What a hoot. The Chinese Communists invaded Washington on Monday demanding not that we sacrifice our freedoms but rather that we balance our budget. Creditors get to make that kind of call. And the Marxists of Beijing, who have turned out to be the world's most prudent bankers, are worried about their assets invested in our banana republic. Share this article the_nation242:http://www.thenation.com/doc/20090803/scheer2 Related Also By Tiananmen at Twenty China Jeffrey Wasserstrom: China has changed enormously since the 1989 massacre, but the Communist Party continues to deny what happened. Americans, too, continue to misremember a complex event. Can China Catch a Cool Breeze? Environment Christian Parenti: The planet's future depends largely on the fate of China's nascent wind sector. » More The Chinese Come Calling China Robert Scheer: The Marxists bankers of Beijing are worried about their assets invested in our banana republic. Deep-Sixing the F-22 US Military Robert Scheer: The news that Congress might terminate production of topline fighter jets comes as a considerable victory for President Obama and Defense Secretary Gates. 'Government Sachs' Strikes Gold... Again U.S. Economy Robert Scheer: Since most of the increase in the federal deficit is due to bailing out the banks and salvaging the greater economy they helped destroy, why is the top investment bank doing so well? "China has a huge amount of investment in the United States, mainly in the form of Treasury bonds. We are concerned about the security of our financial assets" was the way China's assistant finance minister put it. Briefing reporters at the US-China Strategic and Economic Dialogue, he added, "We sincerely hope the US fiscal deficit will be reduced, year after year." Quite sincerely, one suspects, given a US budget shortfall this year that is slated to reach $1.85 trillion. Suddenly, it was US officials who were promising deep reform to their disgraced economic system rather than demanding it from incompetent foreigners. President Barack Obama's economic team of Clinton-era holdovers, who a decade ago had hectored China on the virtues of fiscal responsibility, now were falling over themselves to reassure the Chinese that their $1.5 trillion stake in US government-issued securities is safe, and that they should buy more at this week's $200 billion Treasury auction. If they don't, we're in big trouble. US Treasury Secretary Timothy Geithner promised to behave, saying the US is "committed to taking the necessary measures to bring our fiscal deficits down to a more sustainable level once recovery is firmly established." Now let's hope that the Chinese Communists and their natural allies among congressional deficit hawks will be able to keep him to his word.
What a hoot. The Chinese Communists invaded Washington on Monday demanding not that we sacrifice our freedoms but rather that we balance our budget. Creditors get to make that kind of call. And the Marxists of Beijing, who have turned out to be the world's most prudent bankers, are worried about their assets invested in our banana republic.
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China
Jeffrey Wasserstrom: China has changed enormously since the 1989 massacre, but the Communist Party continues to deny what happened. Americans, too, continue to misremember a complex event.
Environment
Christian Parenti: The planet's future depends largely on the fate of China's nascent wind sector.
» More
Robert Scheer: The Marxists bankers of Beijing are worried about their assets invested in our banana republic.
US Military
Robert Scheer: The news that Congress might terminate production of topline fighter jets comes as a considerable victory for President Obama and Defense Secretary Gates.
U.S. Economy
Robert Scheer: Since most of the increase in the federal deficit is due to bailing out the banks and salvaging the greater economy they helped destroy, why is the top investment bank doing so well?
Suddenly, it was US officials who were promising deep reform to their disgraced economic system rather than demanding it from incompetent foreigners. President Barack Obama's economic team of Clinton-era holdovers, who a decade ago had hectored China on the virtues of fiscal responsibility, now were falling over themselves to reassure the Chinese that their $1.5 trillion stake in US government-issued securities is safe, and that they should buy more at this week's $200 billion Treasury auction. If they don't, we're in big trouble.
US Treasury Secretary Timothy Geithner promised to behave, saying the US is "committed to taking the necessary measures to bring our fiscal deficits down to a more sustainable level once recovery is firmly established." Now let's hope that the Chinese Communists and their natural allies among congressional deficit hawks will be able to keep him to his word.
ka-chink! ~"When an inner situation is not made conscious, it appears outside as fate." Karl Jung~
Now it's past ripe; it's rotten and a little late to start worrying about their "investment." Join the queue quickly, the bank doors are closing. I can swear there ain't no heaven but I pray there ain't no hell. _ Blood Sweat & Tears
Now it's past ripe; it's rotten and a little late to start worrying about their "investment."
maybe hanging improves the gamy flava, like pheasant... ~"When an inner situation is not made conscious, it appears outside as fate." Karl Jung~
