Is China Planning
"China Cities" and "Special Economic Zones"
All Over The
U.S.?
<http://www.yolohub.com/economy/is-china-planning-china-cities-and-special-
economic-zones-all-over-the-u-s>
USA pays $100 million a day
in interest...and what China is going to do
about it.
What in the world is China
up to? Over the past several years,
the Chinese
government and large Chinese corporations (which are often at
least partially
owned by the government) have been systematically buying up businesses,
homes, farmland, real estate, infrastructure and natural resources all over
America. In some cases, China appears
to be attempting to purchase entire
communities in one fell swoop.
So why is this happening?Is this some form of
"economic colonization" that
is taking place? Some have speculated that China may be
intending to
establish "special economic zones" inside the United
States modeled after
the very successful Chinese city of Shenzhen.
<http://en.wikipedia.org/wiki/Shenzhen>
Back in the 1970s, Shenzhen
was just a very small fishing village, but now
it is a sprawling metropolis
of over 14 million people. Initially,
these " special
economic zones" were only established within China,
but now the Chinese
government has been buying huge tracts of land in foreign
countries such
as Nigeria and establishing special economic zones in those
nations. So
could such a thing
actually happen in America?
<http://en.wikipedia.org/wiki/Special_Economic_Zones_of_the_People%27s_Republic_
of_China>
<http://www.businessdayonline.com/NG/index.php/analysis/editorial/50460-special-
economic-zones-in-nigeria>
Well, according to Dr.
Jerome Corsi, a plan being pushed by the Chinese
Central Bank would set up
"development zones" in the United States that
would allow China to "establish
Chinese-owned businesses and bring in
its citizens to the U.S. to work." Under the plan, some of the $1.17 trillion
that the U.S. owes China would be converted from debt to "equity".
<http://www.wnd.com/2013/01/china-poised-to-play-debt-card-for-u-s-land/>
<http://www.wnd.com/2013/01/china-poised-to-play-debt-card-for-u-s-land/>
As a result, "China
would own U.S. businesses, U.S.
infrastructure and U.S.
high-value land, all with a U.S. government
guarantee against
loss." Does all of this sound
far-fetched? Well, it
isn't. In fact, the economic colonization of
America is already far more
advanced than most Americans would dare to imagine.
So how in the world did we
get to this point? A few decades ago,
the
United States was the unchallenged economic powerhouse of the world
and
China was essentially a third world country.
So what happened?
Well, we entered into a
whole bunch of extremely unfavorable "free
trade" agreements, and
countries such as China began to aggressively
use "free trade" as
an economic weapon against us.
Over the past decade, we
have lost tens of thousands of businesses
and millions of jobs to China. When the final numbers for 2012 come
out,
our trade deficit with China for the year will be well over 300 billion
dollars, and that will be the largest trade deficit that one country has
had
with another country in the history of the world.
<http://www.census.gov/foreign-trade/balance/c5700.html>
Overall, the U.S. has run a
trade deficit with China over the past decade
that comes to more than 2.3 trillion dollars. That 2.3 trillion dollars could
have gone to
U.S. businesses and U.S. workers, and in turn taxes would
have been paid on all
of that money. But instead, all of
that money went
to China
<http://www.census.gov/foreign-trade/balance/c5700.html>
. <http://www.census.gov/foreign-trade/balance/c5700.html>
Rather than just sitting on
all of that money, China has been lending much
of it back to us - at
interest. We now owe China more than a
trillion dollars,
and our politicians are constantly pleading with China to
lend more money
to us so that we can finance our exploding debt.
<http://theeconomiccollapseblog.com/archives/the-sovereign-debt-bubble-will-continue-to-
expand-until-bang-the-system-implodes>
Today, the U.S. government
pays China approximately 100 million dollars
a day in interest on the debt
that we owe them. Those that say that
the
U.S.debt "does not matter" are being incredibly foolish.
So thanks to our massive
trade deficit and our exploding national debt,
China is systematically
getting wealthier and the United States is
systematically getting poorer.
And now China is starting
to use a lot of that wealth to aggressively
expand their power and influence
around the globe.
But isn't it more than a
bit far-fetched to suggest that China may be
planning to establish Chinese
cities and special economic zones in
America?
Not really.
Just look at what has
already happened up in Canada. It is
well-known
that the Chinese population of Vancouver, Canada has absolutely
exploded in recent years. In fact, the
Vancouver suburb of Richmond
is now approximately half Chinese. The following is an excerpt from
a BBC
article.
