Geithner Will Be Hat-In-Hand To The Chinese



Socialist Timothy Geithner is going to China hat-in-hand. Washington's leverage has waned just as China's power over the U.S. has grown. The United States needs China to buy more American goods. We also need for China to allow its currency to rise and make other moves to narrow an enormous trade gap. The impotent socialist Barack Hussein Obama’s administration also needs China's help to confront any military threat from North Korea.

Socialist Obama's administration estimates the budget deficit will hit $1.84 trillion this year. That is four times last year's deficit. The U.S. needs China's money to finance these huge budget deficits.

China is now the United States biggest creditor. As of March, China held $768 billion of treasury securities. That is about 10% of all publicly traded debt. With growing deficits it will be China to buy more and more treasury securities.

The Chinese have grown nervous about the huge borrowing of the U.S.  As any bank worried about its loans, the Chinese have worried over America's budget gap. In March, Premier Wen Jiabao said, "We’ve lent a huge amount of money to the U.S.  Of course, we are concerned about the safety of our assets."

Comments have also been made by the head of China's central bank about whether the world needs a new top reserve currency to replace the US dollar, this has jolted financial markets. The Socialist Obama administration insists it isn't worried about the amount of debt it is creating or worried it would jeopardize America's sterling a AAA bond rating. But treasury officials said Geithner still intends to reassure the Chinese.

The U.S. will work to reduce its budget deficits once the crisis ends, by urging Americans to save more and shrink the trade deficits. To replace the diminished U.S. spending, the Chinese will be asked to step up spending and stop saving so much. The Socialist Obama’s administration says this can be done if China improves pensions and health insurance so Chinese households don't feel pressured to save so much.

The Socialist Obama administration is going to tell China to spend more on pensions and health insurance, they are going to tell China to tell their people not to save money.  Will Geithner be laughed out of China? This administration is clueless and is going to try and tell China what to do.

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