Two news items in the last two days should have raised alarm bells with Americans, but didn't, because Americans are in deep slumber these days. The first announcement was that McDonald's has hefted the surrender flag and have decided to sell all of their Chinese franchises back to China. Then, we learned that Walmart is also selling their Chinese e-commerce business to Ali Baba, their Chinese "E-Bay" type competitor.
These two monstrous transactions are a clear indication that American business is in retreat...certainly in Asia. And neither Congress nor the Obama administration can do anything about it. In the last six months alone, whenever we have offended China in any way, the Chinese have threatened to cash in the $3 trillion dollars in Treasury bonds they are holding, thus sending the U.S. into a recession that would make the 30's Great Recession look like a picnic in the park.
So, the Chinese are buying America like Christmas shoppers stampeding Walmart for a $200 dollar television on Black Friday. The Chinese now own General Electric's appliance business, heavy equipment maker, Terex, and technology giant Ingram Micro. According to DealLogic China has spent $81 billion dollars this year alone buying up American companies. (I haven't bought a single Smithfield product since China bought Smithfield Foods....I'm not going to have my Christmas ham if it comes from China).
In addition to the hundreds of Chinese corporate buys, China is leveraging their buying power to scoop up American real estate, both residential and commercial.
Sadly, America is so dependent these days on our Chinese bankers...the better to fund that $20 trillion dollar federal debt, that we as a nation no longer call the shots internationally...nor even domestically anymore.
America has become China's ".99 Cents Store" and we can't do a damn thing about it.
2 comments:
yep, pretty sad. We could do something about it, we just don't want o. We like "cheap shit", throw away stuff and are willing to sell our souls to get it. By the way I read recently that some Giant Pork company was recently bought by the Chinese. Really, we don't care who owns them, what they are fed or how they are treated. Cheap is what we want, even if it kills us!
On another note: I am crying for Dallas. I sent our local Police $100. I hope a Million Policemen show up at the funerals. We are a warring people. No art, no literature, nothing of value. sad
I agree, friend. We've somehow forgotten the link between jobs and cheap products. I awoke this morning to hear the sad news out of Dallas and am only just now trying to assimilate it. Art will always be with us, Jerry...from a million Jerrys whose garden says "art matters". Coming together as a society is gonna be a bit harder. Take care my friend.
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