$ERVANT OF RED CHINA FOR RAW CA$H, $ENATOR FEIN$TEIN’S DRIVER IS A $PY FOR HER CHINE$E PAYMA$TER$!
“All in all, it was an incredible victory for the Chinese government. Feinstein has done more for Red China than other any serving U.S. politician. “ Trevor Loudon
Official Tapped by Biggest U.S. Public Pension Fund Worked for Predatory Chinese State Investment Fund
America’s largest public pension fund has tapped a manager of China’s predatory investment fund as its next chief investment officer.
The California Public Employees’ Retirement System, which manages $360 billion and is frequently described as the most influential pension fund investor in the U.S., has asked Ben Meng to take over the top investment job when its current chief departs at the end of the year, the Wall Street Journal reported Wednesday.
In the Wall Street Journal’s report, Meng is described as an official of the State Administration of Foreign Exchange, China’s foreign-exchange and currency regulator. His job, however, is not writing regulations or supervising Chinese companies’ foreign exchange reporting.
Meng, a former Wall Street bond trader, is a deputy chief investment officer of SAFE. This suggests his job was to invest the assets of SAFE, which is not just a regulator but also one of the world’s biggest sovereign wealth funds. SAFE manages over $3 trillion of China’s foreign reserves.
What is China’s SAFE?
China is a closed economy, which means foreign currency flows are tightly controlled. When a Chinese company receives dollars by exporting goods to the United States, it is required to exchange them for China’s domestic currency. The local bank making the exchange turns the dollars over to the People’s Bank of China, the equivalent of China’s Federal Reserve.
China is a closed economy, which means foreign currency flows are tightly controlled. When a Chinese company receives dollars by exporting goods to the United States, it is required to exchange them for China’s domestic currency. The local bank making the exchange turns the dollars over to the People’s Bank of China, the equivalent of China’s Federal Reserve.
The PBOC then turns the dollars over to SAFE, which is charged with investing the funds to further China’s strategic and economic goals. In the past, this mainly involved buying ultra-safe U.S. assets such as Treasuries and bonds backed by U.S. government-sponsored entities. But in recent times China’s investment strategy shifted to investing in technology and supporting China’s One Belt One Road schemes.
An investigation by the U.S. government into China’s actions with respect to U.S. technology found that Chinese investment strategy is significantly “driven by non-market factors. These factors stem from the Chinese government’s extensive intervention – in the Chinese economy in general, and in foreign investment in particular – to achieve industrial policy objectives.”
That investigation led the Trump administration to begin imposing tariffs on China’s exports.
That investigation led the Trump administration to begin imposing tariffs on China’s exports.
Those objectives were described in a 2016 report by the Mercator Institute for China Studies, a leading German think tank, which found:
[To] speed up China’s technological catch-up and to leapfrog stages of technological development, Chinese companies are acquiring core technologies through investment abroad. In itself, this is neither surprising nor objectionable. However, China’s technology acquisitions are partly supported and guided by the state. China pursues an outbound industrial policy with government capital and highly opaque investor networks to facilitate high-tech acquisitions abroad. This undermines the principles of fair competition: China’s state-led economic system is exploiting the openness of market economies in Europe and the United States. Chinese high-tech investments need to be interpreted as building blocks of an overarching political programme. It aims to systematically acquire cutting-edge technology and generate large-scale technology transfer.
SAFE’s investment activities are closely held secrets. Indeed, for the first few years of its existence, SAFE’s investment arm itself was a secret. But by virtue of its regulatory role—which gives it screening and approval authority over outgoing private investment in China—it has insights into global financial transactions that are likely unparelled by any investor in the world. It is widely believed that China’s recent crack-down on certain types of foreign investment was aimed at strengthening the role of SAFE and other Chinese government agencies in directing funds toward the state’s preferred targets.
Here’s how the Mercator report described the activities of China’s sovereign investment funds:
Sovereign investment funds and governmental investment management companies play an increasing role in high-tech FDI. While these funds and their management often present themselves as private enterprises, the state’s active role is concealed behind an opaque network of ownership and funding structures. The State Council and local governments primarily use these funds and the expertise of private managers to make subsidies to Chinese enterprises more efficient. These funds are now becoming increasingly active with regard to investment in overseas markets.
