Geithner Says Bonds Safe, Chinese Laugh

by James & Miel on June 1, 2009 · 0 comments

From the AP story…

A major goal of Geithner’s maiden visit to China as Treasury secretary is to allay Beijing’s concerns that Washington’s mushrooming budget deficit and ultra-loose monetary policy will undermine both the dollar and U.S. bonds. China is the biggest foreign owner of U.S. Treasury bonds.

“Chinese financial assets are very safe,” Geithner said. His response drew laughter from the audience. (Reporting by Glenn Somerville; Editing by Alan Wheatley) (Reuters).

We certainty aren’t experts, but the Chinese laughing at Geithner is a bad sign (for ALL of us and our wealth). It suggests our monetary policy isn’t internationally credible.

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