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Stop Selling America

Published 07/31/08 Jeff Bennett - Print Article
E-mail - editor@economyincisis.org

America is selling its top companies at the highest rate ever witnessed. Foreign acquisitions totaled a record $124.3 billion in the second quarter of this year, according to Reuters.

Since 1978, the U.S. has sold more than 16,613 of its best companies. Among the top companies recently sold were Anheuser-Busch for $52 billion and Genentech for $43.7 billion. With the sale, all patents, revenue and many jobs go overseas. The end result is an increased reliance on imports that inflates the balance of trade deficit, weakens the dollar and, in the long-term, dismantles America's ability to remain a competitive and independent global power.

The great American sell-off does not limit itself to U.S. industry, but also offers realty to the highest bidder. Abu Dhabi has recently shown its fondness for iconic American real estate by purchasing the Chrysler and GM Buildings in the past months. Now, Abu Dhabi is showing interest in forming a joint venture with General Electric to become a top-shareholder and perhaps begin a takeover.

The country continues to dig itself deeper into debt while selling its sole ability to produce fiscal revenues. America must stop the further sale of itself to prevent a bleak future of debt and servitude to interests abroad.

Source Reuters:

With a record volume of international takeovers of U.S. companies, it almost appears America itself is up for sale.

…

In the second quarter, acquisitions of U.S. companies by international buyers totaled $124.3 billion, marking the highest total for any second quarter on record and jumping 23 percent over the year-earlier quarter, according to research firm Dealogic.

International takeovers represented 22 percent of all U.S. merger activity in the first half of the year, up from 17 percent in the first half of 2007, according to research firm Dealogic.

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