A report issued this year by Baker McKenzie described the recent shift of Chinese outward investment toward state-backed entities:
Just a few years ago, a handful of private companies including HNA, Wanda, Fosun and Anbang were responsible for more than 25% of the total value of Chinese deals targeting assets in Europe and North America. But since the Chinese government began placing greater restrictions on outbound investment in late 2016, this group of investors has taken a backseat to sovereign wealth funds and state-owned players with missions to advance China’s development strategies such as the Belt and Road Initiative.But since the Chinese government began placing greater restrictions on outbound investment in late 2016, this group of investors has taken a backseat to sovereign wealth funds and state-owned players with missions to advance China’s development strategies such as the Belt and Road Initiative.
The Mysterious Meng
This change in approach closely followed Meng’s move to SAFE in 2015.
This change in approach closely followed Meng’s move to SAFE in 2015.
Exactly what role Meng has played as SAFE deputy chief investment officer is unclear, in large part because almost everything about SAFE is concealed behind a China Wall of secrecy. CalPERS did not respond to a request for more information about Meng, who managed a multi-million portfolio of assets for the pension fund before he went to SAFE.
After Breitbart News reported on CalPERS selection of Meng, he contacted the Wall Street Journal to say that he is a U.S. citizen who was a “foreign contractor” to SAFE.
Given the size and influence of CalPERS, it is likely that U.S. and California authorities will have questions about Meng’s role at SAFE and the reasons for his selection. CalPERS silence so far is unlikely to pass muster. The U.S. doesn’t typically allow for state pension funds to operate in SAFE like secrecy.
OPIOID AMERICA:
CHINA AND MEXICO PARTNER TO ADDICT AMERICA
http://mexicanoccupation.blogspot.com/2018/08/the-opioid-war-on-america-chin
A NATION DIES OF OPIOID
ADDICTION
AMERICAN BIG PHARMA,
RED CHINA and NARCOMEX PARTNER FOR THE BIG BUCKS
“The drug epidemic is the product of capitalism and the
policies of the capitalist parties, both Democrats and
Republicans. There is, first of all, the role of the pharmaceutical
companies, which have amassed huge profits from the
deceptive marketing of opioid pain killers, which they claimed were
not addictive. Prescriptions for opioids such as Percocet, Oxycontin
and Vicodin skyrocketed from 76 million in 1991 to nearly 259 million in
2012. What are the numbers and profits now?
STARING IN THE FACE of
AMERICA’S UNRAVELING and the ROAD TO REVOLUTION
“It will more likely come on the heels of
economic dislocation and dwindling wealth to redistribute.”
“Our
entire crony capitalist system, Democrat and Republican alike, has become
a kleptocracy approaching par with third-world hell-holes. This
is the way a great country is raided by its elite.” -- Karen McQuillan THEAMERICAN
THINKER.com
"The
kind of people needed for violent change these days are living in
off-the-grid rural compounds, or the “gangster paradise” where
the businesses of drugs, guns, and prostitution are much more
lucrative than “transforming” America along Cuban lines." BRUCE
THORNTON
*
There can be no resolution to any social problem confronting the
population in the United States and internationally outside of a frontal
assault on the wealth of the financial elite.
*
The political system is controlled by this
social layer, which uses a portion of its economic plunder to bribe politicians
and government officials, whether Democratic or Republican.
OPIOID AMERICA:
CHINA AND MEXICO PARTNER TO ADDICT AMERICA
http://mexicanoccupation.blogspot.com/2018/08/the-opioid-war-on-america-chin
PRINCETON REPORT:
American middle-class is addicted,
poor, jobless and suicidal…. Thank the corrupt government for surrendering our
borders to 40 million looting Mexicans and then handing the bills to middle
America?
WAR PROFITEER and
her DADDY WARBUCKS
FEINSTEIN HAS SPENT
HER ENTIRE POLITICAL LIFE STALKING THE HALL OF CONGRESS SNIFFING OUT DEALS THAT
HAVE PUT MILLIONS IN HER HUSBAND, RICHARD BLUM’S BOTTOMELESS POCKETS!
IN
THE November 2006 election, the voters demanded congressional ethics reform.
And so, the newly appointed chairman of the Senate Rules Committee, Dianne
Feinstein, D-Calif., is now duly in charge of regulating the ethical behavior
of her colleagues. But for many years, Feinstein has been beset by her own
ethical conflict of interest, say congressional ethics experts.
*
“All in all, it was an
incredible victory for the Chinese government. Feinstein has done more for Red
China than other any serving U.S. politician. “ Trevor Loudon
$ERVANT OF RED
CHINA FOR RAW CA$H, $ENATOR FEIN$TEIN’S DRIVER IS A $PY FOR HER CHINE$E PAYMA$TER$!
“All in all, it was an
incredible victory for the Chinese government. Feinstein has done more for Red
China than other any serving U.S. politician. “ Trevor Loudon
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