Monday, June 1, 2009
How rude!
Geithner tells China its dollar assets are safe
“Chinese assets are very safe,†Mr Geithner said, answering a question after his opening address at Peking University this morning. His answer was greeted with laughter by the students, who question the wisdom of China spending huge amounts of money on US bonds instead of improving domestic living standards.
Posted by devo @ 12:16 PM (763 views)
One thought on “How rude!”
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goweresque says:
Yeh right! Three things can happen to the Chinese dollar Treasury holdings – 1) the USA defaults on them, they get nothing. 2) The USA pays them off in non devalued dollars over the next decade or 2, impoverishing themselves in the process. 3) The USA allows the dollar to fall, and inflation to rise, and pays the Chinese back with dollars worth probably half their current value. Which do you think is the most likely? More to the point what will be the Chinese response to number 3? (I think we could all guess the response to number 1).