<http://www.bbc.co.uk/news/world-radio-and-tv-18149316>
Richmond is North America's
most Asian city - 50% of residents here
identify themselves as Chinese. But
it's not just here that the Chinese
community in British Columbia (BC) - some
407,000 strong - has left
its mark. All across Vancouver, Chinese-Canadians
have helped
shape the local landscape.
A similar thing is
happening in many communities along the west coast
of the United States. In fact, Chinese citizens purchased one out
of
every ten homes that were sold in the state of
California in 2011.
<http://www.youtube.com/watch?v=kVSJOPG745M>
But in other areas of the
United States, the Chinese are approaching
things much more systematically.
For example, as I have
written about previously, a Chinese group
identified as "Sino-Michigan
Properties LLC" has purchased 200 acres
of land near the town of Milan,
Michigan. Their stated goal is to
build a
"China City" that has artificial lakes, a Chinese cultural
center and
hundreds of housing units for Chinese citizens.
<http://endoftheamericandream.com/archives/a-chinese-group-plans-to-construct-
a-200-acre-china-city-in-michigan>
In other instances, large
chunks of real estate in major U.S. cities that
are down on their luck are
being snapped up by Chinese investors.
Just check out what a Fortune article from a while back says has been
happening overin Toledo, Ohio.
<http://finance.fortune.cnn.com/2012/06/20/toledo-china-real-estate/?iid=HP_River>
In March 2011, Chinese
investors paid $2.15 million cash for a restaurant
complex on the Maumee
River in Toledo, Ohio. Soon they put down
another $3.8 million on 69 acres of
newly decontaminated land in the
city's Marina District, promising to invest
$200 million in a new residential
-commercial development. That September,
another Chinese firm spent
$3 million for an aging hotel across a nearby
bridge with a view of the
minor league ballpark.
Toledo is being promoted to
Chinese investors as a " 5-star logistics
region". From Toledo it is very easy to get to Chicago,
Detroit, Cleveland,
Pittsburgh, Columbus and Indianapolis.
<http://finance.fortune.cnn.com/2012/06/20/toledo-china-real-estate/?iid=HP_River>
With a population of
287,000, Toledo is only the fourth largest city in Ohio,
but it lies at the
junction of two important highways - I-75 and I-80/90. "My
vision is to
make Toledo a true international city," Toledo's Mayor Mike Bell
told
the Toledo Blade.
But some of these deals
appear to be about far more than just making
"investments". According to the Idaho Statesman, a Chinese
company
known as Sinomach (which is actually controlled by the Chinese
government) was actually interested in developing a 50 square mile
self-sustaining "technology zone" south of the Boise airport.
<http://www.idahostatesman.com/2010/12/31/1472023/chinese-company-eyes-boise.html>
A Chinese national company
is interested in developing a 10,000- to
30,000-acre technology zone for
industry, retail centers and homes
south of the Boise Airport.
Officials of the China
National Machinery Industry Corp. have broached
the idea - based on a concept
popular in China today - to city and state
leaders.
<http://www.idahostatesman.com/2010/12/31/1472023/chinese-company-eyes-boise.html>
The article suggested that
this "technology zone" would be modeled after
similar projects that
already exist in China, and that Chinese officials were
conducting similar
negotiations with other U.S. states as well. Sinomach
is not looking only at
Idaho.
The company sent
delegations to Ohio, Michigan and Pennsylvania this
year to talk about setting
up research and development bases and
industrial parks. It has an interest in
electric transmission projects and
alternative energy as well.
The technology zone
proposal follows a model of science, technology
and industrial parks in China
- often fully contained cities with all service
included.
Thankfully the deal in
Idaho appears to be stalled for now, but could we
soon see China establish
special economic zones in other communities
all around America?
The Chinese certainly do
seem to be laying the groundwork for
something. They have been voraciously
gobbling up important
infrastructure all over the country. The following comes from a
recent American
Free Press article.
<http://americanfreepress.net/?p=6546>
In addition to already
owning vital ports in Long Beach, Calif. and
Boston,Mass., the <http://www.cosco.com/> China Ocean
Shipping
<http://www.cosco.com/>
Company is eyeing major ports on the
East Coast and Gulf of Mexico. China also
owns access to ports
at the entry and exit points of the Panama Canal.
