Geithner says Dollar strong, gets laughed at

[pgg]

Geithner backs strong dlr, says China's assets safe | Markets | Markets News | Reuters

Geithner backs strong dlr, says China's assets safe
Sun May 31, 2009 11:57pm EDT Email | Print | Share| Reprints | Single Page[-] Text [+]

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. (Reporting by Glenn Somerville; Editing by Alan Wheatley)

[Odd]

I don't have confidence he knows why they were laughing at him. The other scenario is darker.

[Morris]

The dollar is the closest it has ever been to a complete collapse. We are literally months away from hyperinflation because of the necessity of the treasury to print money that have no assest to back up. You can already see major players pulling away from dollar backed assets. When Gold gallups upward, stand by and pray for the best.

Geitner is a complete tool and buffoon. He will be a major instigator of the collapse.