As if this is a surprise given our current President, China is about to start operating banks in America. In the first move of it’s kind, China has agreed to purchase retail bank branches from Bank Of East Asia using the state run ICBC as an arm of the Chinese government. The deal is not a done deal thankfully to the possibility of regulators blocking the transaction.
Now would anybody be surprised to know that Chicago just happened to be the location of the negotiations for this? On the last day of Chinese President Hu Jintao’s visit to America, he penned a deal worth approximately $140 million to purchase 80% ownership of Bank of East Asia. This comes on the heels of the new push from Chicago’s-own, President Obama suggesting a need for new commercial deals between Communist China and the U.S.
From the Wall Street Journal:
“Both Beijing and Washington are eager to showcase their willingness to strengthen the business ties between the two countries, despite the many issues that will continue to hinder the relations. China is prodding the U.S. to ease its export controls, especially those involving high-technology products, aimed at its biggest economic rival. The U.S. is asking for more Chinese purchases of made-in-America goods and services.”
This is only part of a large number of deals signed in Chicago. In fact, there were 60 major deals signed at what has been called “a giant “signing ceremony” organized on Friday by China’s Commerce Ministry and its U.S. counterpart.”
In terms of what the banking deal means, this potentially allows for anyone to go into these branches and open up Chinese Yuan accounts for the purpose of trading the currency on the open market. This seemingly will lift the lid on a Pandora’s Box of devaluing American currency from the inside now.
“The move by ICBC underscores the desire by Chinese banking executives to transform their strength into a greater presence globally, as Chinese banks have emerged from the global financial crisis largely unscathed. Their hope is to better support Chinese companies and guard against losing customers to U.S. and European banks that already have networks world-wide. Meantime, Beijing has encouraged Chinese companies to expand overseas in recent years. In light of the huge foreign-exchange reserves China has, Beijing has encouraged its banks to invest more overseas…
…Bank of East Asia has 13 branches in the U.S., concentrating in New York and California—two states that boast the largest numbers of Chinese immigrants. The bank formed its U.S. banking subsidiary in 2001 through the acquisition of Grand National Bank, of Alhambra, Calif…
…The decision by Bank of China is the latest move by China to allow the yuan, whose value is still tightly controlled by the government, to become an international currency that can be used for trade and investment.”
China is well aware of what this could mean for them, however it would seem that our President may be missing the point here… or is he? One has to wonder if this is some sort of calculated plan to further hurt the American dollar and our position globally. This comes on the heels of a recent video of Frances Fox Piven sharing her “HOPE” for labor strikes in America influenced by China in a surge for globalization.
It is not only Piven that has called for China to be integrated into a global “New World… Uh… Uh… New– World— Order”, George Soros suggested that China can and should grow itself economically in order to bring about the revolutionary change that he would like as well.
Knowing that President Obama has admittedly been influenced by his Marxist professors and it is well documented that he has longstanding ties to Socialists, Marxists, and Communists, as well as what appears to be the implementation of these ideologies through his 2 years in office so far, one has to wonder if this is a not so cleverly concealed attempt at more of the same. This deal is bad for America and considering that it happened in the American mecca for socialist revolution, it isn’t too far-fetched to see the fingerprints of President Obama’s cronies all over this deal. I just don’t understand why the yells of impeachment hasn’t started yet… We saw it during Clinton’s term for personal indiscretions and we heard it mumbled a lot during Bush’s term but where is it today? This President goes against national security repeatedly now in what seems like a brazen game of “Catch me if you can!”