Come on. It’s enough already. Does the Obama Administration think that the Chinese government is as dumb as the American public? Apparently, as Obama keeps sending envoys to China to convince them that they shouldn’t believe what they read or trust their lying eyes. This week, it’s Timmy Geithner that is in China trying to convince the communist regime and bankroller of American debt, that all is well. It would be laughable if not for the fact that it’s so darn pathetic. Here we are, the United States of America, and we’re trying to convince CHINA that we’re worth the investment.
“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.
But later in the day, Chinese Vice Premier Wang Qishan said it was important for the two nations to show the world they are working together through their joint economic dialogue.
“We must through our dialogue send a clear signal that China and the U.S. are engaged in practical cooperation to address the crisis,” Wang told Geithner.
Poor Tim Geithner, students are LAUGHING at the guy… but then China has little to laugh about as it finds itself in a position where it either sinks or swims depending on our ability to keep buying JUNK. Tim made sure that the Chinese had nothing to fear in the way of exporting the aforemention JUNK to our shores and onto the shelves of retail giants. At the same time in an effort to likely dissuade the Chinese from a move away from the dollar it seems that Team Obama is looking to make China a bigger economic player, offering it a larger role at the IMF.
Geithner offered U.S. backing for a higher-profile role for China in running global institutions including the IMF — a controversial proposition since it raises the sensitive issue of reducing Europe’s voting share in the global lender.
“The United States will fully support having China play a role in the principal cooperative arrangements that help shape the international system, a role that is commensurate with China’s importance in the global economy,” he said.
In words clearly intended to soothe Chinese concerns that its vibrant export economy might be targeted by U.S. lawmakers who are feeling pressure from soaring American joblessness, Geithner said the Obama administration would resist any such moves.
“As we go through the severe stresses of this crisis, we must not turn our backs on open trade and investment,” he said. “In return, we expect increased opportunities to export to and invest in the Chinese economy.”
Tim expects increased opportunities to export and invest in the Chinese economy? Wow, it seems that the Treasury Secretary is tragically naive when it comes to our relationship with the Chinese on an import/export basis. I’m sure that comment elicited laughter from the Chinese government. I’m wondering what we’d export to China anyway given that we don’t seem to manufacture anything.
Ladies and gentlemen, it’s open mic night/amateur hour in the US government… and we’re all along for the ride.
