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Keep these stories coming! About how bad our economy is under the Bush administration.
Posted by John Marchese on Jan 23, 2004 at 11:21 AM
Great article. . . true ammo for every time some windbag conservative says that Clinton “sold us out” to the Chinese. Well, looks like Bush is selling us out to the Chinese as well. Since they already own almost all of our bond debt [that Bush has racked up over the past 3 years] China will practically own us 15 years from now.
Also a good piece because, contrary to propaganda, liberals do care about national defense issues.
Keep up the good work.
Posted by Ed Mellon on Jan 23, 2004 at 4:12 PM
I guess the Chinese government leaders are still following the advice of Lenin, who I believe said that the capitalists will sell us the rope with which we will hang them. I doubt that President G.W.B. has and probably cannot even spell Lenin correctly!
Posted by Gary Cook on Jan 23, 2004 at 4:36 PM
David Moberg is a terrific writer! Thanks for publishing this item. Does it not foreshadow difficult times ahead with China? I think so, and I think it’s just another example of bushite stupidity….or worse!
Posted by Alan Taylor on Jan 24, 2004 at 12:02 AM
It seems that industry is not only amoral but a-cerebral as well. Ismael sold his birthright for a bowl of stew After American industry finishes we won’t even have the bowl!
Posted by jtsnyder on Jan 24, 2004 at 2:46 PM
In my humble opinion, i believe the current Bush administration—and previous ones—are deliberately helping China become a superpower on equal footing with the U.S.
That way, China can become the next “boogeyman” that Washington will protect us against at all costs.
Which will serve the interests of the corporate-militarily-industrial complex just fine.
Posted by Greg Bacon on Jan 26, 2004 at 4:52 AM
Even without the “boogeyman” scare tactic it serves their interests. Multinationals have no loyalties to any particular country. They’re just spys working for their home country, a little place called Profitland. They can screw workers and consumers all over the world from anywhere, doesn’t matter to them. Under the the American Flag or the Chinese Flag, with the backing of American troops or Chinese troops. God save us all.
Posted by Phil on Jan 26, 2004 at 2:05 PM
The companies like Magnequench and competitors, bought out and stripped of their assets, people and technology, are part of a larger Chinese plan to secure key resources.
There is an interesting story to add- see NY Times of Oct 19, 2010 entitled “China Said to Widen Its Embargo of Minerals”
http://www.nytimes.com/2010/10/20/business/global/20rare.html
The Chinese government confirms significant exports of rare earth minerals as used in products originally made by Magnequench.
According to the NY Times article, in 2010 ‘China mines 95 percent of the world’s rare earth elements’ and ‘has now quietly halted shipments of those materials to the United States and Europe, three industry officials said on Tuesday.’
And from Reuters, Oct 19, 2010:
http://www.reuters.com/article/idUSTOE69H08P20101019
“SHANGHAI/BEIJING, Oct 19 (Reuters) - China plans to further cut export quotas for rare earth metals next year, local media reported on Tuesday, putting further pressure on importing nations to swiftly find new sources of supply.
“China, which accounts for more than 90 percent of the world’s production of rare earths, plans to cut export quotas by up to 30 percent in 2011, the China Daily reported on Tuesday, citing an unnamed official with the Ministry of Commerce.”
Posted by walrus on Oct 19, 2010 at 7:01 PM
Over the next few years the actual questions company bought out other magnet producers, including Idaho-based GA Powders whose product was developed by federal government researchers and UGIMAG’s Valparaiso plant. The company 70-296 invested in its U.S. facilities but also began building factories overseas.
Magnequench’s operations initially were 70-285 quite profitable, but the market slumped in 2000, and the company announced it would close the Anderson plant. The company rebuffed employee efforts to buy the plant, and the union 70-513 decided to negotiate a severance payment rather than risk a strike and lawsuit over violation of the agreement not to shut down. Early last year Magnequench told its Valparaiso 70-236 workers that the plant would close.
Posted by Clark Anderson on Dec 23, 2010 at 4:07 AM
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Reader Comments
Keep these stories coming! About how bad our economy is under the Bush administration.
Great article. . . true ammo for every time some windbag conservative says that Clinton “sold us out” to the Chinese. Well, looks like Bush is selling us out to the Chinese as well. Since they already own almost all of our bond debt [that Bush has racked up over the past 3 years] China will practically own us 15 years from now.
Also a good piece because, contrary to propaganda, liberals do care about national defense issues.
Keep up the good work.
I guess the Chinese government leaders are still following the advice of Lenin, who I believe said that the capitalists will sell us the rope with which we will hang them. I doubt that President G.W.B. has and probably cannot even spell Lenin correctly!
David Moberg is a terrific writer! Thanks for publishing this item. Does it not foreshadow difficult times ahead with China? I think so, and I think it’s just another example of bushite stupidity….or worse!
It seems that industry is not only amoral but a-cerebral as well. Ismael sold his birthright for a bowl of stew After American industry finishes we won’t even have the bowl!
In my humble opinion, i believe the current Bush administration—and previous ones—are deliberately helping China become a superpower on equal footing with the U.S.
That way, China can become the next “boogeyman” that Washington will protect us against at all costs.
Which will serve the interests of the corporate-militarily-industrial complex just fine.
Even without the “boogeyman” scare tactic it serves their interests. Multinationals have no loyalties to any particular country. They’re just spys working for their home country, a little place called Profitland. They can screw workers and consumers all over the world from anywhere, doesn’t matter to them. Under the the American Flag or the Chinese Flag, with the backing of American troops or Chinese troops. God save us all.
The companies like Magnequench and competitors, bought out and stripped of their assets, people and technology, are part of a larger Chinese plan to secure key resources.
There is an interesting story to add- see NY Times of Oct 19, 2010 entitled “China Said to Widen Its Embargo of Minerals”
http://www.nytimes.com/2010/10/20/business/global/20rare.html
The Chinese government confirms significant exports of rare earth minerals as used in products originally made by Magnequench.
According to the NY Times article, in 2010 ‘China mines 95 percent of the world’s rare earth elements’ and ‘has now quietly halted shipments of those materials to the United States and Europe, three industry officials said on Tuesday.’
And from Reuters, Oct 19, 2010:
http://www.reuters.com/article/idUSTOE69H08P20101019
“SHANGHAI/BEIJING, Oct 19 (Reuters) - China plans to further cut export quotas for rare earth metals next year, local media reported on Tuesday, putting further pressure on importing nations to swiftly find new sources of supply.
“China, which accounts for more than 90 percent of the world’s production of rare earths, plans to cut export quotas by up to 30 percent in 2011, the China Daily reported on Tuesday, citing an unnamed official with the Ministry of Commerce.”
Over the next few years the actual questions company bought out other magnet producers, including Idaho-based GA Powders whose product was developed by federal government researchers and UGIMAG’s Valparaiso plant. The company 70-296 invested in its U.S. facilities but also began building factories overseas.
Magnequench’s operations initially were 70-285 quite profitable, but the market slumped in 2000, and the company announced it would close the Anderson plant. The company rebuffed employee efforts to buy the plant, and the union 70-513 decided to negotiate a severance payment rather than risk a strike and lawsuit over violation of the agreement not to shut down. Early last year Magnequench told its Valparaiso 70-236 workers that the plant would close.
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