well you know the rest of the story. One of Barry's brain trusts is becoming a Global laughing stock.

Quote:Though the U.S. press mostly withheld mention of it last week, the international media had a big laugh over Treasury Secretary Geithner’s visit to China. Apparently more aware of the dollar’s withering condition than our chief dollar steward – a scary thought on its face – they clearly understood the audience laughter when Geithner told Chinese students that dollar-denominated “Chinese assets are very safe.”

It doesn’t take an in-over-his-head Treasury secretary to understand that when the dollar is falling, the assets that pay out those dollars are necessarily imperiled. The Chinese, and all holders of U.S. Treasuries are necessarily skeptical, and with good reason. Whereas a dollar bought 1/250th of an ounce of gold in 2001, as of this writing it only buys 1/960th. Despite this stupendous collapse in the unit of account, Geithner remarkably believes that our federal debt is a good bet.

I've told friends and family Inflation is coming commodities like Gold and Silver are the best hedge to protect your money.

Quote:It’s likely a testament to the world’s overall economic health that at least for now, foreigners and Americans alike can laugh at the musings of a Treasury secretary who’s so clearly not up to the job. The problem here is that the dollar remains the most important price in the world, and its decline is no laughing matter. Tim Geithner surely ignores its falling value to the detriment of the world economy, and if his indifference continues, we’ll soon enough not be laughing.

It's sad because it's true.

Geithner Brings the Laughs In China

I wonder what the Chinese government is telling their citizens about our economy? If those students were truly informed they might not be laughing. I'm not.

Sounds like when Barney Frank was telling the people that Freddie Mack and Fannie Mae were in great shape.