And due to fiscal woes
plaguing many American cities and states, U.S.
legislators have been actively
seeking out Chinese investors. In one of
the worst cases, Baton Rouge, La.,
Mayor Kip Holden offered the
Chinese government ownership and operating
rights to a new toll way
system if the Chinese would provide the funding to
build it.
Does it make sense for the
Chinese to own some of our most important
ports? Isn't there a national
security risk?
Sadly, there isn't much of
anything that our politicians won't sell these
days as long as someone is
willing to flash a lot of cash.
The Chinese have also been
busy buying up important real estate on
the east coast as a recent Forbes
article explained..
<http://www.forbes.com/sites/investor/2011/09/15/whats-china-buying-in-the-u-s/>
According to a recent
report in the New York Times, investors from
China are "snapping up
luxury apartments" and are planning to spend
hundreds of millions of
dollars on commercial and residential projects
like Atlantic Yards in
Brooklyn. Chinese companies also have signed
major leases at the Empire State
Building and at 1 World Trade Center,
the report said. But it is not only
just land and infrastructure that the
Chinese have been buying up.
They have also been purchasing
rights to vital oil and natural gas
deposits all over the United States. There
have been two Chinese
companies that have been primarily involved in this
effort. The first
is the China National Offshore
Oil Corporation
(CNOOC). According to Wikipedia, CNOOC is
100 percent owned by
the Chinese government.
<http://en.wikipedia.org/wiki/China_National_Offshore_Oil_Corporation>
CNOOC Group is a
state-owned oil company, fully owned by the
Government of the People's
Republic of China, and the State-Owned
Assets Supervision and Administration
Commission of the State Council
(SASAC) performs the rights and obligations
of shareholder on behalf
of the government.
The second is Sinopec
Corporation. Sinopec Group is the
largest
shareholder (approx. 75% ownership) in Sinopec Corporation. And
as the Sinopec website tells us,
Sinopec Group is fully owned by
the Chinese government.
<http://english.sinopec.com/about_sinopec/our_company/20100328/8532.shtml>
Sinopec Group, the largest
shareholder of Sinopec Corp., is a
super-large petroleum and petrochemical
group incorporated by the
State in 1998 based on the former China
Petrochemical Corporation.
Funded by the State, it is a State authorized investment
arm and
State-owned controlling company.
So whenever you see CNOOC
or Sinopec, you can replace those
names with the Chinese government. The Chinese government
essentially runs
both of those companies.
And as you can see from the
following list compiled by the Wall
Street Journal, those two companies have
been extremely
aggressive in
buying up rights to oil and natural gas all over the nation.
<http://blogs.wsj.com/deals/2012/03/06/chinas-footprint-in-us-oil-a-state-by
-state-list/>
Colorado: Cnooc gained a
one-third stake in 800,000 acres in
northeast Colorado and southeast Wyoming
in a $1.27 billion pact
with Chesapeake Energy Corp.
Louisiana: Sinopec has a
one-third interest in 265,000 acres in
theTuscaloosa Marine Shale
after a broader $2.5-billion deal with
Devon Energy.
Michigan: Sinopec gained a
one-third interest in 350,000 acres in
a larger $2.5 billion deal with Devon
Energy.
Ohio: Sinopec acquired a
one-third stake in Devon Energy's
235,000 Utica Shale acres in a larger $2.5
billion deal.
Oklahoma: Sinopec has a
one-third interest in 215,000 acres
in a broader $2.5 billion deal with Devon
Energy.
Texas: Cnooc acquired a
one-third interest in Chesapeake
Energy's 600,000 acres in the Eagle Ford
Shale in a $2.16-billion
deal.
Wyoming: Cnooc has a
one-third stake in 800,000 acres in northeast
Colorado and southeast Wyoming
after a $1.27 billion pact with
Chesapeake Energy. Sinopec gained a one-third
interest in Devon
Energy's 320,000 acres as part of a larger $2.5 billion
deal.
Gulf of Mexico: Cnooc Ltd.
separately acquired minority stakes
in some of Statoil ASA's leases as well
as six of Nexen Inc.'s
deep-water wells.
So why is the U.S.
government allowing this?
That is a very good
question.
For a nation that purports
to be pursuing "energy independence",
we sure do have a funny way
of going about things. Unfortunately,
the sad truth is that China is
absolutely mopping the floor with the
United States on the global economic
stage. China is rising and
America is in an advanced
state of decline. Global economic
power has shifted dramatically and most Americans still don't
understand what
has happened.
<http://theeconomiccollapseblog.com/archives/34-signs-that-america-is-in-decline>
The following are 44 more
signs of how dominant the economy
of China has become.
