Air Date: August 24, 2011
Host: Vic Eliason
President Barack Obama has appointed General Electric Chairman Jeff
Immelt to head his commission on job creation.
In light of this it’s interesting that GE is planning to move its 115 year old
X-ray division from Waukesha, Wisconsin, to China. In addition to moving
the headquarters to Beijing, GE will invest 2 billion in China and train more
than 65 Chinese engineers while also creating 6 research centers. This is the
same company that employs more people oversees than it does in the U.S.,
earned 5.1 billion dollars in the U.S. last year and paid no taxes.
Vic also reported that China has been dumping its holding of U.S. treasuries
as it tries to get out of its bad investments in the dollar. In order to get rid
of these holdings, they are exchanging the American dollars they hold for
pieces of America. For example, the Chinese have also purchased 50 square
miles of Idaho just south of Boise in order to construct a planned, self-
sustaining city that will include manufacturing facilities, warehouses, retail
centers and large numbers of homes for Chinese workers.
Other points of interest include:
— Vice President Biden’s controversial comments concerning China’s one-
–As many as 50 million Chinese people could be leaving in the foreseeable
future with several million headed for the U.S. to find work.
–A U.S. super-computer laboratory engaged in classified military research
concluded a recent deal involving Chinese made components. The deal has
Congress concerned about potential electronic espionage.
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