China Offer USD760 Billion For Obama Mug And Inflatable Pillow
China, who reportedly hold $760 billion in US Treasury bonds, plus billions more in currency reserves and other dollar-denominated assets, are probably feeling a little perturbed right now.
Treasury Secretary Timothy Geithner has reassured China that it's money is in safe hands and that it had expressed "justifiable confidence in the strength, resilience and dynamism of the American economy". What's that expression: Methinks thou doth protesteth too much?
I have this mental image of China now running round Duluth airport fifteen minutes before it's plane is about to leave, buying anything that's on the shelves, just to get rid of this bloody foreign currency it doesn't want. "I'll give you $760 billion dollars for the Barack Obama Mug and that inflatable pillow."
It can't be of any great surprise that China would rather like to swap what has suddenly become the largest collection of Monopoly money in the world for grains, metals, or just about anything else.
You want your $760 billion back China? Here you go mate, but mind the print it's still a bit wet.
The world could just about be ready to enter a new phase of mega-inflation.
Treasury Secretary Timothy Geithner has reassured China that it's money is in safe hands and that it had expressed "justifiable confidence in the strength, resilience and dynamism of the American economy". What's that expression: Methinks thou doth protesteth too much?
I have this mental image of China now running round Duluth airport fifteen minutes before it's plane is about to leave, buying anything that's on the shelves, just to get rid of this bloody foreign currency it doesn't want. "I'll give you $760 billion dollars for the Barack Obama Mug and that inflatable pillow."
It can't be of any great surprise that China would rather like to swap what has suddenly become the largest collection of Monopoly money in the world for grains, metals, or just about anything else.
You want your $760 billion back China? Here you go mate, but mind the print it's still a bit wet.
The world could just about be ready to enter a new phase of mega-inflation.