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Join Secretary Geithner And Clinton As They Deliver Remarks At The Opening Of The U.S.-China Strategic Dialogue

Tyler Durden's picture




 

Because you wouldn't want to miss lots of empty words being delivered with the appropriate dose of pathos (or is that pathology?) and hypocrisy.

From the Department of Truth:

Join Secretary of State Hillary Rodham Clinton as she delivers remarks
at the Opening Session of the U.S.-China Strategic and Economic Dialogue
(S&ED) on May 9, 2011. Secretary Clinton and Treasury Secretary
Timothy Geithner will be joined for the Dialogue by the Chinese
Co-Chairs, Vice Premier Wang Qishan, and State Councilor Dai Bingguo,
for the third joint meeting of the U.S.-China S&ED in Washington,
D.C., May 9-10.

And from Reuters on Geithner's prepared remarks:

U.S. Treasury Secretary Timothy Geithner said on Monday that China needs to foster more domestic demand rather than rely on exports for its future growth to keep a global recovery going.

In prepared remarks for delivery at the start of two days of a Strategic and Economic Dialogue, Geithner said both countries face challenges and Washington must complete long-term fiscal reforms to force it to live within its means.

"In China ... the challenge is to lay the foundation for a new growth model, driven more by domestic demand, with a more market-based economy, and a more sophisticated financial system," Geithner said.

 

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Mon, 05/09/2011 - 09:34 | 1255189 Cognitive Dissonance
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May I opt instead for the root canal without novocaine?

Mon, 05/09/2011 - 10:05 | 1255268 DaveyJones
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you're already on the watch list, so just about any procedure comes without a pain killer

Mon, 05/09/2011 - 10:38 | 1255391 Cognitive Dissonance
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LOL

I guess that means I should BYOPK (Bring My Own Pain Killer). :>)

Mon, 05/09/2011 - 19:56 | 1257438 StychoKiller
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HydroCodone, the other white pill...  :>D

Mon, 05/09/2011 - 09:39 | 1255198 LawsofPhysics
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Equal number of many  Chinese and American flags.  The secret alliance is pretty clear to me.  With unions being busted on a daily basis and an already complacent Chinese population behind them, the world corporations will make sure the world population works for Chinese wages or else.  Hedge accordingly.

Mon, 05/09/2011 - 09:44 | 1255219 SoNH80
SoNH80's picture

China = fascist state capitalism

Mon, 05/09/2011 - 09:48 | 1255229 LawsofPhysics
LawsofPhysics's picture

Yep, no so different than the U.S. and China needs food.

Mon, 05/09/2011 - 10:20 | 1255314 Life of Illusion
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Chinese hold dollar reserves and need placement. US assets will be sold to Chinese as MSM delivers political correct imagery. US public will be told this is good for job development and private public partnerships will be used to sell US assets to Chinese. They are partners and here’s a good link indicating the same.

http://en.wikipedia.org/wiki/Qualified_Foreign_Institutional_Investor

Mon, 05/09/2011 - 10:32 | 1255364 SoNH80
SoNH80's picture

Yes.  China and the U.S., a boozy, unhappy marriage that will guarantee years of future mutual misery.

Mon, 05/09/2011 - 10:18 | 1255320 Natasha
Natasha's picture

I agree that is their plan.

One itty bitty problem with the long run consequences of wage arbritrage.

How many consumers making $5 a day will be able to afford a $300 I-product? How many will need riding lawn mowers to manicure that perfect McMansion lawn?  How many consumers will spend three days wages to buy a jug of laundry detergent? Forget about that matching washer and dryer to use it in. A Chinese dorm room lifestyle does not include his and hers SUV's.

The long term goal is seriously flawed. Then again, what should we expect from a bunch of sociopaths who can't see past the quarter's stock price.

 

Mon, 05/09/2011 - 10:25 | 1255335 LawsofPhysics
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Of course the long term goal is flawed, that is economics, period.  Get yours now, fuck the future generations.

