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Stewie
06-01-2009, 01:32 PM
Even Chinese students know when they are lied to.




Geithner tells China its dollar assets are safe



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<!-- end .primary-media -->
<!-- end .related-media --> By Glenn Somerville Glenn Somerville – Mon Jun 1, 11:41 am ET


<!-- end .byline --> BEIJING (Reuters) – 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 skepticism 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.

Chief Henry
06-01-2009, 01:34 PM
I hope we can see video of this...

KC Dan
06-01-2009, 01:36 PM
I hope we can see video of this...
Doubtful as the White House television network probably won't allow us to see the video. The laughter will be edited out.....

KILLER_CLOWN
06-01-2009, 01:50 PM
What Tiny Tim the tax cheat lie? say it isn't so!

Radar Chief
06-01-2009, 01:59 PM
I don’t blame them. I probably would’ve laughed too.

BucEyedPea
06-01-2009, 04:20 PM
Love the name of the thread. PERFECT! LMAO

Calcountry
06-01-2009, 04:31 PM
I would laugh if I wasn't crying.

BucEyedPea
06-01-2009, 06:03 PM
I would laugh if I wasn't crying.

I'm numb.

stevieray
06-01-2009, 06:07 PM
timmy pinnochio

Bwana
06-01-2009, 06:08 PM
Doubtful as the White House television network probably won't allow us to see the video. The laughter will be edited out.....

Without a doubt.

prhom
06-01-2009, 06:43 PM
To be fair I'm sure that he actually believes that the dollar will retain its strength.

orange
06-01-2009, 07:07 PM
These students were laughing because they remember the last time the US defaulted on its debts back in...

... what was the year again?

SBK
06-01-2009, 07:09 PM
These students were laughing because they remember the last time the US defaulted on its debts back in...

... what was the year again?

2010.

orange
06-01-2009, 07:11 PM
2010.

In other words, "never."

Right?

prhom
06-01-2009, 07:17 PM
These students were laughing because they remember the last time the US defaulted on its debts back in...

... what was the year again?

It's not about default its about paying them back with "worthless" dollars when they thought they were investing in a strong currency. We can just print up the money and pay them back whenever we like, there's nothing that says we can't do that.

stevieray
06-01-2009, 07:19 PM
These students were laughing because they remember the last time the US defaulted on its debts back in...



they would've laughed at this too.

orange
06-01-2009, 07:26 PM
I laugh at you right-wingers who suddenly believe and embrace criticism of the US from sources like Russia and China.

They've been "going to bury us" for going on a hundred years, now...

- and we're still willing to sell them the shovels, but no one's shown up to buy them lately. Just another obsolete industry to toss on the scrapheap of history.

KC native
06-01-2009, 07:33 PM
What I really love about the wingers is that they ignore the fact that China buys our debt to keep it inflated and keep their currency cheap so they have a manufactured trade advantage. Who really gives a shit what they think? It would cause some short term pain as we adjusted to not spending beyond our means but it would really fuck China whose export driven economy is built on a house of cards.

Bwana
06-01-2009, 07:41 PM
These students were laughing because they remember the last time the US defaulted on its debts back in...

... what was the year again?

How long is clown shoes in office again?

SBK
06-01-2009, 07:45 PM
I laugh at you right-wingers who suddenly believe and embrace criticism of the US from sources like Russia and China.

They've been "going to bury us" for going on a hundred years, now...

- and we're still willing to sell them the shovels, but no one's shown up to buy them lately. Just another obsolete industry to toss on the scrapheap of history.

Our media is today what Russia's used to be. Much more along the lines of Cuba or Venezuela. It's a sad state of affairs in the US today.

Do you think that the Chinese students were off base? You think this level of debt, spending and behavior is sustainable?

prhom
06-01-2009, 07:47 PM
What I really love about the wingers is that they ignore the fact that China buys our debt to keep it inflated and keep their currency cheap so they have a manufactured trade advantage. Who really gives a shit what they think? It would cause some short term pain as we adjusted to not spending beyond our means but it would really **** China whose export driven economy is built on a house of cards.

A weak dollar helps our trade deficit and manufacturing industry, but doesn't do a whole lot for the average American who can't buy cheap Chinese-made stuff anymore. No, I don't really care what they think will happen, but in this instance I think they are right in believing the dollar will get weaker before it gets stronger.

orange
06-01-2009, 07:53 PM
Our media is today what Russia's used to be. Much more along the lines of Cuba or Venezuela. It's a sad state of affairs in the US today.

