Jim’s Rant - Economics: Fuckee Youee.
In this morning’s post we learned of Florida's Governor Ron DeSantis in December calling for a review of all state funds invested in Chinese companies, including the State Pension fund. This is true financial responsibility during this time of chaos and undeclared economic war. This is also an acknowledgment of this war by the State of Florida.
For those of you who saw the movie, The Big Short, detailing the 2007 – 2009 financial collapse and bank bailout due to fraud in the housing market, you need to know this. The Sub-Prime mortgage market on Wall Street was fraudulently held at a credit rating of “AAA”, the highest bond rating possible. Even as the market crashed they were still rated as “AAA”.
The question now is whatever happened to those mortgage bonds described as “Dog shit wrapped in cat shit”? Well, as your luck would have it, by law pension funds must invest in “AAA” rated investments only. Those cat shit wrapped bonds are in your 401k and other pension fund plans, including your state pensions.
Then know that during that time China bought bankrupt US corporations, moved under their shells, and continued to use their existing registration on Wall Street. They refilled those companies with their own investments (Evergrande type?) and pulled in the US financing for their projects in China.
In case you have been busy, China is the country that last month said to the world “The hell with international law, we will not allow Evergrande (our companies) to pay foreign bond holders that have a legal right to the company’s assets. [The Chinese word for this is "Fuckee Youee".]
So again, this is not a political move on Florida’s part. It’s getting the horses out of the burning barn on the double!