The news that the Chinese government is taking over some American banks has been greeted in America with almost total silence.
U S. lawmakers have been unusually silent about federal regulators’ decision to allow a Chinese bank to take over 13 bank branches in New York and California, suggesting that they think American banks have much to gain.
Federal Reserve to certify a Chinese bank acquisition for the first time was met by near-universal silence.
The U.S. wants China to open up its financial services market – foreign ownership of Chinese banks is limited to 25 percent – and allowing a Chinese presence in the U.S. is seen as a necessary trade-off.
What this boils down to is that there are a ton more potential customers in China for U.S. banks than there are potential customers for the Chinese here. Industrial & Commercial Bank of China, which is 70 percent owned by the Chinese government, to take an 80 percent stake in a Hong Kong-based bank with 13 branches in the U.S. The Fed also allowed two other Chinese banks to open branches in New York and Chicago.
The Obama Regime is letting the Chinese government take over some banks here in America because we want the Chinese to open their markets to American financial services companies. So by opening the door to the Chinese, we hope they will do the same.
The Chinese manipulate their currency so that they run huge trade surpluses with us. They have artificially lowered their prices so that Americans cannot compete with them, in many areas destroying the American manufacturing sector.
The Chinese do not believe in “fair trade.”
Source: tea party nation