Wednesday, June 3, 2009

China Chuckles at little Timmy

Little Timmy Geither, the left hand of Lord God Obama visited China and in the course of his desperate travels told a Beijing University audience the US dollar was safe and recovery was a sure thing. The audience laughed. That's right, laughed at the presumptuous little tyke. 

China, quite rightly, wonders why they are accumulating US dollars, treasury bonds and other holdings rather than spending it on domestic development. Geithner, that very morning had walked straight smack into another Great Wall of China, The Global Times which published a list of pre-eminent economists who, in chorus, called US holdings, risky. China hold's officially about 768 billion in US assets. The figure is nearly twice that, well over a Trillion. 

The Chinese aren't stupid. Geithner seems to think they have the same dulled down, ignorant mind set he's used to dealing with. They don't and he is in big trouble.

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