Or at least, that's the impression I got after reading this story.
The most telling quote in the whole piece was this one:
"Chinese assets are very safe," Geithner said in response to a question after a speech at Peking University, where he studied Chinese as a student in the 1980s.I flashed back to my college days long ago. What this reminds me of more than anything else, really, is all of the credit card companies passing out *free* credit cards to the idiots on campus who'd take them up on it.
His answer drew loud laughter from his student audience, reflecting skepticism in China about the wisdom of a developing country accumulating a vast stockpile of foreign reserves instead of spending the money to raise living standards at home.
And what Geithner and the O-messiah strike me the most are that they are like a couple of frat boys, flush with their new found popularity on campus and overspent on those *free* credit cards. And that the ongoing discussions with the ChiComs are exactly like those discussions way back when with the frat boy's parents....
"Yes, I know I went over the limit, but it will never happen again!"
"If you just help me pay this one off I'll watch my spending next semester...."