Word: geithners
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...early 1990s, Geithner was deputy Treasury attaché in the Tokyo embassy. Barely 30, he played an outsize role in key trade negotiations for someone so young. By the late '90s, he was in Washington, helping both Lawrence Summers, now President Obama's chief economic adviser, and then Treasury Secretary Robert Rubin deal with the Asian financial crisis that flattened economies in the region...
...sense that he understands the concerns of policymakers on this side of the Pacific are now of paramount importance. Chinese leaders have expressed deep concerns about the Obama Administration's efforts to shore up companies and the economy with massive government spending programs, and it is up to Geithner to provide assurances that the value of China's vast holdings of U.S. bonds will not be debased as a result of America's rising deficits. Indeed, a question Geithner heard from a bright young Peking University student is the same one he'll hear on Tuesday, when he is scheduled...
...Very safe," Geithner quickly reassured the student questioner, as the audience laughed. Despite the surge in spending to deal with the financial crisis, the Obama Administration is committed to getting the fiscal deficit back down to a level that "is sustainable over the medium term," Geithner said...
...students didn't press him this morning on how, exactly, the U.S. will do that, or what "the medium term" means. That's what the Chinese leadership wants to know, though, and they no doubt started asking later in the day, when Geithner met with Vice Premier Wang Qishan and Zhou Xiaochuan, the governor of the China's central bank...
...Establishing yourself as an old friend, as Geithner did this morning, is always good for street cred in China. In these treacherous economic times, though, having persuasive, detailed answers will be even better...