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I doubt the hypocricy and zenophobia behind the Unocal ordeal, and similar others similar episodes, have escaped China's attention. It's impossible to miss. Free-market, as many other sounbytes, are tools to be used to rape others, but can be conveniently thrown away when it becomes inconvenient. Cue in the bailouts.
Moer pathetic, however, is the fact that politicians still keep touting such soundbytes and the populace still buy it. We deserve the politicians we elect, don't we?
I like the heartwarming story about the United Steelworkers Union vs the Chinese power generation companies. It just goes to show, once again, how free trade (reasonably free) brings people together that would otherwise be at each other's throats. These two disparate groups found a way to make money together and settle their differences without resorting to violence. (Economic intervention is a form of violence.)
Free trade = peace
Economic interventions, tarriffs, quotas, bans, embargos, sanctions, blockades = war
"America ain't so friendly any more."
You got that right, when did it START in earnest...Nov '08.
While that is totally inexcusable, illegal, and Unconstitutional, those folks do not have Nuclear weapons. China does, and 2 Trillion of our debt.
You missed my point, the point is OWNERSHIP...............and China owning US Assets, are a far cry from screwing American Bondholders, at GM, and chrysler.
Unocal? After Unocal? What a load of political topsy turvy, gritting of teeth, squeezing of rectal strictures?Lots of embarrassments laid open xenophobia of American Powers that Be.
The Real Disaster...The total abrogation of senior secured bondholders rights with GM and Chrysler. Not enough that the very rule of law upon which society's contracts and obligations have been dismembered by the Government itself, the Very Institution Vested with the Responsibility to Defend the Same.
International Capital Flows will Migrate, Find Friendly Environments wherein the Rule of Law is Intact, Sacrosanct, Held Inviolate by the Government's Very Own Hand. Whilst the Government itself is the issuer of obligations at the margin. America ain't so friendly any more.
Thought the Oligarchs were from Russia?Think again.
This is what I have said all along...if CHINA had a brain, they would use our worthless FRN's, and buy up US Companies, RE, and invest in partnerships doing this would be a defacto divestment of holding our DEBT, and owning ASSETS.
That WILL one day be worth a lot of bread...............
They do this, and it's WIN/WIN for them, and LOSE/LOSE for us.
I am surprised that people do not understand yet that it does not matter at all who are the owners. All that matters are jobs and value creation. If there is employment then there is investment in the country and a velocity multiplier. Making things in China and selling it in the US is a net value drain and most likely a negative velocity multiplier.
Do I care if Wall Street banks, the US government, the Queen of England, CALPERS, Widows and Orphans, the Rothschilds or Anu himself owns the business. Profits are almost never drained from a company (look at dividend yields for most companies) to the common shareholders. Everything is about employment and financing.
Conditional suppositions and rhetoricial posits aside, I deduce this is an assertion of the labor theory of value, a la Karl Marx or Thorstein Veblein, they being from an era when the only value credited to lumber was the labor cost of harvest. The lumber itself was priced as a free good.
What does matter is the currency and country to which profits are "repatrioted" to use an old hegemonist's term for capital flows away from labor. China's domestic mergers in the US are another form of capital or value extraction. Remember, the Chinese are not stupid.
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