China owns around 1.3 trillion dollars of the United States’ debt, but recently Chinese nationals have been heavily investing in different sectors of US economy. So, how much of the US does China own?
As Forbes reported, “China’s Vice President Xi Jinping has at least one good sales pitch to offer Americans during his five day stay; to rebuild old infrastructure.” And talk about outsourcing. At a sprawling manufacturing complex, hundreds of Chinese laborers built the San Francisco-Oakland Bay Bridge.
Over the past 30 years, wealth has grown exponentially and has become increasingly concentrated foremost in the upper .01%, then the .1%, followed by the 1% and the upper 10% – 20%.
The large scale, long-term concentration of wealth has continued through booms and busts of the real economy, the financial and IT crises. Wealth grew despite long-term economic recessions and stagnation, because the so-called recovery programs imposed austerity on 80% of the households while transferring public revenues to the rich.
The so-called ‘crises of capitalism’ has neither reversed nor prevented the emergence of an international class of billionaires who acquire, merge and invest in each other’s activities. The growth of wealth has been accompanied by the pillage of accumulated profits from productive sectors which are stored as wealth not investment capital.
The dispossession of capital and its conversion to private wealth subsequently led to the rapid expansion of the financial and real estate sector. Capital accumulation of profits has been the source of private accumulation of wealth at the expense of wages, salaries, public welfare, and state revenues.
The growth of private wealth at the expense of productive investments is a world-wide phenomenon which has been facilitated by an international network of banks, political leaders and ‘regulators’ centered in the United States and England….
….the ruling 1% of the system stands or falls with the illicit financial flows drawn from the pillage of treasuries. To replenish pillaged treasuries, regimes insist on perpetual ‘austerity’ for the 90%: greater pillage for the 1%, less public revenues for health care which results in more epidemics. Less funds for pensions means later retirement– work till you die.
The plunder of the economy is accompanied by unending wars – because war contracts are a major source of illicit financial flows. Plunder oligarchs share with militarists a deep and abiding belief in pillage of countries and destruction of productive resources. The one reinforces the other in an eternal embrace – defied only by insurgents who embrace a moral economy and who proclaim the need for a total change – a new civilization.
I have come to the conclusion that the West is a vast lie machine for the secret agendas of vested interests. Consider, for example, the Transatlantic Trade and Investment Partnership and the Transpacific Trade and Investment Partnership.
These so-called “partnerships” are in fact vehicles by which US corporations make themselves immune to the sovereign laws of foreign countries in which they do business. A sovereign country that attempts to enforce its laws against an American corporation can be sued by the corporation for “restraint of trade.” For example, if Monsanto wants to sell GMO seeds in France or US corporations wish to sell genetically-modified foods in France, and France enforces its laws against GMOs, the Transatlantic Trade Partnership allows France to be sued in jurisdictions outside the courts of France for “restraint of trade.” In other words, preventing the entry into France of a prohibited product constitutes restraint of trade.
This is the reason that the US has insisted that the Transatlantic and Transpacific Partnerships be totally secretive and negotiated outside the democratic process. Not even the US Congress has been permitted knowledge of the negotiations.
Obviously, the Europeans and Asians who are agreeing with the terms of these “partnerships” are the bought-and-paid-for agents of the US corporations. If the partnerships go through, the only law in Europe and Asia will be US law. The European and Asian government officials who agree to the hegemony of US corporations over the laws of their countries will be so handsomely paid that they could enter the realm of the One Percent.
It is interesting to compare the BBC’s coverage (October 10) with that of RT (October 11). The BBC reports that the aim of the Transatlantic Partnership is to remove “barriers to bilateral commerce” and to stimulate more trade and investment, economic growth and employment. The BBC does not report that the removal of barriers includes barriers against GMO products.
Everyone knows that the European Commission is corrupt. Who would be surprised if its members hope to be enriched by the American corporations? Little wonder the European Commission declared that concerns that the Transatlantic partnership would impact the sovereignty of countries is misplaced.