"China National Offshore Oil Corporation (CNOOC) announced the deal with Chesapeake Energy Corporation, which will also see it fund 75% of Chesapeake's share of the costs until an additional $1.08bn has been paid. Analysts say it could mark the start of several overseas acquisitions as CNOOC seeks to meet its growth forecasts."
In 2004, a energy resource analyst said "China just recently released six billion of those greenbacks for its purchase of Noranda Mining - Canada's biggest mining company. Keep your eyes open for stepped-up greenback dumping by China in exchange for natural resources such as oil-bearing properties or perhaps more mines"
Further research shows..."China National Petroleum formed a joint venture with a Canadian company, Encana, to develop unconventional gas projects in Canada.Like PetroChina’s Aussie deal, this Texas investment is not just about a short-term boost to supply from developing unconventional gas reserves overseas; it should also help the Chinese achieve their bigger goal, developing unconventional gas reserves at home."
And so it goes...
The Dragon is thirsty for oil, its oil consumption grows by 7.5% per year, seven times faster than the U.S. China is largely dependent on the Middle East for its oil; 58% of its oil imports are from the Middle East. It is estimated that by 2015 this will increase to 70%. The Dragon is worried about the increased control of the Middle East by the USA and this now gives them an end run around that control.
ReplyDeleteLove your new pic~ Hope you enjoyed a wonderful birthday~
ReplyDeleteWe're already in hole up to our necks with China....they could call in their chips at any time.
ReplyDeleteOne of the reasons we are seeing increasing retail prices across the board is the weakening US dollar. The debt was brought when the dollar was still relatively strong and with the weakening dollar China will not continue to buy the US debts. It makes much more sense to invest in companies in the US than just buying US debt. China will not call in their chips, they will just wait for the US to default on the loans which will be sooner than later if the US does not get out of the manifest destiny game.
ReplyDeleteOne of the articles I read stated that China will now use those weakened dollars to buy assets in the US and elsewhere so they are holding so much American currency, and will still collect on the "loans" they made to the US. The Chinese are using the same tactics the US used to gain economic superiority, in essence turning the table on the US...they will require collatral for future debt loans, which means interest in industries etc.. So when Congress talks of blocking a purchase, they have the enormous debt to hang over us to get their way.
ReplyDeleteThe long term solution is to get out of debt, but no one has the will to do that, which would require transformation of the US economy to being more self reliant...
Exactly! Return to the pre China trade agreement days where most of the goods one consumed were made in the USA. We, as in the world, do not have a global economy; the global economy was killed when China took over manufacturing the world's goods using slave labour. It is time the world started boycotting China goods.
ReplyDeleteWhile in the short term it will mean the US dollar becomes more or less worthless outside of the US borders, in the long term it will return the global economy to the pre-China days; the USA needs to default on the China loans. However, if it is spin correctly to the rest of the world by someone in office that is not in the pocket of corporate USA, as Bush and now Obama-man was/are, then the US dollar may not collapse completely. The USA needs to stress that they are now willing once more to have a global economy with all the other nations of the world that have seen their economy collapse due to the all consuming Dragon. Manufacturing would return to the USA as well as many other countries that are facing similar dire situations because we stopped trading with them, we stopped exporting anything to them and stop importing anything from them.
Russia and China have also mapped our electrical grid so they could shut off our power, effectively, shut down our country any time they wanted.
ReplyDeletePre 9/11 these grid maps were available online, same as natural gas and oil distribution pipelines...doesn't tak much spy work to look online for this stuff. Our own GAO has published audit reports that detail how un protected the critical infrastructure is, has been for decades.
ReplyDeleteChina has a vision of being the dominant player in "global economy", putting the US, Japan and Europe in role of being the primary customers of their goods. I know I speak from a older perspective, but i remember when most of my clothing, furniture, appliances and electronics were made from scratch in USA. Th need for companies to maximize profit is not entirely the truth behind China's dominance, because there are still some companies that compete in the market place with goods made in USA...some shoes, some clothes, etc. I have found that these typically cost more than similar Chinese made products, but then again I have a pair of penny loafers made in USA that are pushing 30 years old...and i still wear them, original sole and all. I have NO china made shoes that last more than 4 years period...This is likely the topic for another blog....
ReplyDeleteDoesn't matter how they or anyone else got them though....we have lots of enemies who could actually use the information against us.
ReplyDeleteLook at how the lie of a "global economy" helped Mexico! (What good did NAFTA do them? None! NAFTA was just a stepping stone for U.S. industries to leave America and set up shop in and have a role in building China's economy, which now is buying the U.S. and our traitor leaders are just spending us farther into debt slavery, then telling us we have to buy from the insurance industry. What dictatorship. Democracy bit the dust ages ago!)
ReplyDeleteEver notice that even leather shoes now are merely glued together? You can't get a shoe "half-soled" anymore; you just have to throw an otherwise good pair of shoes in the trash!
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