A Chinese firm recently
made a $2.6 billion offer to buy movie
theater chain AMC. (and they did. why the movie RED DAWN
was
delayed and enemy was changed from China to Koreans!)
<http://money.cnn.com/2012/07/25/investing/china-investing-us/index.htm?iid=
HP_River>
A different Chinese firm
made a $1.8 billion offer to buy aircraft
maker Hawker Beechcraft.
<http://money.cnn.com/2012/07/25/investing/china-investing-us/index.htm?iid
=HP_River>
In December it was
announced that a Chinese group would be
purchasing AIG's plane leasing unit
for $4.23 billion.
<http://www.bloomberg.com/news/2012-12-10/chinese-investors-buy-80-of-
aig-plane-unit-for-4-23-billion.html>
It was recently announced
that the Federal Reserve will now
allow Chinese banks to buy up American
banks.
<http://www.washingtonpost.com/politics/federal-reserve-grants-first-approva
l-for-chinese-bank-to-purchase-us-bank/2012/05/09/gIQA0VpVDU_story.html>
A $190 million bridge
project up in Alaska was awarded to a
Chinese firm.
<http://abcnews.go.com/US/bringing_america_back/american-infrastructure-jobs-
shipped-china/story?id=14592567>
A $400 million contract to
renovate the Alexander Hamilton
bridge in New York was awarded to a Chinese
firm.
<http://abcnews.go.com/US/bringing_america_back/american-infrastructure
-jobs-shipped-china/story?id=14592567>
A $7.2 billion contract to
construct a new bridge between San
Francisco and Oakland was awarded to a Chinese
firm.
<http://abcnews.go.com/US/bringing_america_back/american-infrastructure-
jobs-shipped-china/story?id=14592567>
The uniforms for the U.S.
Olympic team were made in China.
<http://www.theatlanticwire.com/global/2012/07/americas-olympic-uniforms-
are-still-made-china/54449/>
85 percent of all
artificial Christmas trees are made in China.
<http://travel.nationalgeographic.com/travel/countries/china-quiz/>
The new World Trade Center tower
is going to include glass
that has been imported from China.
<http://endoftheamericandream.com/archives/new-world-trade-center-tower-to-be-
made-with-glass-from-china-and-steel-from-germany>
The new Martin Luther King
memorial on the National Mall was made
in China.
<http://www.telegraph.co.uk/news/worldnews/asia/china/8715823/Martin-Luther-King-
memorial-made-in-China.html>
In 2001, American consumers
spent 102 billion dollars on products
made in China. In 2011, American consumers spent 399
billion
dollars on products made in China.
<http://www.guampdn.com/article/20120813/OPINION02/208130313>
The United States spends about
4 dollars on goods and services from
China for every one dollar that China
spends on goods and services
from the United States.
<http://www.census.gov/foreign-trade/Press
Release/current_press_release/ft9
00.pdf>
According to the New York
Times, a Jeep Grand
Cherokee that costs $27,490
in the United States costs about $85,000
in China thanks to all the tariffs.
<http://www.nytimes.com/2011/12/15/business/global/china-imposes-new-tariffs-on-
some-vehicles-from-the-us.html?_r=1>
The Chinese economy has
grown 7 times faster than the U.S. economy
has over the past decade.
<http://www.businessinsider.com/facts-about-china-blow-your-mind-2011-5#chinas-
economy-grew-7-times-as-fast-as-americas-over-the-past-decade-316-growth-vs-43-2>
The United States has lost a
staggering 32 percent of its manufacturing
jobs since the year 2000.
<http://www.prospect.org/cs/articles?article=the_plight_of_american_manufacturing>
The United States has lost
an average of 50,000 manufacturing jobs per
month since China joined the World
Trade Organization in 2001.
<http://theeconomiccollapseblog.com/archives/how-can-america-create-wealth-if-our-
industrial-base-is-destroyed-50000-manufacturing-jobs-have-been-lost-every-month-
since-2001>
Overall, the United States
has lost a total of more than 56,000
manufacturing facilities since 2001.
<http://www.politifact.com/ohio/statements/2011/nov/07/betty-sutton/betty-sutton-
says-average-15-us-factories-close-ea/>
According to the Economic
Policy Institute, America is losing half a
million jobs to China every single
year.
