Chrysler Building Sold To Abu Dhabi For $800 Million

The government of Abu Dhabi purchased 90 percent of New York’s iconic Chrysler Building for $800 million on Tuesday. The building, a recognizable piece of New York’s skyline, is now largely foreign owned due to America’s reliance on foreign capital.

This acquisition demonstrates why Americans must stop purchasing oil from the OPEC nations. OPEC nations are accumulating American dollars into sovereign wealth funds and using them to purchase U.S. realty, stocks, bonds and treasury. Since the dollar is in a decline, Middle Eastern nations have been stocking up on U.S. realty; spending $1.8 billion this year on property, including the General Motors Building last month and now the Chrysler Building.

America, and all other oil consuming nations, is making the Middle East one of the world’s richest regions. Abu Dhabi, for instance, profits around $300 billion annually from the sale of oil. Now it is evident how these nations are using their surplus of cash – buying American icons and showing them off as luxurious status symbols.

Source Bloomberg.com:

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