Thursday, December 4, 2008

The Consequences of Foreign Debt--Good Bye America

National Debt & Immigration

In the United States, we are watching in horror as our government digs us ever deeper in debt. Billions in bailouts have quickly soared into Trillions and there is no end in sight. What happens when that debt is so great that the US is forced to support foreign policies whether we agree with them or not just because we owe another country so much money that they have purchased our agreement? Just the last 8 years has proved this is not only possible but currently happening.

In the 1960's Mao Zedong forged links with African countries including South Africa, Kenya, Uganda, Ghana and Senegal by loaning the countries money, selling them weapons and generally supporting local revolutions. Later, China used that debt as leverage to open the way for Chinese Immigrants to those countries. The current estimate by the South African Institute of Internal Affairs states that 750,000 first generation Chinese have moved to Africa complete with Chinese bank loans and governmental approval.

These are not the standard type of immigrants looking to blend in but a whole new kind of wealthy businessman-immigrant looking for fresh opportunities to exploit and share(for a profit) with China. Lax immigration laws enable them to bring even more Chinese in as cheap labor, excluding local workers from working in the new businesses. They advertise their businesses in Chinese, they advertise job openings in Chinese--locals not needed or wanted.

Since, 2002 more than 20,000 Chinese have immigrated to Angola alone. [1] They are invited and protected by the $4 Billion in interest free loans made by the Chinese government to oil-rich Angola to build infrastructure designed to pump the oil and then ship it back to China to repay the loan. According to the loan agreement, at least 70% of the work must be done by Chinese companies. Their paychecks come from Chinese companies so their taxes go back to China, not to the country where they are working.

Hear No Evil, See No Evil, Speak No Evil--The real Bush Legacy

China, once blacklisted as an American trade partner now enjoys favored trading status and leads the world in exports to America. Did China suddenly come to the light concerning human rights? Did China suddenly agree to stop polluting or allow Tibet to go free? No, China bought up enough American debt to force us to turn a blind eye to their problems, and throw open our ports to everything they had to offer. What does our future hold in terms of our freedoms to make policies and enforce trade regulations that benefit Americans? The outlook is not good.

Several writers have mentioned this concern in the last few years, even before the current crisis. Nikkei Weekly says Chinese leaders have boasted that because China is such an important lender to America, “Beijing is holding a dagger to Washington’s throat.” In September of this year China surpassed Japan as the largest American debt holder with the US owing China $585 Billion compared to $60 Billion in 2000. even stated "serfdom is a reality many Americans may face in the future."

The Face of China in Africa--and Soon in the United States:

South Africa
Kenya & Nigeria
Uganda-- war financing leads to tourism and big business

1 comment:

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