Geithner: China backs efforts to fight downturn

Discussion in 'Economy' started by Neubarth, Jun 2, 2009.

  1. Neubarth
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    Neubarth At the Ballpark July 30th

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    Geithner: China backs efforts to fight downturn

    Geithner says global economy shows 'signs of stabilization' due to US, Chinese actions Joe Mcdonald and Martin Crutsinger, Associated Press Writers
    On Tuesday June 2, 2009, 10:49 am EDT


    BEIJING (AP) -- The global economy is showing "early signs of stabilization" due to action by the United States and China to end its worst slump in decades, U.S. Treasury Secretary Timothy Geithner said Tuesday.

    The two governments announced they would launch new high-level talks the week of July 27, reviving a dialogue carried on under the former U.S. administration and broadening the agenda to include foreign policy concerns.

    Geithner said that in two days of talks, Chinese officials recognized the need to move aggressively to revive growth and stabilize the banking system even at the cost of higher U.S. government budget deficits.

    "I think we've already demonstrated the capacity of our two countries to work together on the global stage to lay a foundation for economic recovery," Geithner said in a meeting with President Hu Jintao as he wrapped up his visit. "And I think partly because of the strengths of the actions put in place by your government and by President Obama we're starting to see some early signs of stabilization and recovery in the global economy."

    China is the largest owner of U.S. Treasury securities and Geithner assured Chinese leaders that President Barack Obama was committed to tackling soaring budget deficits that have stirred unease about the value of Beijing's holdings.

    Premier Wen Jiabao roiled financial markets in March when he expressed concern about the safety of .......
     
  2. Neubarth
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    Neubarth At the Ballpark July 30th

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    That "early signs of stabilization" crap is total nonsense, of course.

    Still, we are in serious, serious economic trouble, and only the cooperation of all economically strong countries will pull us out of this horrible Depression that we are in.

    GDP is plummeting. Sales are falling. Layoffs abounding, and everything that we have tried, failing miserably.
     
    Last edited: Jun 2, 2009

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