U.S. Liquidating Its Best Companies
A country that produces nothing produces no wealth. The companies within a country are that country’s wealth producers. We allow our companies to be snatched up by foreign competitors on the open stock market. Over 16,000 of our best wealth producing companies have been auctioned off, and the U.S. has no authoritative government agency prohibiting the Great American Sell-off.
Of course there is the Committee on Foreign Investment in the United States (CFIUS), but it merely serves as a rubber stamp with no actual authority. CFIUS was created as an interagency committee to oversee national security implications of foreign investments into the U.S. economy, but it has only stopped one acquisition since its creation.
We are selling out and no longer own or control our own country. We are forced now to live on imports while incurring massive debts that can only be repaid through the sale of our wealth producing companies and assets. Very soon we will not even be able to protect or support ourselves.
Virtually all of our industries are available for sale to the highest bidder, even if that bidder resides in a country like China with a long history of cheating us in commercial competition. We have made almost no effort to restrain other countries from purchasing or bankrupting our industries.
RCA is now a French company, Zenith is a Korean company. Frigidaire is a Swedish company. IBM’s Personal Computer Division—with its 500 patents—is now a Chinese company. Westinghouse Nuclear Energy’s major shareholder is Toshiba—a Japanese Company. Lucent Technologies, a former research division of AT&T, along with all the patents acquired from the beginning of the phone system, is now a French company. In 2008, Brazilian-Belgian brewing company InBev purchased the iconic American brewer Anheuser-Busch, makers of Budweiser. AMC is now Chinese. With the sale of these manufacturing companies, the future profit and technologies all belong to foreign entities.
As we have become unable to produce enough for ourselves in America, we have outsourced our manufacturing to China, Japan and others. This realization that we are no longer competitive in the world and can no longer be a productive manufacturing nation feels like giving up. To add another nail to our manufacturing coffin, we send our political leaders to foreign countries to beg foreign manufacturers to produce in America (insource) so we can have labor jobs while they supply us with their technical expertise in their new factories that we help them build with subsides, tax abatements and other incentives—all at the expense of domestic manufacturers.
America must wake up to the facts: we are losing our nation, our wealth and our jobs to foreign competition. If these trends are not reversed, our way of life may be lost forever.