It looks like our wonderful new administration is granting the Chinese eminent domain as collateral for US debts. Yea you read that right. That means when we can no longer pay for all this massive spending the Chinese can call in the loans and take our land.
The thought that American citizens and businesses could lose their land as a means of payment is downright scary. I highly doubt ANY American citizen would have voted for Obama if they knew this was coming down the pike.
LiveLeak.com has the story and appears to have confirmation from both governments.
The written agreement was brought to Beijing by Secretary of State Hillary Clinton and was formalized and agreed-to during her recent trip to China.
This means that in the event the US Government defaults on its financial obligations to China, the Communist Government of China would be permitted to physically take — inside the USA — land, buildings, factories, perhaps even entire cities – to satisfy the financial obligations of the US government.
Put simply, the feds have now actually mortgaged the physical land and property of all citizens and businesses in the United States. They have given to a foreign power, their Constitutional power to “take” all of our property, as actual collateral for continued Chinese funding of US deficit spending and the continued carrying of US national debt.
What is amazing is that the administration would actually trust the chinese to not call in the debt. Seriously, if anybody in the chinese government get the bright idea that expansionism is a cool thing to do we are up shit creek.
Forget talking about socialism, we might end up half owned by communism before this is all over with. The irony is that China has discovered the beauty of capitalism in the last few years and yet our current government wants to get rid of it. What better way than to just hand it over?
How about that for some serious change you can count on? “Hope” you like losing your land to foreigners with the written authority of the U.S. government.
UPDATE: Seems the story originated here which also mentions this Bloomberg story citing the chinese wanting guarantees on the debt. It also suggests that the states knew this was coming with the recent activity of 11 or so states declaring their sovereignty.