Do you think that the Chinese students were off base? You think this level of debt, spending and behavior is sustainable?

Yes, I think the students were off base. I believe we've weathered the worst of it and the economy - particularly the financial system - is starting a comeback. It would take another great shock to derail it, and I don't see anything left out there to crash that hasn't done so.

A non-economic crisis could do it, though - a war or major terrorist attack, nuclear meltdown, or so on. But those unpredictables always hover around the margins. They're no more likely now because of the current state of the economy than they would ever be.

One possible economic crisis that could bust the system would be a trade war. I see nothing to suggest that one is forthcoming, though.

orange
06-01-2009, 07:55 PM
Our media is today what Russia's used to be. Much more along the lines of Cuba or Venezuela. It's a sad state of affairs in the US today.

Do you think that the Chinese students were off base? You think this level of debt, spending and behavior is sustainable?

As for our media today - you are largely correct about the traditional news sources in the sense of their being bought out by the system - though they still maintain far more independence than the overtly government controlled press in the old Soviet bloc.

We're in a major transitional period because of internet, though, and you can find independent sources on all sides of any issue if you want. The media in ten years will look nothing like the media ten years ago.

SBK
06-01-2009, 07:55 PM
Yes, I think the students were off base. I believe we've weathered the worst of it and the economy - particularly the financial system - is starting a comeback. It would take another great shock to derail it, and I don't see anything left out there to crash that hasn't done so.

A non-economic crisis could do it, though - a war or major terrorist attack, nuclear meltdown, or so on. But those unpredictables always hover around the margins. They're no more likely now because of the current state of the economy than they would ever be.

One possible economic crisis that could bust the system would be a trade war. I see nothing to suggest that one is forthcoming, though.

If you think we've passed the worst of it there's nothing I can say. I am 100% sure you're willfully ignorant.

patteeu
06-01-2009, 07:59 PM
Yes, I think the students were off base. I believe we've weathered the worst of it and the economy - particularly the financial system - is starting a comeback. It would take another great shock to derail it, and I don't see anything left out there to crash that hasn't done so.

A non-economic crisis could do it, though - a war or major terrorist attack, nuclear meltdown, or so on. But those unpredictables always hover around the margins. They're no more likely now because of the current state of the economy than they would ever be.

One possible economic crisis that could bust the system would be a trade war. I see nothing to suggest that one is forthcoming, though.

According to my almanac, the likelihood of a terrorist attack went up on January 20 of this year. :shrug: ;)

orange
06-01-2009, 08:00 PM
According to my almanac, the likelihood of a terrorist attack went up on January 20 of this year. :shrug: ;)

If Obama makes it four more months without a major terrorist attack, he will have beaten Bush's record.

SBK
06-01-2009, 08:02 PM
If Obama makes it four more months without a major terrorist attack, he will have beaten Bush's record.

Lucky for Obama the guy in front of him actually did something to protect us from attacks. He should win that record easily.

Cannibal
06-01-2009, 08:04 PM
Lucky for Obama the guy in front of him actually did something to protect us from attacks. He should win that record easily.

Except for the largest foreign attack our soil.

patteeu
06-01-2009, 08:08 PM
If Obama makes it four more months without a major terrorist attack, he will have beaten Bush's record.

Nah, Bush's record was over 7 years without an attack. Obama won't even get a chance at that one.

BTW, I see that Obama is endorsing Bush anti-terrorism policies right and left these days. As Pat Wilson points out on Powerline (http://www.powerlineblog.com/archives/2009/05/023686.php), Obama, by his actions, has become one of the top two supporters of Bush policy in the initial months of Bush's post-Presidency.

banyon
06-01-2009, 08:11 PM
Nah, Bush's record was over 7 years without an attack. Obama won't even get a chance at that one.

FDR went 9 years, I doubt anyone will break that either.

orange
06-01-2009, 08:11 PM
Lucky for Obama the guy in front of him actually did something to protect us from attacks. He should win that record easily.

I'll bet no one in the Obama White House will ignore an urgent terrorism warning from the CIA director and counterterrorism chief.

orange
06-01-2009, 08:18 PM
A weak dollar helps our trade deficit and manufacturing industry, but doesn't do a whole lot for the average American who can't buy cheap Chinese-made stuff anymore. No, I don't really care what they think will happen, but in this instance I think they are right in believing the dollar will get weaker before it gets stronger.

Sorry, didn't mean to ignore you.

