Remember when the Secretary of State’s job was to, you know, prevent wars and stuff? These days it’s about being America’s #1 bond salesman. Hillary Clinton recently wrapped up a trip to China, and though there was the usual awkward dancing about human rights and all that, it was mainly to encourage China to keep financing our debt.
LA Times: In an interview with Yang Lin of Shanghai-based Dragon TV, Clinton said the Chinese understand that the United States “has to take some drastic measures” with the stimulus package to restore American spending, which in turn will help revive Chinese exports.
By continuing to buy U.S. Treasury bonds, “the Chinese are recognising our interconnections,” she said. She said that the purchases were a “very smart decision” because the bonds are safe and stable.
Maybe safe and stable, though US debt doesn’t yield squat and it’s trading near record highs.
But anyway, is it a little worrisome that Clinton even has to go on this trip to make that case?