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Yellen Stakes Out US Position Ahead Of China Tech Restrictions
For the third time in as many months, I'm compelled to inform you that Joe Biden is set to sign an executive order restricting investment in certain sectors of the Chinese economy.
This has been in the works for years, and in the news since February, when I first mentioned it.
The idea, apparently, is to unveil the curbs just prior to next month's G7 gathering in Japan, leaving America's allies little choice but to at least endorse the spirit of the restrictions, even if no other advanced econ
Unfortunately, I fear that in the long run we will lose more than they do from these new restrictions. Always happens to citizens when the government is involved. These folks will do what they wish without us. These are not stupid people. Our sense that these guys are stupid liar is mostly just us whistling past the graveyard. Who do we think helped us develop the things we will now refuse to sell them? Doesn’t anyone out there look at the executive rosters when they vote their stocks? They will continue to buy from others who aren’t going to be as scrupulous as we claim to be. Our firms will be the ones losing from this. My sainted mother used to call this “cutting off one’s nose to spite one’s face,” an old adage she got from her grandmother. And remember what Don Corleone said about keeping one’s enemies closer.