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And that's why the irony was that in the Treasury offering in the first four days after the downgrade, more people actually came and bought our treasuries than before. And the interest rate paid on those treasury notes actually went down because they were so much in demand. So obviously, the rest of the world didn't think we were about not to. If the world thought, my God, they’ve been downgraded, and they are not going to make good on their debt, it would not have been viewed as the safest haven in the whole world to invest. We are still -- for all the economic difficulties nation’s have -- we are still the single best bet in the world in terms of where to invest.
And so -- but we do have to deal with the deficit. We will deal with it, and that's what this 2012 election is going to be about. The American people are going to speak on that.
Now, look, one last point, both our countries are going through a political transition in 2012. And it’s very important in my view that we both are aware of the political sensitivities in each of the countries as they go through that. But I’m confident we will come out stronger, as will you. But I don't in any way suggest -- please don't have the press read that Biden said that $1.7 trillion investment in the United States is not a big deal. It is a big deal if you are a Chinese. (Laughter.) It is not a big deal in terms of our financial instruments. It is a very small part, and so the Chinese people should take solace. In order for us not to make good on China’s debt, we would have to disappoint tens of millions of Americans who own 85 percent of that debt. And just in pure political terms, no politician wants to do that. (Laughter.) You’re safe. (Applause.)
THE VICE PRESIDENT: Question. Young man in the striped shirt here. Can you get him the microphone?
Q Thank you, very much, Your Excellency Vice President. I see you not just as the Vice President but a veteran and accomplished public speaker.
THE VICE PRESIDENT: Do I look that old? (Laughter.)
Q I mean being serious -- so as is known to all, public speaking, and English public speaking, in particular, is getting all the more popular in China. So my question is twofold: First of all, what role has public speaking played in your life? Because we say that public speaking is the language of leadership. And secondly, what role do you think public speaking will play among our youth of the two countries and to our bilateral relations? Thank you very much. (Applause.)
THE VICE PRESIDENT: That's a very good question. Let me order my thoughts here to make this as brief as I can. The commodity that is worth a lot more than public speaking is sincerity when one speaks. I mean this sincerely now. (Laughter.) There are great orators that have come along in the world history who have been charlatans. So the most important thing to look to in a leader’s speech is not the elegance or the rhetorical flourish of his or her comments, but the judgment of whether or not you believe they are sincere in what they're saying.
Secondly, you compliment me by saying I’m an accomplished public speaker. I don't know whether you’ve had an opportunity to see a movie that has gotten worldwide circulation called “The King’s Speech.” Well, but for the royal blood and the money, that could have been me. I was a serious stutterer when I was in school as a child, as a high school student, and even into college. And I practiced very, very hard by myself, standing in front of a mirror, trying to annunciate without contorting my face.
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