Largest Private Employer in Saginaw, Michigan Will Be the City Government of Beijing

by | Dec 26, 2010 | Headline News | 10 comments


If you’re wondering what China plans on doing with that $2 Trillion plus in US dollar cash reserves, then this may be part of the answer:

General Motors (GM) has completed the sale of its Saginaw, Michigan-based Nexteer steering business to China-based Pacific Century Motors. Pacific Century Motors is a joint venture between Beijing-based auto components supplier Tempo Group and E-Town, the financing and investing arm of the Beijing municipal government.

None of the parties have disclosed the terms of the deal. However, some sources have revealed that the steering unit has been sold for about $450 million, making the biggest single investment in the global auto parts-making industry by a Chinese company.

Presently, Nexteer’s headquarter and research and development facility in Michigan has about 3,000 employees.

In a similar move, Zhejiang Geely Holding Group bought Volvo cars from Ford in order to tap China’s high-growth auto market by acquiring modern, innovative technologies from the Swedish brand to strengthen its car lineup. In December last year, Geely also signed up Johnson Controls Inc. (JCI) as its global parts supplier.

Source: Seeking Alpha

If you were sitting on tons of soon to be hyperinflated US dollars you might also be considering moving into hard assets.

In addition to this recent buyout of a US manufacturing plant, China has been divesting some of their US dollar reserves into things like agriculture, industrial mines, precious metals mines and oil companies.

Sounds like they’re planning on the worth of the US dollar hitting the fan in the near future.

The strategy employed by the Chinese is one that those concerned with a depreciating federal reserve note may want to consider for their own personal asset diversification strategy. While us regular folks on the street may not be able to buy up company units in the multi-million dollar range, long-term food storage, precious metals, farming equipment, construction tools, self defense armaments, and skills training may be one avenue to take.

Sourced via from Clark McClelland

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    1. michelle

      Since China has to buy things from someone who will take USD in payment, and we’re shitting away it’s value, they have little choice.

      Stock up on necessities, and get your garden going…

      One thing though, perhaps we can encourage China to purchase land and factories in the northern states – you know, the ones that will soon be glaciated due to the new ice age? 

      Just sayin’

    2. Bill

      You can’t blame them!  They aren’t stupid.

    3. VRF

      Hahhah, wait until they try to work some of the ” local tallent

      i know my opinion isnt probably going to be well recieved, but yes i do know what im saying and, yes you do know what i mean.


      america is getting what it deserves… destroyed from within by greed!

    5. Goldenfoxx

      Comments….. VRF – you mean the unions?  LOL!  China is either too stupid to figure out the union regime, or they will break the union and hire only nonunion people.  We’ll see who out lasts who–but the Chinese aren’t stupid.

    6. anonymous6.8

      Sign soon to come on the rim of the Grand Canyon, in English, Spanish, Cantonese and Mandarin:

      Welcome to the Grand Canyon, property  of the Peoples’ Republic of China. If you aren’t  Chinese we order you to leave. Trespassers will be shot

      Except for a few citizens of the area, American and Navajo Nation, that’s livable. What are you gonna do when they buy your mortgage from the Fed and tell you you’ve got 48 hours to move?

      The gradual breaking of the American Middle Class has been in the works for about 100 years. Coterminous with the Morgan and Rockefeller families creating the Federal Reserve Bank. Both World Wars were as much about getting national governments indebted to the financial elite as about anything else (There’s the ostensible causes the schools taught you, then there’s the real reasons).

      Sending skilled blue collar jobs overseas was one strand of the strategy. Real wealth is built on production not consumption. Get the sheep consuming on borrowed money and you’ll own them forever. Then sending white collar jobs overseas (engineers, CPA, medical etc) has been going on awhile. Then cajoling the political weasels into forcing banks to loan to anyone with a pulse, so that the Fed can ultimately wind up owning millions of homes. Then the “Food Safety Act of 2010” spreading terminator seeds and outlawing small farms. Then whining about Mexican drug gangs using weapons from the US, to create an ostensibly credible reason to gut the Second Amendment.

      A broke, homeless and hungry population will fall on its knees and BEG the Central State for succor. It’s too late to stop this by political action (refer my comment on the pilot being disarmed post) but what the INDIVIDUAL can do is prepare, in every sense of the meaning. Find like-minded folk to form a team.

      Finally, decide what you’re gonna tolerate and what you’re not going to tolerate. Some Central State depredations are symbolic more than real. When they’re kicking your door in at 3 a.m. because the next step is disarming YOU, confiscating your wealth, and putting you on the truck to the FEMA camp ya better have figured out what yer bottom line is.

      The Class-Domination Theory of Power, by G. William Domhoff. In the 4 December 201o Lew Rockwell.

      The Myth of the Middle Class, on Charles Hugh Smith’s blog http://www.oftwominds. The richest one percent of the population owns forty-three percent of the financial assets. The poorest 80 percent own seven percent. Check it out.

    7. caryn

      Comments… off your debts, stock up, get a garden going, and don’t buy anything that is made in a foreign country or made with foreign products. (for example: new balance shoes are produced in usa out of imported products). think out of the box and create your own “job”…

    8. old.frt

      Domhoff item above is superb.
      Lengthy but unmatched in clarity, depth, and scope.

    9. clark

      The link I attempted to post here went bad, I suppose that’s why it didn’t show up.

      The link described how people in Michigan were successfully using several different types of currency.

      I suppose that is partially their way of riding the storm out.

    10. VanMom

      This is still hard to get used to. I live less than 20 minutes from this plant.

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