Mon, 05/09/2011 - 10:40 | 1255388 falak pema
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the trick is in the short terming of the long term, bringing the USD so low that US wage rates in revalued Yin-Yuans make the daily rate in Detroit competitive with that of Shanghai. Then we can bring the I-pads back to Detroit-on-Honchoi.

Mon, 05/09/2011 - 11:57 | 1255744 MrPike
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The quarters stock price? More like the hourly stock price. :)

Mon, 05/09/2011 - 09:48 | 1255200 SheepDog-One
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Geithner- Washington must reform and make the people live within their means....just as soon as they give me a few $Trillion more dollars. 

Are we sure this isnt a China trade meeting for USA new major food import and soon-to-be american diet staple Ramen noodles?

Mon, 05/09/2011 - 09:59 | 1255201 TruthInSunshine
TruthInSunshine's picture

Timmmmmay!!! wants a "strong dollar," and so does Bubbles Ben Banana Republic Bernank, and I believe them!

 

 

/sarc

 

Boehner the Boner & Eric 'the Silence has been Deafening'antor are raising money from Wall Street Investment Banks this week, promising them that the thick, lucious gravy of more taxpayer extracted juice is coming, and that they will deliver the giant niiple and teet.

Mon, 05/09/2011 - 09:48 | 1255208 destiny
Mon, 05/09/2011 - 09:45 | 1255209 Roger O. Thornhill
Roger O. Thornhill's picture

"I, for one, welcome our new chinese overlords"

    -Tim Geithner (/sarc) -paraphrased from the Simpsons.

Mon, 05/09/2011 - 10:23 | 1255336 MilleniumJane
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LOL!

"It's in Revelations people!"

Mon, 05/09/2011 - 09:43 | 1255215 SoNH80
SoNH80's picture

The U.S.A. really has gone down the crapper, hasn't it?  Our "officials" running over to Peking to suck up to the ChiComs for more money.  Pathetic.

Mon, 05/09/2011 - 09:50 | 1255226 SoNH80
SoNH80's picture

Yes, they're in D.C. for this strategery initiation, but Uncle Sam is constantly sending "envoys" to the Celestial Capital to grovel & suck up... ah, so please give us more Ponzi inputs....

Mon, 05/09/2011 - 09:43 | 1255216 SheepDog-One
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As long as they say a lot of words, Im sure everything is OK.

Mon, 05/09/2011 - 09:46 | 1255217 JimBobOMG
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In other words unpeg the ren from the dollar.

Mon, 05/09/2011 - 09:52 | 1255233 SheepDog-One
SheepDog-One's picture

China should stop dumping their dollar debt why? Because we're going to print more and we want China to make accomodations for it? 

I think this is all just a front, theyre not there talking about currency rates.

Mon, 05/09/2011 - 10:03 | 1255259 Temporalist
Temporalist's picture

I wonder if the U.S. and China will discuss their still imploding real estate bubbles.

 

Home Prices Fall Again In Biggest Drop Since 2008

http://www.huffingtonpost.com/2011/05/09/home-prices-first-quarter-2011_...

 

U.S. ‘Underwater’ Homeowners Increase to 28 Percent, Zillow Says

http://www.bloomberg.com/news/2011-05-09/u-s-underwater-homeowners-incre...

 

Housing crash is getting worse: report

http://www.marketwatch.com/story/housing-crash-is-getting-worse-2011-05-...

 

Chinese property developers struggle as gov't cools market

http://news.xinhuanet.com/english2010/china/2011-05/08/c_13864187.htm

 

China’s real-estate developers struggle with debt

http://www.marketwatch.com/story/chinas-real-estate-developers-struggle-...

 

 

Mon, 05/09/2011 - 10:08 | 1255277 Temporalist
Temporalist's picture

And in the UK:

UK house prices fall 1.2% in April

http://www.ft.com/cms/s/0/d66567a8-7a20-11e0-bc74-00144feabdc0.html?ftca...

U.K. House Prices May Drop as Much as 20% Over Next Five Years, Niesr Says

http://www.bloomberg.com/news/2011-05-04/u-k-house-prices-may-drop-as-mu...

