Among the first reasons I began singing the praises of Donald Trump years ago was his clarity of vision and complete understanding of the Chinese trade problem. The Chinese aren’t the only beneficiaries of generous American trade policy, just the largest, most notable, and within the context of this essay, the best and most glaring example of decades of incompetence from our elected leaders regarding foreign trade policy.
In a phrase, the Chinese are eating our lunch, and are now working on our breakfast and dinner too. At our current rate, in twenty years China will be the America of the 1960s and America will be the China of the 1960s. A depressing prospect if you are an American with children and grandchildren.
The shame is it is completely avoidable. We the People of the United States are in the driver’s seat. We don’t have to allow the Chinese to rape us economically. We can prevent it easily. The most valuable thing in the history of our planet is the American consumer market, and we are giving it away for FREE! Stupid!
I am recently relocated to the mainland from Hawaii, where there are many Chinese nationals visiting and buying up property, both residential and commercial, the subject of Newsmax’s article, below. I have seen it firsthand, and have watched helplessly, shaking my head, witnessing our nation being purchased by foreign nationals to whom we have given the money to buy our childrens’ futures.
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The Chinese have already destroyed our manufacturing base with their cheap labor and currency manipulation. Now that they own the market, they can demand more. Americans will continue to shop at Wal Mart and buy their “stuff,” even as our own wages suffer and our economy falters.
We can reverse this unfortunately lopsided relationship several ways, but the easiest is with an import tariff. We slap a tariff (“tax,” as The Donald calls it) on all Chinese imports of say 50% to make the market competitive again for domestic manufacturers, and everyone is a winner, except the Chinese, of course. I’m heartbroken.
Chinese investors have bought up huge sections of Detroit, vast suburban areas surrounding our finest cities, commercial properties nationwide, much of Las Vegas, and as long as we keep feeding them cash they will return to buy your house and your children can rent it from them until they decide they would rather have a mall there, forcing your children to rent from yet another Chinese landlord.
Extreme example, you say? Wait and see. If we don’t fix this problem and fix it soon, our children and grandchildren will be guests in their own country. Mark my word.
I wrote an article on this very topic a couple of years ago…. Time To Stop Being Stupid!
The Chinese were the largest group of foreign buyers of U.S. homes in the year ended March 31.
A National Association of Realtors (NAR) survey for the second straight year showed that Chinese nationals (including those from Hong Kong, Taiwan, and the mainland) topped international home buyers in the U.S., with purchases of 29,195 homes totaling about $27 billion from April 2015 through March 2016, Barron’s reported.
The second-place Canadians bought 26,851 homes totaling only $9 billion, preferring vacation locales to homes in pricey suburbs, in states from New York to California to Washington, Barron’s reported.
Chinese buyers paid $936,615 per home on average during the period, up from $831,761 a year earlier, and far more than the average $477,462 paid by all international buyers, according to the NAR. U.S. home buyers paid only $266,683 on average, Barron’s reported.
The dominance of Chinese buyers is “striking,” Lawrence Yun, chief economist at the trade group, tod Barron’s. And about 71% of Chinese buyers pay these large sums in cash. That’s in part because of a lack of access to mortgage financing—it can take years for foreign buyers to build up the credit necessary to qualify—and in part because of a cultural tendency to save before making a big purchase, Yun told Barron’s.
Breaking News at Newsmax.com http://www.newsmax.com/Finance/StreetTalk/chinese-us-suburbs-buyers-homes/2016/07/23/id/740152/#ixzz4FHMFhs9G
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