Our Treasury Secretary, not Secretary of State Clinton, is visiting China to calm Beijing’s nerves about the once-mighty U.S. dollar. As of first quarter China holds a record $768 billion of U.S. Treasuries, and the Chinese are very worried about Washington’s budget deficit and liberal monetary policy causing hyperinflation down the road.
After responding to a question about the security of U.S. assets, he was laughed at by the Peking University audience.
Nobody believes him, whether abroad or domestic. The reputation of the Treasury Department is on a downward spiral, and in turn, America’s reputation.
President Obama has not elevated our global stature. His naivete and flawed policies have made America laughable.
