Wheee Doggies!!!! We can relax now - But can the Chi-Comm bond holders?

Reported on Bloomberg news today--- :

By Rebecca Christie

June 1 (Bloomberg) -- Treasury Secretary Timothy Geithner arrived in Beijing with a pledge that the Obama administration will control its borrowing as he sought to reassure China its holdings of U.S. government debt are safe.

“No one is going to be more concerned about future deficits than we are,” Geithner told reporters on the way to two days of meetings that start today in China’s capital.

Geithner will meet with Premier Wen Jiabao, who in March called for the U.S. to “guarantee the safety of China’s assets.” China is the largest foreign holder of U.S. government debt, which so far this year has handed investors the worst loss since at least 1977 on forecasts for ballooning federal budget deficits.

“I hope Geithner’s visit can soothe our nerves,” said Yu Yongding, a senior researcher at the government-backed Chinese Academy of Social Sciences and a former central bank adviser. “The Chinese public is worried about the safety of its foreign- exchange reserves,” Yu said in an e-mail. [. . . .]

Is it me Pilgrims, or does Timmie the Tiny Terror and Banker's Bully sound more like a slow payer facing his bent nosed neighborhood loan shark than the Treasurer of the United States of America calling on a foreign competitor country? For full story, go to:
http://www.bloomberg.com/apps/news?pid=20601087&sid=afg8MXnVGSGo&refer=worldwide#