This should give us all a pause. Losing the auto industry (however slowly it's surely), losing dollar value and it's position as the world's reserve currency, high unemployment, rising foreclosures, etc... and the Fed has sent $500 billion to Central Banks overseas but Bernanke can't (won't) even say to who, and our Administration and Congress want to spend more! Republican or Democrat - Liberal or Conservative - ANYONE - does this make any sense?
http://www.moneymorning.com/2009/08/19/global-auto-industry/
"...In India, for example, sales were up 31% on a year-over-year basis, while auto sales in China were an astonishing 70% above those of a year ago. Even if U.S. auto sales continue to improve, China’s automobile market may outsell its U.S. counterpart for a full year for the first time ever..."
"...global automobile sales are undergoing a major reorientation towards Asia and away from the United States and Europe. This will inevitably have a huge effect on the structure of the sector..."
"...GM is doing much better in China, thanks largely to its joint venture with Shanghai Automotive Industry Corp., which expects to sell 1.4 million vehicles in 2009. Since GM is also selling Opel, its European operation, GM will find itself driven primarily by the demands of the Chinese market. Given the growth of that market, it will probably make the most economic sense for GM to become Chinese-owned. Politics may delay this, but probably only for a few years..."
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