Geithner backs strong dlr, says China's assets safe (audience laughs)

reuters ^ | 5/31/2009 | Somerville/Wheatley

[Signalman]

BEIJING, June 1 (Reuters) - U.S. Treasury Secretary Timothy Geithner on Monday reaffirmed his faith in a strong dollar and reassured the Chinese government that its huge holdings of dollar-denominated assets are safe.

"We believe in a strong dollar," Geithner said in a question-and-answer session after a speech to students at Peking University. [ID:nPEK144756]

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.

[villagerjoel]

The game is up?

[randomhero97]

I really hope they don’t think that these DC morons represent the People.

[PressurePoint]

Based on everything I've seen from Geithner so far, I'd say he really feels he's being sincere.

He thinks as long as we have printing presses, the Chinese are guaranteed to get their money back. So what's the problem?

Geithner thinks money is like muscle: The more you have, the stronger you are.

[angkor]

>>> I really hope they don’t think that these DC morons represent the People. <<<<<

They can read FR just like the rest of us.

[schu]

“Chinese financial assets are very safe,” Geithner said. His response drew laughter from the audience.

This from the guy that cheats on his taxes and the crew that gave us TARP, AIG, Fannie/Freddie, the auto bailouts and Quantitative Easing.

How do they sleep at night?

schu

[allmost]

Liar.

[spald]

Eddie Haskell never made Mrs Cleaver laugh (or at least until Eddie was out of the room).