The number of American jobs conceivably at risk in the Unocal deal is trivial. Blocking it wouldn't stop the flood of sweatshop and/or slaveshop goods entering the United States. It wouldn't free Tibet, or force Beijing to lift a finger to respect the U.N. Declaration of Human Rights. And it wouldn't do squat to resolve the huge and growing financial imbalances created by China's stubborn insistence on pegging its currency to the dollar. It could even make them more dangerous -- as we shall see.
It's completely insane (or utterly craven, or both) to obsess over the $18.5 billion purchase of a second-tier oil company, when China is buying up roughly that same amount in U.S. Treasury and agency securities every quarter.
Tuesday, July 05, 2005
Billmon comments on the China/Unocal row
As you know, China is trying to buy Unocal. And Congress is having a hissy fit.
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