Our notorious leader was so engaged in the War in Iraq that he failed to notice other irreparable damage he was causing. While the value of the dollar plummeted and the price of oil skyrocketed, we were forced to borrow money placing us farther in debt. The super rich in the Middle East poured much of the money from the high oil profits into properties and businesses in the west – primarily America. The failure of the mortgage banks and the plummeting housing market was ripe for the pickings. China was also among our debtor nations that have invested much money into American business, including banks. Much of what they bought or invested in is not visible – yet. Buying stock in a company doesn’t put their name of the front door, however it does buy leverage and in many instances, a controlling interest in the company or bank.
As protection, Germany has just placed a cap on the amount of equity a foreign company can own in a German business. When a country loses control over its important assets, the ramifications are dangerous.
The legacy of our Mr. Bush will continue to be written for years to come. Money talks and people will continue to walk to its voice.