Governement. If the American people should ever contemplate resistence, the Chinese have facts in their history that strongly suggest that they could be brutal masters. Think a bout that America!!!!
By hdallas on Jun 2, 2009
Lisa you are correct, the Chinese have been using their wealth in Africa and other places buying up mineral mines and precious metals and such. If they buy, then it doesn’t look like they are getting out of dollars. But it’s a ruse, because they don’t want a rush out the door to lower their reserves before they can get out. It’s like if one day you go home and you get a top secret call from someone in your family that is working in the Fed.(I know just bare with me). They tell you that on July 20 the dollar will be no more and the govt. will be using monopoly money. What do you do, you start buying up monopoly games and taking the money out and/or call the producers of the games money to buy and get shipped boxes to your house game money. What your doing is getting your little piece of corner of the market in this new money. You tell no one because you don’t want them to do the same thing and news get out about this.
Once the dollar goes kaput and they say we will start to use monopoly money, then your safe with a pile of the new currency. And that is what China is doing in a round about way, they are cornering the market in hard assets and such so when the dollar goes kaput they will actually have something of value that will be priced in some basket of currencies. I have been hearing for the past 3 months now that many countries like Russia and China and the middleeast are okay with a basket of currencies and commodities that will be a form of international exchange.
The Chinese laughed because they know what our stupid populace don’t or don’t want to know, and that is we are printing money to stay solvent and it’s just a matter of time before the dollar goes down.
By Buck Johnson on Jun 2, 2009
If you really want to see the future, you can see it by studying the past. The USA in 2009 is the Weimar Republic of the 1920′s. There is no conceivable way we are going to avoid a hyper inflationary cycle along with a complete collapse of our paper money currency. Owebama, along with the Democrats and GOPers that only pretend to be fiscal conservatives will continue to spend money that doesn’t exist. In my opinion, convert as much of your paper money into silver and gold, or, at least hard foreign currencies that at least operate their governments with some sense of fiscal sanity.
By Ray on Jun 3, 2009
“huh” said:
>>>Liberal Media? Don’t believe the hype from the right.
It’s corporate media and they’ll cover whatever sells and suppress whatever might cost them. An Ex-Wall Streeter getting laughed at doesn’t please the corporate media.<<<
“huh” needs to look at the viewership numbers of left-wing-nut media outlets ie MSNBC and CNN vs. admittedly more conservative but genuinely more fair FOX. “huh” will see that while FOX is uniquely identified as reflecting more conservative viewpoints (while allowing liberals to contribute consistently), their market share (which reflects the bottom line in advertising) blows everyone else away across their entire programming spectrum.
The proper advisory, it would seem to me, is that apparently the liberal media has less of a profit motive and more of an ideological one. The fact that there are MANY more dedicated liberal outlets trying to wrangle a living out of spewing left-slanted propoganda even though that ain’t where the money is. Wonder how ‘huh’ squares the facts with the ‘corporate media’ hypothesis.
By carrierpigeon on Jun 3, 2009
The story was ignored by the conservative media.
Media is owned by big business.
By jeff garrett on Jun 3, 2009
Reader note: this story was definitely NOT ignored by the media. Reuters, WSJ, NY Mag. Those are just a few major media outlets that show up in a quick google search for “geithner laughed at in china.”
By RolfeWinkler on Jun 3, 2009
Carrierpigeon – are you serious? The point is nobody was reporting it, neither so-called liberal or conservative outlets. When it comes to news, it is about the bottom line, making money, which is obviously why we hear more about Miley Cyrus, Jennifer Anniston, and the Octo-mom than any of this stuff. It’s obviously corporate media, run as a business, designed to attract viewers who probably don’t have a clue who Tim Geithner is. And yet, here we have you, trying to spin the same old liberal-media nonsense as something we all have to fear.
And feel free to give examples of “outlets spewing left-wing propaganda”. Or an example of Fox allowing liberals to contribute consistently (and no, Hannity’s weak partner doesn’t count). Seriously laughing over here.
By get a grip on Jun 3, 2009