How corporate America (financed by big banks) brought down the U.S.A.
General Motors (GM) was not first bailed out by U.S. taxpayers in 2008. GM was first bailed out during World War II - to the tune of $285 billion. Since 1784 to the present, American companies have had long relationships with China - and they have sacrificed American lives (soldiers and domestic workers) and national treasure in pursuit of company profits, and hid behind the ideology of American capitalism.
1941 to 1945 - World War II
U.S.A. backs China
During World War II (1941-1942) President Franklin D. Roosevelt (by either executive order, or an wink and a nod) approved 99 American pilots to be discharged from the U.S. armed services to volunteer as "mercenaries" to fight for the Chinese. America provided these fighter pilots with Curtiss P-40 fighter airplanes and the squad (AVG) was known as the "Flying Tigers." The aircraft were painted with a large shark face on the front. This group of volunteers had been created to help defend China against Japanese imperialism. These American pilots were paid $675 a month (almost $10,000 a month in today's dollars...enough to buy a new Ford sedan at that time). Gregory "Pappy" Boyington was but one of these notable pilots, and was discharged from the AVG in 1942 to return to active duty with the U.S. He went on to command the "Black Sheep" Squadron and was awarded the Medal of Honor.
China opposes Taiwan
At the end of World War II, Japan renounced all claims to sovereignty over its former colonial possession, Taiwan, but did not specify to whom Taiwan should be assigned. This fact and subsequent handling of Taiwan's sovereignty by the Allies of World War II led to the complex and unresolved issues of the legal and political status of Taiwan today. The Republic of China acquired Taiwan from the Empire of Japan as a result of World War II and has has been governed by the Republic of China since 1945. Four years later, the Republic of China lost mainland China in the Chinese Civil War to the Mao Communists (and then became the "People's Republic of China" or PRC), and the original supporters of the Republic of China (America's allies during the war), retreated to the island of Taiwan.
China backs North Korea
In 1945, following the surrender of Japan, American administrators divided the Korean peninsula along the 38th Parallel, with United States troops occupying the southern part and Soviet troops occupying the northern part. By 1948, North Korea became a Communist government, and South Korea became a democratic government. On 27 June 1950, two days after North Korean soldiers invaded South Korea, and three months before the Chinese entered the war, President Truman dispatched the United States Seventh Fleet to the Taiwan Strait, to protect the Nationalist Republic of China (Taiwan) from the People's Republic of China (PRC).
China backs North Vietnam
During World War II, Vietnam was a French colony under Japanese occupation. Soon after Japan surrendered in 1945, the Democratic Republic of Vietnam (DRV) was proclaimed in Hanoi. Ho Chà Minh became head of this government in the north; and France accepted Ho's government in March 1946, but at the same time set up a puppet government for the South in Saigon. Ho led the Viet Minh independence movement from 1941 onward, establishing the communist-governed Democratic Republic of Vietnam in 1945 and defeating the French Union in 1954. The U.S. then entered into and fought a ten year war with North Vietnam (and the Chinese). After 1973 when the last U.S. troops left, and after the Fall of Saigon in 1975, the former capital of South Vietnam was renamed Ho Chà Minh City in his honor.
U.S. Trade Deficit with China
China is able to produce low-cost goods that Americans want. Most economists agree that China's competitive pricing is a result of two factors:
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