Those in Glass Houses Shouldn't Throw Lead-Laced Chinese Toys, Tim Geithner

Friday, October 16, 2009 , , 1 Comments

each man must realize
that it can all disappear very
the cat, the woman, the job,
the front tire,
the bed, the walls, the
room; all our necessities
including love,
rest on foundations of sand -
and any given cause,
no matter how unrelated:
the death of a boy in Hong Kong

or a blizzard in Omaha ...
can serve as your undoing.
all your chinaware crashing to the
kitchen floor, your girl will enter
and you'll be standing, drunk,
in the center of it and she'll ask:
my god, what's the matter?
and you'll answer: I don't know,
I don't know ...

- Charles Bukowski, "Pull a String, a Puppet Moves"

*ahem* Timmy, are you listening? Don't fuck with China, seriously. Just don't do it. You started off doing it and then you quickly realized that it was one of the most boneheaded moves you could make and quickly tried to cover your tracks. Perhaps the Treasury is a bit overwhelmed by Goldman Sachs and JP Morgan's "incredible" Q3 earnings but before we start busting loads all over 1500 Pennsylvania Avenue, perhaps it would be wise to evaluate the situation first. Let's not get ahead of ourselves and start coming after China. Please.


The US Treasury has criticised China for what it described as the lack of flexibility of the Chinese currency, the yuan.

It also criticised the rapid build-up of China's foreign exchange reserves in a report to the US Congress.

The Treasury said it had serious concerns about the rigidity of China's exchange rate.

But it stopped short of accusing China of currency manipulation, a politically contentious issue in the past.

"Both the rigidity of the renminbi and the reacceleration of reserve accumulation are serious concerns which should be corrected to help ensure a stronger, more balanced global economy consistent with the G-20 framework," the Treasury report said.

The yuan, which has depreciated 6.9% against the dollar since February 2009, remains "undervalued", the report said.

China's foreign exchange reserves, already the world's largest, jumped nearly 20% from a year ago to a record $2.27 trillion at the end of September, the Chinese central bank said.

Yeah? That's wonderful. Good for China, did the Treasury actually expect to report that "China is buying our bullshit as usual"? Give me a break.

You really should have keep the lead-laced toys coming, America. But no, you had to get in over your heads, didn't you? *snicker*

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.


Is Timmy Boy this stupid? Does he still not understand, when China stops supporting the dollar, it will collapse?