 

 

Mon, 05/09/2011 - 10:09 | 1255280 TruthInSunshine
TruthInSunshine's picture

If it's being reported that Chinese real estate developers and banks have a cool trillion in bad debt, officially, I can easily see that number being closer to 2 to 2.5 trillion, using a quick and dirty back of the almond boneless chicken carton calculation.

Mon, 05/09/2011 - 10:23 | 1255323 LawsofPhysics
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More like 100 trillion and then some.

Mon, 05/09/2011 - 10:01 | 1255264 DaveyJones
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I'm glad we sent the two most honest, most law abiding and most respected individuals to the Chinese

Mon, 05/09/2011 - 10:09 | 1255287 hangemhigh77
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Sounds more like comedy entertainment for the Chinese. Geithner and Clinton do a stand-up tour of China.

Mon, 05/09/2011 - 10:13 | 1255290 strannick
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"In China ... the challenge is to lay the foundation for a new growth model, driven more by domestic demand, with a more market-based economy, and a more sophisticated financial system," Geithner said.

Is this when the laughter and tomatoes started flying?

Just what they need, "a more sophisticated financial system,"

I think by 'sophisticated' he must mean 'corrupt', and by 'system' he's probably trying to say 'oligarchy'

Mon, 05/09/2011 - 12:39 | 1255912 Andy_Jackson_Jihad
Andy_Jackson_Jihad's picture

I think the real translation is:

We are going to start spending our surplus output on sh*t we make here in China instead of sending it to you round-eyes in the form of debt purchases.
We're also going to-rethink our party-decreed investment policies as that has resulted in RE bubbles in both countries.  Buy your iPhones, flatscreens and 2-stroke bicycle motors now on the cheap while we still accept your currency.

This has been speculated many times here on ZH.  Its comming true.  Just be glad they gave us loyal customers a bit of advanced notice for anyone who cares to actually listen.

 

Mon, 05/09/2011 - 10:19 | 1255313 bankonzhongguo
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Out of the mouths of babes comes drooling.

Children in China's countryside laugh and point at Geithner.

Mon, 05/09/2011 - 10:24 | 1255325 strannick
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Then he looks down to see if they're laughing because his fly is open, but they're laughing because his mouth is open and his lips are moving.

Mon, 05/09/2011 - 10:26 | 1255347 anony
anony's picture

Meh.

Mon, 05/09/2011 - 10:33 | 1255369 SilverFiend
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I hope they don't forget to bring up China's domestic torture of it's own citizens and the brutal repression of the tibetan people.  Oh,  I forgot it is only chic to talk about the U.S. in such light.

Mon, 05/09/2011 - 10:32 | 1255374 falak pema
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Its Strategic, its economic...but is it Dialogue or DOUBLE monologue?

Mon, 05/09/2011 - 10:54 | 1255449 AldoHux_IV
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Whatever these 2 sides say in front of cameras is most likely the exact opposite or at least their willingness to come to an agreement that would be in the best interest of the peoples of each country-- operative word being 'people' and who actually they mean when saying that.

Another shit show for the peasants.

Mon, 05/09/2011 - 10:59 | 1255478 Madcow
Madcow's picture

“More Sophisticated” - indeed. That is the PERFECT word for it.

 *

Sophisticated s??fisti?k?tid / Adjective

2.   Adulterated; not pure; not genuine.

Sophisticate  (s-fst-kt) / Verb

1.  To cause to become less natural, especially to make less naive and more worldly.

2.  To make impure; adulterate; to damage; to pervert

Syn: To adulterate; debase; corrupt; vitiate.

Sophistication (suh-fis-ti-key-shuhn] / Noun

2.  A deliberately invalid argument displaying ingenuity in reasoning in the hope of deceiving someone

5.  Falsification by the use of sophistry; misleading by means of specious fallacies; a false belief

Sophistry (?säf?str? ) Noun

1.  The use of fallacious arguments, esp. with the intention of deceiving.

2.  The controversial method of an opponent, distinguished from one's own by superior insincerity and fooling.  This method is that of the later Sophists, a Grecian sect of philosophers who began by teaching wisdom, prudence, science, art and, in brief, whatever men ought to know, but lost themselves in a maze of quibbles and a fog of words.

