by Robert Reich:Today, as you imbibe a cold Budweiser (owned by a Brazilian-Belgian conglomerate),
smother your hot dog (from Chinese-owned Smithfield Foods) with Heinz ketchup (partly owned by a Brazilian private-equity group), finish up with cake from Sara Lee (owned by Grupo Bimbo of Mexico, the worlds biggest bread-maker) and ice cream from Good Humor (part of a British-Dutch conglomerate), check for movies on your ThinkPad laptop (owned by Chinas Levono) and then head to a movie house (owned by Dalian Wanda, a Chinese real estate giant that controls more U.S cinema screens than any American company) in your Chrysler (owned by Italian automaker Fiat), and, at the end of the day, take an Alka-Seltzer (also foreign owned), you might wonder what kind of Independence Day youre celebrating.
All told, the U.S has attracted nearly $3 trillion of foreign direct investment -- almost double that of its closest competitor, the United Kingdom and Brexit will generate even more. Last year was a record for foreign investment, bringing in $348 billion, with some 70 percent going toward Americas ailing manufacturing sector. Foreign buyers also purchased some $87 billion in U.S. real estate.
I dont see this as a problem -- except when it comes to our democracy. Because all these foreign-owned firms along with giant global U.S. companies that are the world's biggest foreign investors (with nearly $5 trillion in foreign direct investment) are now playing a larger political role in Washington and state capitals than ever before. And their primary concern when they influence our politics isnt the well being of Americans; its their global profits. There's a big difference.
On Independence Day, its important that we rededicate ourselves to getting big money out of our democracy.'
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The Wielding Truth
(11,415 posts)metroins
(2,550 posts)In the year to worry about stuff.
The roughly 10 holidays we take, we should focus on having a good time.
Happy Independence Day!
Bonhomme Richard
(9,000 posts)"isnt the well being of Americans; its their global profits."
This is also an accurate statement about most of our Corporations and Wall Street investors.
That worries me more.