<http://economyincrisis.org/content/trade-deficit-china-could-cost-half-million-jobs>
<http://www.wnd.com/index.php?fa=PAGE.view&pageId=267889>
Between December 2000 and
December 2010, 38 percent of the
manufacturing jobs in Ohio were lost, 42
percent of the manufacturing
jobs in North Carolina were lost and 48 percent
of the manufacturing
jobs in Michigan were lost.
In 2010, China produced more
than twice as many automobiles as the
United States did.
<http://247wallst.com/2012/01/24/eight-industries-the-u-s-has-lost-to-china/3/>
Since the auto industry
bailout, approximately 70 percent of all GM
vehicles have been built outside
the United States.
<http://theeconomiccollapseblog.com/archives/you-will-not-believe-what-some-
people-are-willing-to-do-for-a-paycheck-these-days>
After being bailed out by
U.S. taxpayers, General Motors is currently
involved in 11 joint ventures
with companies owned by the Chinese
government. <http://www.youtube.com/watch?v=Lvl5Gan69Wo&feature=youtu.be>
The price for entering into
many of these "joint ventures" was a transfer
of " state of
the art technology" from General Motors to the communist
Chinese.
<http://www.youtube.com/watch?v=Lvl5Gan69Wo&feature=youtu.be>
24. Back in 1998, the
United States had 25 percent of the world's
high-tech export market and China
had just 10 percent. Ten years
later, the United States had less than 15
percent and China's share
had soared to 20 percent.
<http://www.economyincrisis.org/content/us-falling-behind-china-high-tech-manufacturing>
The United States has lost more
than a quarter of all of its high-tech
manufacturing jobs over the past ten
years.
<http://www.washingtonpost.com/business/economy/us-losing-high-tech-manufacturing-
jobs-to
asia/2012/01/17/gIQA9P1S6P_story.html>
China's number one export
to the U.S.is computer equipment.
<http://www.huffingtonpost.com/clyde-prestowitz/america-needs-a-new-globa_b_
557131.html>
The number one U.S. export
to China is "scrap and trash".
<http://politics.usnews.com/opinion/blogs/jodieallen/2010/3/3/americas-biggest-
trade-export-to-china-trash.html>
The U.S. trade deficit with
China is now more than 28 times larger
than it was back in 1990.
<http://www.census.gov/foreign-trade/balance/c5700.html>
Back in 1985, the U.S.
trade deficit with China was just 6 million
dollars for the entire year.
<http://www.census.gov/foreign-trade/balance/c5700.html>
For the month of November
2012 alone, the U.S. trade deficit
with China was 28.9 billion dollars.
<http://www.census.gov/foreign-trade/balance/c5700.html>
China now consumes more
energy than the United States does.
<http://www.atimes.com/atimes/Middle_East/LL07Ak01.html>
China is now the leading
manufacturer of goods in the entire world.
<http://economyincrisis.org/content/china-takes-crown>
China uses more cement than
the rest of the world combined.
<http://www.businessinsider.com/facts-chinese-consumption-2011-5>
China is now the number one
producer of wind and solar power on
the entire globe.
<http://www.economyincrisis.org/content/us-falling-behind-china-high-tech-
manufacturing>
Today, China produces nearly
twice as much beer as the United
States does.
<http://247wallst.com/2012/01/24/eight-industries-the-u-s-has-lost-to-china/3/>
Right now, China is
producing more than three times as much coal
as the United States does.
<http://247wallst.com/2012/01/24/eight-industries-the-u-s-has-lost-to-china/3/>
China now produces11 times
as much steel as the United States does.
<http://blogs.forbes.com/beltway/2011/02/14/intelligence-community-fears-u-s-
manufacturing-decline/>
China produces more than 90
percent of the global supply of rare
earth elements.
<http://phys.org/news/2012-07-china-stockpiling-rare-earths.html>
China is now the number one
supplier of components that are critical
to the operation of U.S. defense systems.
<http://www.bloomberg.com/news/2010-09-29/pentagon-losing-control-of-
afghanistan-bombs-to-china-s-neodymium-monopoly.html>
A recent investigation by
the U.S. Senate Committee on Armed
Services found more than one million
counterfeit Chinese parts
in the Department of Defense supply chain.
<http://www.shtfplan.com/headline-news/national-security-threat-over-1-milli
on-counterfeit-chinese-parts-discovered-in-defense-department-supply-chain_0
5222012>
15 years ago, China was
14th in the world in published scientific
research articles. But now, China is expected to pass the
United
States and become number one very shortly.