The US will certainly see some inflation from our current huge deficits, but remember, banks don't like inflation, either. And since they control the government (ahem), we can expect that inflation will be minimized.


[edit] Lightning storm. I'm outta here.

Velvet_Jones
06-01-2009, 08:22 PM
It's not about default its about paying them back with "worthless" dollars when they thought they were investing in a strong currency. We can just print up the money and pay them back whenever we like, there's nothing that says we can't do that.

Can't wait untill all this printed money hits the streets. Jimmy Carter's charlie foxtrott will look like a picnic. Everyone PICNIC!!!!!!

SBK
06-01-2009, 08:25 PM
Can't wait untill all this printed money hits the streets. Jimmy Carter's charlie foxtrott will look like a picnic. Everyone PICNIC!!!!!!

charlie foxtrot ROFL

Velvet_Jones
06-01-2009, 08:36 PM
I laugh at you right-wingers who suddenly believe and embrace criticism of the US from sources like Russia and China.

They've been "going to bury us" for going on a hundred years, now...

- and we're still willing to sell them the shovels, but no one's shown up to buy them lately. Just another obsolete industry to toss on the scrapheap of history.

Apparently you missed the last few years. There has been a substancial amount of critisism from conservatives about spending. Even before the Democrats won a majority. You do realize that it is the congress that holds the purse-strings of the country. You do realize that the congress didn't have to support the presidents budget or the stimulus bill.

FWIW - I know of no one enbracing this critisism. China owns 30% of our debt out of foolishness in the congress. Now you are going to devalue our dollar 3 fold. Its a wrong headed and fiscally irrisponsible. You might trust Obama but China does not. Good luck on your Obama-Fap-Fest.

Simplex3
06-01-2009, 10:18 PM
I'll bet no one in the Obama White House will ignore an urgent terrorism warning from the CIA director and counterterrorism chief.

...or fly planes low around NY with no warning.

Errr, wait a minute.

I mean, forget his own Defense Secretary's name...

Uhm, well...

BucEyedPea
06-02-2009, 06:17 AM
The US will certainly see some inflation from our current huge deficits, but remember, banks don't like inflation, either. And since they control the government (ahem), we can expect that inflation will be minimized.




Some is a dramatic understatement. And it's the chief bank that is creating this inflation.

Stewie
06-02-2009, 09:25 AM
These students were laughing because they remember the last time the US defaulted on its debts back in...

... what was the year again?

I laugh at you right-wingers who suddenly believe and embrace criticism of the US from sources like Russia and China.

They've been "going to bury us" for going on a hundred years, now...

- and we're still willing to sell them the shovels, but no one's shown up to buy them lately. Just another obsolete industry to toss on the scrapheap of history.

What I really love about the wingers is that they ignore the fact that China buys our debt to keep it inflated and keep their currency cheap so they have a manufactured trade advantage. Who really gives a shit what they think? It would cause some short term pain as we adjusted to not spending beyond our means but it would really **** China whose export driven economy is built on a house of cards.

I am anything but a right-winger. Circle June 12th on your calendar. I'll revisit this thread then.

orange
06-02-2009, 11:09 AM
I am anything but a right-winger. Circle June 12th on your calendar. I'll revisit this thread then.

Yeah, you're a Gold Bug who's going to make a mfing fortune when the dollar suffers its inevitable plunge into the toilet.

My highschool lockermate's father was a Gold Bug. He was a broker for Dean Witter and a huge advocate of gold. He even wrote a newsletter for his clients called "The Gold Bug." He, too, was going to make a mfing fortune when the dollar suffered its inevitable plunge into the toilet.

I graduated high school in 1975.
(p.s. you couldn't even own gold then - you had to invest in South African gold mines, "Gold Shares" as they were called)

Stewie
06-02-2009, 12:36 PM
Yeah, you're a Gold Bug who's going to make a mfing fortune when the dollar suffers its inevitable plunge into the toilet.

My highschool lockermate's father was a Gold Bug. He was a broker for Dean Witter and a huge advocate of gold. He even wrote a newsletter for his clients called "The Gold Bug." He, too, was going to make a mfing fortune when the dollar suffered its inevitable plunge into the toilet.

I graduated high school in 1975.
(p.s. you couldn't even own gold then - you had to invest in South African gold mines, "Gold Shares" as they were called)

Um, the bolded statement has already happened. Gold is up 400% in that same timeframe and once again pushing for all-time highs. Sorry about your friend's father having bad timing. Writing a newsletter and working for Dean Witter means you write a newsletter and work for Dean Witter. It doesn't mean you have a clue about anything. How's the stock market doing?

