You don’t need to understand exchange rates and trade wars to grasp the economic change that has come to Saginaw, Mich. Remarkably, the largest private employer there will soon be the city government of Beijing.
In the weeks ahead, a 104-year-old unit of General Motors will be sold to new owners from China. The unit made steering equipment for decades under the name Saginaw Steering Gear. Now known as Nexteer, it employs 8,300 people around the world. Its new Beijing owners call themselves Pacific Century Motors.
You and the rest of the world probably missed this $450 million deal. General Motors, still controlled by the U.S. government, gave it little attention this summer as it readied its own high-profile return to the stock market.
President Obama was urged by the few White House insiders from whom he still takes advice to leave the country on his ten-day Asian trip, his longest trip abroad since becoming president, in order to not inflict any more damage to the Democratic Party in the wake of one of the worst electoral defeats for the party of an incumbent president in recent history. According to sources close to the White House, who put themselves in great danger by even talking to members of the media, the plans to have Obama leave for a visit to India, Pakistan, Indonesia, South Korea, and Japan are an attempt to get Obama out of the country while top Democrats can sort through the political disaster created for the party by Obama’s increasingly detached-from-reality presidency.
WASHINGTON — The U.S. Military is scrambling to find out what was seen in skies over Los Angeles last night after a local CBS news helicopter captured video that appears to show a major missile or rocket launch from the Pacific Ocean just north of Santa Catalina Island.
The video shows an enormous condensation trail following a brightly lit object, similar to images seen during a space launch.
Col. Dave Lapan, a Pentagon spokesman, told reporters the video is so far “unexplained” by anyone in the U.S. Military. The military is examining the video provided by KCBS news and officials say they hope to have answers soon.
The Missile Defense Agency told Fox News it did not launch any test missile last night that could explain the dramatic images. The Navy and the Air Force were also unable to offer an explanation.
A federal judge who as a senator took pride in sponsoring women’s rights legislation has blocked a voter-approved measure banning Shariah law—which calls for the beating and murder of women who don’t comply with its oppressive mandates—from Oklahoma courtrooms.
Earlier this month voters in the Sooner State overwhelmingly approved (by 70%) the constitutional amendment prohibiting state courts from considering Shariah law— the authoritarian doctrine that inspires Islamists and their jihadism—when ruling on cases.
Implicitly acknowledging the decline of American dominance, Barack Obama on Sunday said the US was no longer in a position to “meet the rest of the world economically on our terms”.
Speaking at a town hall meeting in Mumbai, he said, “I do think that one of the challenges that we are going face in the US, at a time when we are still recovering from the financial crisis is, how do we respond to some of the challenges of globalisation? The fact of the matter is that for most of my lifetime and I’ll turn 50 next year – the US was such an enormously dominant economic power, we were such a large market, our industry, our technology, our manufacturing was so significant that we always met the rest of the world economically on our terms. And now because of the incredible rise of India and China and Brazil and other countries, the US remains the largest economy and the largest market, but there is real competition.”
“This will keep America on its toes. America is going to have to compete. There is going to be a tug-of-war within the US between those who see globalisation as a threat and those who accept we live in a open integrated world, which has challenges and opportunities.