Report No Evil....... "Geithner´s Trip To China Edition"

Probably not the way to stop the crashing circulations ( & to rebuilt the lost reputation from the disastrous Iraq coverage )...... I hope the Gartman term " The American media is, and continues to be, “in the bag” for the Obama Administration." is a bit overstated. But after reding reports like Geithner gets passing grade for China trip via Marketwatch i can understand his "concerns".....

Normalerweise wäre die Tatsache das Geithner als er vor chinesischen Studenten über die Werthaltigkeit der chinesischen US$ Anlagen referierte und dabei lauthals ausgelacht worden ist eine dicke fette Schlagzeile ( zumindest in den eingängigen Wirtschaftsnachrichten ) wert..... Komisch nur das dieser "Knaller" de facto kaum erwähnt worden ist. Schlimmer noch... Der Besuch wurde allenthalben als Erfolg gewertet ( siehe stellvertretend Geithner gets passing grade for China trip via Marketwatch ). Sicher nicht der beste Weg um die seit der Irakberichterstattung eh schon stark beschädigte Reputation zu erhöhen bzw. die crashenden Verkäufe zu stabilisieren..... Die ganze Entwicklung ist mehr als bedenklich......



Dennis Gartman via FT Alphaville

Which brings us to Dennis Gartman’s observations regarding US Treasury Secretary Timothy Geithner’s trip to Beijing this week. As we reported here, Geithner’s attempts to reassure Beijing authorities that the US government was still upholding a strong US dollar policy were met with loud laughter by an audience of students at Peking university.

This fact, apparently, went mostly unreported among the US press according to Gartman. As he surmises:

The utter and harsh reality of the US present fiscal circumstance is that the world is laughing at the Obama Administration’s handling of it. Mr. Geithner is the global vicar of the US fiscal policy, and never, ever in our lifetime have we seen or heard of a US Treasury Secretary being laughed at… until now. It is one thing to be derided; it is entirely another to be laughed at, and the US is now being laughed at.

And regarding the US coverage of the event, he writes:

What is even sadder, however, is that the American press missed the importance of this incident completely. As noted, other than the initial one sentence comment that was cursory in nature by The NY Times, nowhere else was this laughter noted by the domestic press.

The American media is, and continues to be, “in the bag” for the Obama Administration. The American media reported only that the Treasury Secretary made his case; explained the Administration’s position; informed China of the safety of its investments in US Treasury securities and moved on to his next meetings with China’s President and Prime Minister.

As far as the US media was concerned, Mr. Geithner’s speech was a rousing success when instead it was a laughable and utter failure.

The American media hid the importance of what happened there in Beijing from the American people, and we believe the media did so cognisant of what it was not reporting… a sin of omission rather than of commission, but a sin nonetheless.