Friday, August 14, 2009
"On Monday June 1, US Treasury Secretary Timothy Geithner addressed a gathering at Beijing University. During the question and answer period Mr. Geithner stated that the US dollar was a sound monetary instrument, a comment meant to reassure the Chinese: 'We believe in a strong dollar.... Chinese financial assets are very safe.'(1)
The response from the crowd was laughter.
The The Daily Bell, a Swiss-based web publication on global economic issues, had this to say regarding America's economic credibility.
Across the sea and around the world, people perceive what the current congress and administration apparently cannot comprehend: that America is bankrupt and that its current policies are only exacerbating the problem."
With Obama's banker bailouts, clunker programs, and two wars to fight, not to mention a massive government health care overhaul, our national debt is ballooning out of control. I am reminded of a passage in Matthew written by a tax collector. "Since he was not able to pay, the master ordered that he and his wife and his children and all that he had be sold to repay the debt." Matthew 18:25 NIV.
Friends, if our national debt continues its present upward explosion (increasing by 3.88 billion/day) this will be our children's legacy.
I have a message for you international bankers: "'Woe to him who piles up stolen goods and makes himself wealthy by extortion!
How long must this go on?' Will not your debtors suddenly arise?"[The Chinese perhaps?] Will they not wake up and make you tremble? Then you will become their victim.
1. "Chinese audience laughs when Geithner says China's US$ assets are safe", June 3, 2009, The Daily Bell. Excerpt reprinted in "Global News Briefs," Hope For The World Update by Gary Kah,(Noblesville: Indiana, Summer 2009)p.10.