Stewie
06-02-2009, 01:31 PM
And the deception continues. Carry on stock market investors.

The DOW is down huge, so re-jigger the constituents. YIPPEE! ALL IS WELL!!!

General Motors (GM) and Citigroup (C) are in the process of being deleted and will be replaced on June 8, 2009<sup id="cite_ref-2" class="reference"></sup> by Cisco (NASDAQ: CSCO) and Travelers (NYSE: TRV).

Stewie
06-02-2009, 01:33 PM
Oh, and DeVry is replacing GM on the S&P 500. ****ing DeVry! That school is so bad it's the only "school of higher learning" that the company I work for won't reimburse expenses.

wild1
06-02-2009, 01:39 PM
They laugh because it's not their country being spent into the third world.

KC native
06-02-2009, 02:12 PM
And the deception continues. Carry on stock market investors.

The DOW is down huge, so re-jigger the constituents. YIPPEE! ALL IS WELL!!!

General Motors (GM) and Citigroup (C) are in the process of being deleted and will be replaced on June 8, 2009<sup id="cite_ref-2" class="reference"></sup> by Cisco (NASDAQ: CSCO) and Travelers (NYSE: TRV).

They have to be taken out because their price is too low so it distorts the index. The Dow is a price weighted index and the index committee usually kicks companies out once they drop below $10. They should have done this much earlier and by keeping them in there longer they actually prevented the index from going lower.

KC native
06-02-2009, 02:13 PM
Oh, and DeVry is replacing GM on the S&P 500. ****ing DeVry! That school is so bad it's the only "school of higher learning" that the company I work for won't reimburse expenses.

I don't know why your company wouldn't reimburse it but they are an accredited school. The for profit schools have a durable business model and do generate good earnings. Another change that's completely justified.

Stewie
06-02-2009, 02:30 PM
I don't know why your company wouldn't reimburse it but they are an accredited school. The for profit schools have a durable business model and do generate good earnings. Another change that's completely justified.

We hired too many people from DeVry who are now long gone. I work for a publicly owned, worldwide company, that is all about technical people. As is usual, it took a long time for upper management to realize DeVry was not turning out quality students. We had new hires from DeVry with a EE technology degree who couldn't wire a simple A/C or D/C test setup. It was baffling.... and it was more than one grad. We love grads from KU, KSU, and Missouri Rolla. We also have lots of Iowa State, Iowa, Nebraska, and Oklahoma State grads. It's an awesome mix of smart people. We even have a couple of Texas U. grads... BOOO! Ha! They're good people, too. Oh, and UMKC has turned out some awesome grads through our intern program.

orange
06-02-2009, 03:34 PM
Um, the bolded statement has already happened. Gold is up 400% in that same timeframe and once again pushing for all-time highs. Sorry about your friend's father having bad timing. Writing a newsletter and working for Dean Witter means you write a newsletter and work for Dean Witter. It doesn't mean you have a clue about anything. How's the stock market doing?

The Stock Market in 1975 had only (barely) cracked 1000 a few brief times.

Today - even after crashing from its ten-year average around 10000 - it's at ca. 6500.

That looks to me like 650% - 1000% (maybe 550% - 900% depending on how you derived your 400% number). What do you make it?

ROFL

http://stockcharts.com/charts/historical/djia1900.html

[edit] Here's the gold price. It looks like I'll go with the 550% - 900% figure for the Stock Market. By the way, how'd you do from 1983 - 2003?

ROFL ROFL

http://goldprice.org/gold-price-history.html

Stewie
06-02-2009, 03:57 PM
The Stock Market in 1975 had only (barely) cracked 1000 a few brief times.

Today - even after crashing from its ten-year average around 10000 - its at ca. 6500.

That looks to me like 650% - 1000% (maybe 550% - 900% depending on how you derived your 400% number). What do you make it?

ROFL

http://stockcharts.com/charts/historical/djia1900.html

[edit] Here's the gold price. It looks like I'll go with the 550% - 900% figure for the Stock Market.

http://goldprice.org/gold-price-history.html

I presented real numbers since 2000. I don't care about the bubble from 1980 to 2000. There were tons of people suckered into the market when the NASDAQ and S&P were at record highs. They're both down by 50+% since... with no sign of recovery for years and years. Good luck propping up DeVry. What a ****ing joke.

