The sale of Alcoa would be a great loss to the American industrial landscape.

It is astounding that so many fail to see the sale as further proof of America's economic decline. In his testimony yesterday before the Senate Banking Committee, Fed Chairman Ben Bernanke showed little concern for the trade deficit and its implications for the American economy. If our economy really was as strong as Mr. Bernanke believes, Alcoa would be buying foreign companies, not the reverse. Nations with strong economies use their trade surpluses to acquire choice foreign assets. Nations with weak economies are forced by their trade deficits to surrender those assets.

In the end, when foreign central banks finally allow the dollar to collapse, it's not just Alcoa, but many other Dow Jones companies that will ultimately fall into foreign hands. After all, a sharp decline in the dollar will make those companies dirt cheap for foreign buyers, who will have little else to buy with the trillions of dollars burning holes in their very deep pockets. America will be reduced to the role of a secondary economic power. Our citizens will work primarily for foreign-owned companies while the profits are sent back to their far wealthier foreign bosses.
http://www.americaneconomicalert.com/ne ... ID=2493772

by Peter Schiff

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