Because in order to pay for Obama’s spending bonanza, he’ll have to borrow from China…and he who pays the piper, calls the tune:
Timothy F. Geithner, who before his confirmation as Treasury secretary unintentionally charged that China was “manipulating” its currency, will make his first trip to that country since taking office and meet with its leaders next week amid rising concern about China’s willingness to continue buying United States debt.
The Treasury announced on Wednesday that Mr. Geithner had meetings scheduled with President Hu Jintao, Premier Wen Jiabao and Vice Premier Wang Quishan. He will also promote American business interests and press the case for both countries, which are the world’s biggest emitters of the heat-trapping gases that contribute to climate change, to work to limit the pollution.
During his Senate confirmation hearing in January, Mr. Geithner vexed Chinese officials when, in written answers to questions from senators, Mr. Geithner wrote that “President Obama — backed by the conclusions of a broad range of economists — believes that China is manipulating its currency.”
Under a 1988 law, if the administration formally reports to Congress that China is intentionally holding down the value of its currency, the renminbi, and in turn the price of its exports, such a finding could lead to the imposition of trade barriers.
Treasury officials, speaking on condition of anonymity, later said that Mr. Geithner’s written comment about China’s currency had been mistakenly included in his responses to senators, and that the administration was not signaling a more confrontational stance than the Bush administration had taken toward trade with China.
Indeed – now that Hillary has thrown China’s political and religious dissidents under the bus, Geithner will finish the job by doing everything he can to keep China’s balance of trade with the US in the black for China, because that will provide the money for China to buy all those bonds Geithner needs to sell to finance Obama’s massive, new debt. We’ve been down this road for quite long enough – but we can get out from under China just as quickly as we balance our budget…but, even without a balanced budget, as long as we’re not contemplating a massive increase in spending, we can thumb our nose at China and demand they straighten up and fly right…Geithner is selling us in the name of Obama.
UPDATE: Ironic that its all happening around the 20th anniversary of Tiananmen Square, huh?
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