Turbo Tax Tim Geithner Polishes His Stand Up on the Road

Take my economy...please!

Turbo Tax Timmy Geithner has taken his stand up routine to China, as a follow up to "I didn't realize that was taxable income", which was such a big laugh in the states, TT Timmy is wowing Chinese economics students who asked him if Chinese investments in the US were "safe"!

Chinese university students are reported as having laughed at Geithner, the US Secretary of the Treasury, when he promised the Chinese students that Chinese assets in dollars are "safe".

China Econ Students Laugh At Geithner's Promise of Strong Dollar

BEIJING, June 1 (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 scepticism 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.

Even college students, raised in a culture that respects authority couldn't help themselves but to laugh at the hapless posturing of the US Secretary of the Treasury. I'll bet if he'd followed up with his explanation of why he didn't pay his taxes, he could have had them rolling in the aisles, instead of just rolling their eyes, like we do here at the pronouncements of the Obama Administration!

Cross posted at Say Anything