Biggest Trade in History to Accompany AAA Crisis: William Pesek
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Aug. 10 (Bloomberg) -- Timothy Geithner says U.S. debt isthe safest anywhere even after Standard & Poor’s yanked away itsAAA credit rating. America’s bankers in Asia may have a verydifferent take on things.
Asia is sitting on $2.6 trillion of U.S. Treasuries, at atime when one of the official arbiters of creditworthiness hasjust delivered a vote of reduced confidence. S&P said as muchlast week when it cut the U.S.’s sovereign rating to AA+. That’swhat happens when politicians in Washington act more likestewards of a developing economy than a world leader.