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China’s Threat to National Security; What Will Congress Do?

Published 02/07/08 Thomas Heffner - Print Article
E-mail - editor@economyincisis.org

Foreign governments with interests adverse to the U.S. are stockpiling vast sums of money and buying out our country for strategic purposes that threaten national security.

This alarming reality has prompted a congressional hearing today about the threats posed by China’s $200 billion government controlled sovereign wealth fund.

From today’s Businessweek:

Several congressional Democrats and academics on Thursday will warn that investment by China's government-run funds carries national security risks.

….

"What we're seeing is not merely private foreign investment -- it is foreign government investment in our infrastructure and banking system"- Senator James Webb, D-Va

Using investments against American interests isn’t new; in fact China threatened America recently with similar action: In October, Chinese officials threatened to liquidate their vast holdings of foreign reserves- $1.33 trillion- to counteract congressional pressure to revalue their currency.

This threat was called their ‘nuclear option’ because it would likely send the U.S. economy into an inflationary tailspin.

Do we really want a country that threatened the ‘nuclear option’ against us investing in our country?

This hearing and the potential developments that come from it will be one to keep on eye on. Maybe congress will actually adopt some real solutions to strengthen our manufacturing ability, correct our debts and protect us from malevolent foreign investments.

For the sake of the country, I hope they do.

Click here to contact your Representative in Congress.

Unless the above article is already copyrighted, this article is licensed under a Creative Commons Attribution-No Derivative Works 3.0 United States License, EIC grants permission to use this article in whole or in part provided attribution is given, preferably in the form of a link back to EconomyInCrisis.org.

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Article Comments From Readers

guest says "It's Time" on 02/08/08
To address this problem before it's too late. Years from now people will marvel that this evil regime looted our country, much of it war profiteering in an unnecessary war, and nobody, including the gutless congress, did anything to stop them.

guest says "Solution=Ralph Nader" on 02/08/08
Ralph Nader will and can fix the problems of our nation better than any living American. Looking at his 40 year record of public service in improving air and water quality, safety standards for autos, labeling of drugs, and the FOIA, I see no one better equipped to lead America out of the grave Republicans and Democrats have dug for us.
http://www.naderexplore08.org/?utm_source=votenader&utm_medium=web

guest says "Bush's Harmful Policies" on 02/07/08
When will America wake up? When will the Dumb Democrats in Congress stop acting like cowards? Many of us have known for a long time that Iraq is not a national security threat, but the selling off of America to foreign governments. First, they came for a few jobs. Then they came for the corporations. Then they came for our government bonds and equity funds. Finally they came for the country!