<http://www.guardian.co.uk/science/2011/mar/28/china-us-publisher-scientific
-papers>
China now awards more doctoral
degrees in engineering each
year than the United States does.
<http://www.washingtonpost.com/business/economy/us-losing-high-tech-
manufacturing-jobs-to-asia/2012/01/17/gIQA9P1S6P_story.html>
According to one study, the
Chinese economy already has roughly
the same amount of purchasing power as
the U.S. economy does.
<http://www.iie.com/realtime/?p=1935>
43. According to the IMF,
China will pass the United States and
will become the largest economy in the
world in 2016.
<http://www.marketwatch.com/story/imf-bombshell-age-of-america-about-to-
end-2011-04-25?link=MW_home_latest_news>
44. Nobel economist Robert
W. Fogel of the University of Chicago
is projecting that the Chinese economy will
be three times larger
than the U.S. economy by the year 2040 if current
trends continue.
<http://www.marketwatch.com/story/goldman-conspiracy-helps-china-beat-us-
2010-09-14?reflink=MW_news_stmp>
Without the
"globalization" of the world economy, none of this
would have ever
happened. But instead of admitting our
mistakes
and fixing them, our politicians continue to press for even more
"free trade" and even more integration with communist nations
such
as China.
In fact, according to Dr. Jerome Corsi, the U.S.
government has
already set up 257 "foreign trade zones" all over
America. These
"foreign trade
zones" are apparently given "special U.S. customs
treatment"
and are used to promote "free trade".
<http://www.wnd.com/index.php?fa=PAGE.printable&pageId=257721>
Corsi noted that the U.S.
government has created 257 foreign trade
zones, or FTZs, throughout the
United States, designed to extend
special U.S. customs treatment to U.S.
plants engaged in
international-trade-related activities.
The FTZs tend to be located
near airports, with easy access into the
continental NAFTA and WTO
multi-modal transportation systems
being created to move free-trade goods
cheaply, quickly and efficiently
throughout the continent of North America.
"There is nothing in
the U.S. government's description of FTZs that
would prevent a foreign
government, like China, from operating a shell
U.S. company that is in
reality owned and financed by the Chinese
government and operated through a
Chinese government-owned
corporation," Corsi wrote.Sadly, we are probably
going to see a whole
lot more of this in the years ahead.
According to Corsi, a professor
of economics at Tsighua University
in Beijing named Yu Qiao has suggested the
following plan as a way
to transform the debt that the United States owes
China into something
more "tangible".
<http://www.wnd.com/2013/01/china-poised-to-play-debt-card-for-u-s-land/>
1.China would negotiate
with the U.S. government to create a "crisis
relief facility," or
CRF. The CRF "would be used alongside U.S. federal
efforts to stabilize
the banking system and to invest in capital-intensive
infrastructure projects
such as high-speed railroad from Boston to
Washington, D.C.
2.China would pool a
portion of its holdings of Treasury bonds under
the CFR umbrella to convert
sovereign debt into equity. Any CFR funds
that were designated for investment
in U.S. corporations would still be
owned and managed by U.S. equity holders,
with the Asians holding
minority equity shares "that would, like
preferred stock, be convertible."
3.The U.S. government would
act as a guarantor, "providing a sovereign
guarantee scheme to assure
the investment principal of the CRF against
possible default of targeted
companies or projects".
4.The Federal Reserve would
set up a special account to supply the
liquidity the CRF would require to
swap sovereign debt into industrial
investment in the United States.
Apparently the Bank of
China really likes this plan and would like to see
something like this
implemented.
In the years ahead, perhaps
many of you will end up working in a
"special economic zone" for a
Chinese company on a project that is
being financially guaranteed by the U.S.
government.
If that sounds like a form
of slavery to you, the truth is that you are
probably not too far off
the mark.
The borrower is the servant
of the lender, and we should have never
allowed ourselves to get into so much
debt.
<http://theeconomiccollapseblog.com/archives/category/u-s-government-debt>
Now we will pay the price.
To get an idea of how much
the world has changed in recent years,
just check out this incredible photo
which contrasts the decline of
Detroit over the years with the amazing rise
of Shanghai, China.
<http://www.thedeathofamerica.org/images/shanghai-detroit.jpg>
Things did not have to turn
out this way. Unfortunately, we made
decades of incredibly foolish decisions and we wrecked the greatest
economic
machine that the world has ever seen.
Now the future for America
looks really bleak. Or could it be that I am
being too pessimistic?
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