Geithner Visits China, Begging For Their Financial Support

Yes, that's pretty much what is happening right now. Timmy is in China begging the country to keep financing the United States. It's little more than dramatized groveling at this point...

Mired in a brutal recession, the United States needs Beijing to boost its purchases of U.S. goods, let China's currency rise and take other steps to narrow an enormous trade gap. And it needs China's help to combat any military threat from North Korea.

The problem is Washington's leverage has waned just as China's power over the U.S. has grown.

China is now America's biggest creditor. As of March, it held $768 billion of Treasury securities — about 10 percent of publicly traded debt.

Yahoo.com

It's kinda sad really and a sign of the times that China is considering not supporting the huge US debt anymore. Let's read some more about that...

The Obama administration insists it isn't worried that the mound of debt it's creating will jeopardize America's sterling AAA bond rating. But Treasury officials said Geithner still intends to reassure the Chinese.

Geithner plans to stress that the administration sees the $1 trillion-plus deficits for this and next year as temporary. The deficits are necessary to fund a stimulus package to help lift America out of recession and invigorate a wobbly U.S. banking system, officials say. Once those needs are met, the administration says it will make deficit reduction a top priority.

"The Obama administration believes strongly in fiscal discipline," said a senior Treasury official. If the Chinese raise the deficit issue, Geithner "will listen to their concerns," said the official, who spoke to reporters under rules that didn't allow him to be identified.

Let me repeat the line that made me fall out of my chair laughing... I quote, "The Obama administration believes strongly in fiscal discipline."
Oh ho ho! That's fresh isnt it, China isn't stupid you know. Lying right to their faces is a bold move. Honestly, if I dont believe you, what makes you think China will...?

The United States seems to be doing a lot of groveling to the Chinese lately doesnt it? Clinton was over there not to long ago, now Timmy is, I wonder who is next.
I wonder if it is even working?
The above question also relates to our stimulus packages. When it's obvious those didnt work, you think China will invest in our bonds anymore?

Truly a question to ponder.

Spending is like their heroin. They just can't stop doing it.

I'm pretty sure China is going to tell us to screw off. Maybe Timmy the Tax Cheat will break some law over there and China will keep him and we have to find a new treasury secretary.

Funny stuff I tell you, when the cult of personality finally wears off of this administration they are going to get nailed to the wall, and both major political parties will start going down in flames.

Instead of asking to borrow money how about stop spending. It is going to be fun watching the dems paid off base turn on them when they can no longer continue to pay them.

reply to post by Hastobemoretolife


If they stopped spending our money it would fix a lot of problems...

It'll never happen though.

reply to post by Tentickles


No that fix is too simple. They have to make everything super complicated. Oh well I can't wait for people to wake up and finally do something about this crap.

reply to post by Hastobemoretolife


Me too my friend.

Me too.

A thief who was caught not paying his taxes and named to head the IRS is now at China's doorstep begging THEM not to pull funding.

This goes beyond ironic and pathetic and is just deplorable.

praying the audit the fed bill goes through and gains public notice so the american people can once and for all push the federal reserve out of our monetary system and we can go back to basing our money on the gold standard.

China is merely reasserting the position it has held for the majority of all history - the centre of the world and most powerful nation on earth. America was simply a temporary anomaly which has since been corrected.

What most of the MSM is NOT reporting is that the chinese audience LAUGHED when Geitner stated "Chinese assets are very 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 skepticism 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.

Chinese audience LAUGHS at Geitner

Looks like the chinese are more astute in their analysis of the out of control spending than the sheeple in this country.

[edit on 1-6-2009 by habu71]