In spite of all the lockdown foolishness, our government is actually doing some good work - from Money and Markets:
Why the Threat of Delisting Chinese Stocks Is Great News for Investors
The U.S. Senate approved legislation Wednesday that would require companies listed on stock exchanges to certify they aren’t under the control of a foreign government.
It specifically takes aim at companies based in China that could be working under the influence of the Communist government in Beijing.
And this had quite an effect:
The news sent shares of Chinese e-commerce giant Alibaba Group Holding Ltd. (NYSE: BABA) tumbling Wednesday. Shares were down another 3% through afternoon trading Thursday.
Lawmakers have expressed concern that American money is funding Chinese efforts to dominate fields from artificial intelligence to internet data collection.
“I do not want to get into a new Cold War,” Sen. John Kennedy, R-La., said on the Senate floor, adding that he wants “China to play by the rules.”
We are already in a cold war. China's imbalance of trade with us has been draining our economy and benefiting China for the last 20 years. Sure, the cheap toys are a lot of fun but there is a price to pay for them. Time to get this relationship back to an even footing.
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