Reuters - It has been reported to Reuters that the Treasury Dept. has been selling an illegal amount of debt to China and changed the rules to hide it from the public. But they got caught!
The rules of Treasury auctions may not sound like the stuff of high-stakes diplomacy. But a little-noticed 2009 change in how Washington sells its debt sheds new light on America's delicate balancing act with its biggest creditor, China.
When the Treasury Department revamped its rules for participating in government bond auctions two years ago, officials said they were simply modernizing outdated procedures.
The real reason for the change, a Reuters investigation has found, was more serious: The Treasury had concluded that China was buying much more in U.S. government debt than was being disclosed, potentially in violation of auction rules, and it wanted to bring those purchases into the open — all without ruffling feathers in Beijing.
Treasury officials then worked to keep the reason for the auction-rule change quiet........."
Read more: US Catches China Buying More Debt Than Disclosed "
The rules of Treasury auctions may not sound like the stuff of high-stakes diplomacy. But a little-noticed 2009 change in how Washington sells its debt sheds new light on America's delicate balancing act with its biggest creditor, China.
When the Treasury Department revamped its rules for participating in government bond auctions two years ago, officials said they were simply modernizing outdated procedures.
The real reason for the change, a Reuters investigation has found, was more serious: The Treasury had concluded that China was buying much more in U.S. government debt than was being disclosed, potentially in violation of auction rules, and it wanted to bring those purchases into the open — all without ruffling feathers in Beijing.
Treasury officials then worked to keep the reason for the auction-rule change quiet........."
Read more: US Catches China Buying More Debt Than Disclosed "
1 comment:
treasury secretary timmy geithner is the crook. he knew what he was doing here.
there's a load of deception in this administration. our government is totally out of control.
sleeping giant / wake-up now.....
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