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Tim Geithner is a joke in China, too

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By Michelle Malkin  •  June 1, 2009 03:07 PM

Tax cheat Treasury Secretary Tim Geithner is a laughingstock in Congress. A permanent punchline on late-night TV. And he’s a joke in China, too:

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.

A major goal of Geithner’s maiden visit to China as Treasury chief is to allay concerns that Washington’s bulging budget deficit and ultra-loose monetary policy will fan inflation, undermining both the dollar and U.S. bonds.

China is the biggest foreign owner of U.S. Treasury bonds. U.S. data shows that it held $768 billion in Treasuries as of March, but some analysts believe China’s total U.S. dollar-denominated investments could be twice as high.

“Chinese assets are very safe,” Geithner said in response to a question after a speech at Peking University, where he studied Chinese as a student in the 1980s.

His answer drew loud laughter from his student audience, reflecting scepticism in China about the wisdom of a developing country accumulating a vast stockpile of foreign reserves instead of spending the money to raise living standards at home.

Last week, I recommended these baby kneepads for Geithner as he grovels to the Commie regime to keep America afloat.

Looks like he needs a Thudguard helmet as well.

How do you say “snort-worthy” in Mandarin?

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