Of course, this has come at the cost of selling off shares of U.S. major businesses and industries to the global market, in order to "stabilize" the global economy, in effect further continuing to destroy our own.
That's the downside of corporate globalization and Washington's "hands off" approaches and collusion in socializing the U.S. economy, rather than protecting American interests and effectively regulating corporate mergers, acquisitions and any "outsourced" offshore expansions.
Saving a British based insurer, AIG, and selling off parts of the automobile manufacturer which until not too recently was responsible for 3% of the United States GNP apparently is not too steep a price to pay for Mr. Geithner to continue to equalize the global scales, while those in Detroit are eating pork and beans, yet the AIG executives were entitled to stress breaks at one of California's four star resorts.
The Chinese, of course, got their bite of the apple in the reported sale of the GM Hummer Division to a Chinese concern. Apparently so did the Canadians with protection of their union Teacher's Pension and Mexico, from all reports.
This, of course, is in addition to all that labor and the export imbalance due to the Chinese providing a great deal of the manufactured goods here in the United States for one of the major retail chains, Wal-Mart, whose wealth if it were one of the countries in the now "global community" would place it fifth in GNP.
He also apparently reassured the Chinese that the debt that has been amassed during this trade in assets is fundamentally secured due to the United State's "liquid" financial markets.
It appears the liquid Mr. Geithner might be referring to would be that of mercury - "now you see it, now you don't."
So, although we may owe the Chinese government a great deal of debt on paper, exactly how DID they accumulate all that wealth to begin with?
I hope Mr. Geithner gets around to answering that question, when he has time and a break from shuffling all these country's assets around, before he eventually ends up selling off some of our prime real estate, such as the Grand Canyon or Redwood National Forest.
By the way, did I mention according to the article, Mr. Geithner's father worked in China, and is a former employee of the Ford Foundation?
http://enews.earthlink.net/article/top?guid=20090531/4a235240_3421_1334520090601-1322814282
