Posted by
rycK on Monday, June 01, 2009 12:24:54 PM
Little
Timmy Geithner Dances the Dunciad in China. We Need Not Fear Inflation!
Abstract: The Chinese are
watching us as they think Treasury is printing money and monetizing the debt
thus cheating the Chinese out of the value of their bond holdings. Inflation fears, everywhere
in the world, appear to be looming based on the wild antics of our fed and this
is, historically, the usual penalty for too much money being spread around. We
are spending and printing our way to financial oblivion but our Treasury secretary
goes to China and gives them a honk-job
that is slicker than some of the more raunchy scenes from Cabaret. He promises some heretofore unknown “fiscal
responsibility” nostrums and a new spending “discipline” along with the
possibility of some “pay-as-you-go” budget rules for future spending. He does
not mention the word TAX anywhere.
We have
been inspecting the antics of our elfin being
as he juggles several financial hot potatoes in the steamy atmosphere of Washington politics. But, now he spreads his
cheer and such in China, the world’s most progressive
economy that is based on 16th century mercantilism and exports. They
apparently don’t believe him. I don’t.
Our little elfin being has this to
say:
“BEIJING (Reuters) - U.S.
Treasury Secretary Timothy Geithner on Monday reassured the Chinese government
that its huge holdings of dollar assets are safe and reaffirmed his
faith in a strong
U.S. currency.”--
Geithner tells China its dollar assets are safe
On Monday
June 1, 2009,
By Glenn Somerville [Emphasis is mine in all
quotes.]
Now, I am
not afraid.
On the dollar:
"This is important for boosting confidence
and encouraging global financial stability and economic revival," said
Wang.
It was until you came along.
“In his speech, Geithner renewed pledges that the Obama
administration would cut its huge fiscal deficits and promised "very disciplined" future
spending, possibly including reintroduction of pay-as-you-go budget rules
instead of nonstop borrowing.
"We have the deepest and most
liquid markets for risk-free assets in the world. We're committed
to bring our fiscal deficits down over time to a sustainable level.
"We believe in a strong
dollar ... and we're going to make sure that we repair and reform the financial
system so that we sustain confidence," he said.”
I wonder
if Little Timmy places the GM secured bonds in such a category. Or, perhaps
the snarled packets of worthless
subprime mortgagees that our two worthless Fanny Floopie
and Floppie
Fredie now burden us with?
Now, Little Timmy dumps Europe:
“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.”
If I might offer a translation: Since the idiot Euro-Peons
have trashed their economy with imported poverty losers from third world,
destroyed their currency by wild spending and wrecked their industrial base
with EcoNazism, we can confidently dump these turkeys and do business with the
Marxists who, currently, hold the cash. I am sure China can make better wine than the
French and give us games more interesting that cricket.
Just look
at the O’Bozo social programs and somebody tell me how he might get into a pay-as-you-go budget system with all
these drooling proto-Marxists with their fingers on the financial levers.
Little Timmy is either: [1] Lying thru is teeth, [2]
is insane, [3] is now a True Believer in
whatever O’Bozo postulates or, more likely, is [4]
just reading his little script on the teleprompter.
Pick any 3 of the 4.
Where do we get these
cretins? How much are these losers in Washington going to cost us?
rycK
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