17
Mar
09

America for Sale

Thomas Jefferson Monument

Thomas Jefferson Monument

This is troubling to me that we owe, as I understand it, over one trillion dollars to China, which could work against us someday in the future.

No, I don’t believe we’ll have to place the Lincoln or Jefferson Monuments up for sale, but there could be other ramifications should we be in debt so heavily and trusting that Economical Recovery Package “not” fail.

However, my father once told me “if you have to borrow money, watch you borrow from” (of course we all know that’s very true), meaning in essence “don’t let them use your indebtedness against you”.

This was the case in the Truman Administration when Great Britain owed us a sum of money after World War II and we used the threat of increased interest payments against them in order expedite a problem in the Middle East.

I would hate to see the Chinese use the same kind of threat(s) against us to forsake a friendly nation we currently support or perhaps share some our technology, which someday could be used to harm Americans or our businesses.

Currently it appears, according to a TIME Online article entitled: “Will the U.S. Sell Assets As the British Government Did?” that According to The Times of London, “The government is pressing ahead with plans to sell a string of state-owned organizations as part of a privatization drive to add £35 billion to the dwindling public purse.” Among the treasures being sold are the Royal Mint and the national mapping agency.

Please don’t take this posting as doubting President Obama’s Stimulus Package and his plans for revving our troubled economy, but my major concerns are the “nay” sayers we have in existing in our legislative branch of government; who are quick to condemn, slow to react and most importantly fail to provide workable solutions to our country’s burdens.

Here’s another video example we have to also contend with, and that’s our small and middle sized businesses being forced into being put up “for sale”, such as what happened last July when oil prices were high and the Middle East went shopping in America.

US firms up for sale to foreign investors – 29 July 08

The falling dollar means foreign investors are buying thousands of American firms, but at the same time American companies are going to countries such as Mexico in search of cheap labour and lower prices. Al Jazeera’s Sherine

Update 17 March 09:

China seeks technical assets abroad
from UPI Asia Online by By Cong Cao

This columnist predicted that China may take advantage of the global financial crisis to acquire valuable but deeply discounted assets globally. Indeed, China has acquired overseas natural resources, and now is ready to shop overseas for small- and medium-sized enterprises, especially high-tech ones.

Update 18 March 09:

Since the time I’ve blogged this posting a release from the White House came out 12 hours later, which relates to my concerns:

Message to the Congress from the President concerning exports to China
from White House.gov Press Office Feed

In accordance with the provisions of section 1512 of the Strom Thurmond National Defense Authorization Act for Fiscal Year 1999 (Public Law 105-261), I hereby certify to the Congress that the export of fine grain graphite to be used for solar cell applications and for the fabrication of components used in electronic and semiconductor fabrication, and two dual-motor, dual-shaft mixers to be used to produce carbon fiber and epoxy prepregs for the commercial airline industry is not detrimental to the U.S. space launch industry, and that the material and equipment, including any indirect technical benefit that could be derived from these exports, will not measurably improve the missile or space launch capabilities of the People’s Republic of China.

Update 24 March 09:

China Takes Aim at Dollar
Wall Street Journal By ANDREW BATSON

BEIJING — China called for the creation of a new currency to eventually replace the dollar as the world’s standard, proposing a sweeping overhaul of global finance that reflects developing nations’ growing unhappiness with the U.S. role in the world economy.

Update 05 April 09:

How China Is Capitalizing on the Economic Crisis
from TIME.com: Top Stories

How Beijing is using the global economic crisis to assert itself on the world stage.

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