Timothy Geithner said U.S. debt is the safest anywhere even after Standard & Poor’s yanked away its AAA credit rating. America’s bankers in Asia may have a very different take on things.
Asia is sitting on $2.6 trillion of U.S. Treasuries, at a time when one of the official arbiters of creditworthiness has just delivered a vote of reduced confidence. S&P said as much last week when it cut the U.S.’s sovereign rating to AA. That’s what happens when politicians in Washington act more like stewards of a developing economy than a world leader.
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