Sophist (säfist) Noun

1.  A paid teacher of philosophy and rhetoric in ancient Greece, associated in popular thought with moral skepticism and specious reasoning

2.  Somebody using clever talk to deceive: a deceptive person who offers clever-sounding but flawed arguments or explanations

 

 

Mon, 05/09/2011 - 11:05 | 1255504 bankonzhongguo
bankonzhongguo's picture

I would just make the point that Geithner has adopted the most rank and failing of Chinese crony fascist banking practices by and through the Fed/treasury/TBTF trifecta of human bondage, suffering and lies.

Looking the other way on defaulted loans, bail outs, relaxation of 'regulations' - China is merely re-branding its ways by emulating Wall Street's worst practices.

Rather than 'worry' about China, Tim should concentrate on fixing his Dr. Strangelove-bankster hairdo and try to be a mensch.

How about starting with these Mitzvot;

Treatment of Gentiles
  1. To love the stranger (Deut. 10:19) (CCA61). See Love and Brotherhood.
  2. Not to wrong the stranger in speech (Ex. 22:20) (CCN49).
  3. Not to wrong the stranger in buying or selling (Ex. 22:20) (CCN50).
  4. Not to intermarry with gentiles (Deut. 7:3) (CCN19). See Interfaith Marriages.
  5. To exact the debt of an alien (Deut. 15:3) (affirmative).
  6. To lend to an alien at interest (Deut. 23:21) According to tradition, this is mandatory (affirmative).
Business Practices
  1. Not to do wrong in buying or selling (Lev. 25:14) (CCN47).
  2. Not to make a loan to an Israelite on interest (Lev. 25:37) (CCN54).
  3. Not to borrow on interest (Deut. 23:20) (because this would cause the lender to sin) (CCN55).
  4. Not to take part in any usurious transaction between borrower and lender, neither as a surety, nor as a witness, nor as a writer of the bond for them (Ex. 22:24) (CCN53).
  5. To lend to a poor person (Ex. 22:24) (even though the passage says "if you lend" it is understood as obligatory) (CCA62).
  6. Not to demand from a poor man repayment of his debt, when the creditor knows that he cannot pay, nor press him (Ex. 22:24) (CCN52).
  7. Not to take in pledge utensils used in preparing food (Deut. 24:6) (CCN58).
  8. Not to exact a pledge from a debtor by force (Deut. 24:10) (CCN59).
  9. Not to keep the pledge from its owner at the time when he needs it (Deut. 24:12) (CCN61).
  10. To return a pledge to its owner (Deut. 24:13) (CCA63).
  11. Not to take a pledge from a widow (Deut. 24:17) (CCN60).
  12. Not to commit fraud in measuring (Lev. 19:35) (CCN83).
  13. To ensure that scales and weights are correct (Lev. 19:36) (affirmative).
  14. Not to possess inaccurate measures and weights (Deut. 25:13-14) (CCN84).

Oops.  Tim and friends.  You're ARE doing G-d's work!

Mon, 05/09/2011 - 11:09 | 1255517 swissinv
swissinv's picture

how about printing less USD that there is less money available for imports?

Mon, 05/09/2011 - 11:33 | 1255618 baby_BLYTHE
baby_BLYTHE's picture

If the US can simply print up as much money as it needs to cover-up debt and deficits...

Why should any of us bother paying taxes?

Looks like history will have to sort out that one. It will be next to a picture of a 1 billion dollar Federal Reserve note in children's social studies text.

Mon, 05/09/2011 - 11:57 | 1255754 Elmer Fudd
Elmer Fudd's picture

i for one would like to see a billion dollar FRN note, will keep it as a souvenier next to the 1 dollar Silver certificates.

Mon, 05/09/2011 - 14:24 | 1256296 Problem Is
Problem Is's picture

Who let Jeethner out in public???

That fucker even finish his taxes yet?????

Mon, 05/09/2011 - 21:09 | 1257621 zippy_uk
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"You revalue yours, and I might stop devaluing mine"

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