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With Maytag and Unocal on the selling block, we must ask: Are we encouraging China to declare economic war with the U.S.? America's trade deficit with China generates free capital with which China can purchase U.S. assets. But don't think that it's only Chinese money that's fueling this feeding frenzie.
China's policy of "bide our time, build our capabilities" was the
strategy of China's former leader, Deng Ziaoping. He referred to military and
economic power. "What that means is that when the day is matuer, the Chinese
government will strike back", he said.
Chen Yonglon, formerly a senior political officer at the Chinese Consulate
in Sydney, Australia, defected to Australia with his wife and child. "The
United States is considered by the Chinese Communist Party as the largest enemy,
the major strategic rival," he says. (Washington Times, June 27, 2005)
{sidebar id=1}China's ammunition of choice are U.S. dollars that it has amassed from a huge
trade surplus with the U.S.
On June 21, the largest Chinese appliance maker, Haier, made a $1.2 billion
bid to acquire Maytag Corporation. On June 22, the Chinese company Cnooc Ltd.
made a $16.6 billion offer for Unocal (originally Union Oil of California).
In November, 2004, China's largest PC company, Lenovo, purchased IBM's PC division
for $1.25 billion.
These may seem to be paltry investments in the day of mega-mergers, but the
trend is clear and firm.
How are Chinese companies able to operate so effectively on American soil?
Elite Wall Street investment bankers.
The $1.3 billion Haier deal, for instance, is led by U.S.-based venture capital
companies Bain Capital Partners and Blackstone Capital Partners.
The Blackstone Group was co-founded by Peter G. Peterson. He currently serves
as it's chairman. Peterson is the epitome of the global capitalist: Chairman
of the Council on Foreign Relations, member of the Trilateral Commission, ex-chairman
of Lehman Brothers, Kuhn, Loeb. The list of corporate directorships is too long
to print here.
Dealing with communist dictatorships and sworn enemies of the United States
does not concern elitists like Peterson. Were it not for Wall Street investment
banking community euphoria to serve America up on a silver platter to its enemies,
companies like Haier would have no entrance to American capitalism.
Unfortunately, there is a very long history of this kind of investment activity,
starting with the essential financial support given to the communist revolution
from 1918 and onward.
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