If you read the investment news you'd see that hedge funds and insurance companies have been buying gold in the million$ recently. I was advised by very smart people and have been on this train for a long time. I'll happily take your money in a couple of years.

Buy Gold, you'll be better off.

Stewie
06-02-2009, 04:02 PM
The really smart people are in first, maybe second:

<tt>Northwestern Mutual Makes First Gold Buy in 152 Years

By Andrew Frye

June 1 (Bloomberg) -- Northwestern Mutual Life Insurance Co., the third-largest U.S. life insurer by 2008 sales, has bought gold for the first time in the company’s 152-year history to hedge against further asset declines.

“Gold just seems to make sense; it’s a store of value,” Chief Executive Officer Edward Zore said in an interview following his comments at a conference hosted by Standard & Poor’s in Brooklyn. “In the Depression, gold did very, very well.”

Northwestern Mutual has accumulated about $400 million in gold, and Zore said the price could double or even rise fivefold if the economy continues to weaken. Gold gained 10 percent last month, the most since November. The commodity has more than tripled since 2000, rising for eight straight years. Gold futures for August delivery slipped $4.80 to $975.50 at 4:03 p.m. in New York. </tt>

Stewie
06-02-2009, 04:06 PM
Behind the scene, hedge funds are buying gold in huge quantities, too. Who'da thunk?

orange
06-02-2009, 04:27 PM
I presented real numbers since 2000.

That's either bs or you can't do elementary arithmetic. In 2000 gold was about 300, about 900 now. That would be a 200% increase - half of what you claimed. No, I suspect you were talking about the period from 1975 - present which did produce the 400% number you gave - consistent with the date mentioned in the post you quoted.


I don't care about the bubble from 1980 to 2000. There were tons of people suckered into the market when the NASDAQ and S&P were at record highs. They're both down by 50+% since... with no sign of recovery for years and years. Good luck propping up DeVry. What a ****ing joke.

1980 - 2000. Twenty years. Some "bubble." Twenty years of steady growth which produced a 900% gain for stocks. During which gold was completely flat. You should hire Saddam's PR guy.

The 2000 stock price has been up and down but maintained an average around 10000. I wonder if anything might have happened in the decade of the 2000's that might have had a hand in the stock market turbulance? Hmmm. Anyway, It's already creeping back up like it has after every crash since the 40s. Doomsday continues to be around the next corner.

Meanwhile, gold has had to surge on bad news close to its all-time high just to be within ass-sniffing height of stocks after they crashed (400% vs 550% long-term).


"Propping up DeVry?" I guess you meant that for someone else. I've said nothing and know nothing about it.

Stewie
06-02-2009, 04:36 PM
Gold has gone from $250 to nearly $1000, that's 400%.. Stocks are down 50% in the same time frame. I'll even give you the DOW numbers which are totally manipulated and bogus. About 10 years ago the DOW was at 10,000, it's now at 8500 w/o inflation? Great fucking investment for the time spent risking money.

Quoting the DOW? Really?

orange
06-02-2009, 04:48 PM
Gold was not as low as $250 in 2000 and it's not $1000 now - but you're only fudging your numbers a bit, so I'll let that slide. If you're calling that 400%, then we're back to the Stock Market growth being 650% - 1000%.

But since you're focussed on the last eight years as all that matters (ignoring the beating gold took in 2008, by the way), let's have a look at your current strategy. Getting in to gold now while it's close to it's record high. Yowza! You're a winner, alright. :toast:



[edit] Revised my statement above to reflect the newly-revealed Stewie methodology and current prices:

Meanwhile, gold has had to surge on bad news close to its all-time high just to be within ass-drip-catching-on-the-tongue height of stocks after they crashed and rebounded (500% vs 850% long-term).

BucEyedPea
06-02-2009, 05:29 PM
Gold was not as low as $250 in 2000 and it's not $1000 now - but you're only fudging your numbers a bit, so I'll let that slide. If you're calling that 400%, then we're back to the Stock Market growth being 650% - 1000%.
I bought more gold last week and it was over $900 an oz.

But since you're focussed on the last eight years as all that matters (ignoring the beating gold took in 2008, by the way), let's have a look at your current strategy. Getting in to gold now while it's close to it's record high. Yowza! You're a winner, alright. :toast:
For some it's a hedge should dollars not be accepted...then you can still survive. Like that auto dealer with the electronic sign out front accepting gold and silver for down payments. Or when lettuce goes to $25 a head.

Guess who's coming to dinner? Orange.:D