Remember how CONSERVATIVES SAW A NATIONAL SECURITY THREAT WHEN CHINESE CORP. WANTED TO BUY UNOCAL?
http://www.foxnews.com/story/0,2933,162338,00.htmlCriticism Widespread for China Unocal Deal
Wednesday, July 13, 2005
WASHINGTON — The House Armed Services Committee was holding a hearing Wednesday on the national security implications of a possible merger of the China National Offshore Oil Corporation with Unocal Corporation, the ninth largest oil firm in the United States.
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Under current law, a committee headed by Treasury Secretary John Snow (search) could nullify any Chinese takeover of Unocal on national security grounds. In late June, the House voted overwhelmingly to demand such a review. Some analysts and many conservatives perceive a national security threat, particularly in an era of limited crude oil supplies and high gasoline prices. But other experts disagree.
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"China is not a U.S. military ally. It's not a friendly country. It's not a free-market system and to allow Chinese entities to establish greater and greater control over the U.S. economy without thinking through the long-term effects would be an enormous mistake," Tonelson said.
China has accumulated more than $700 billion in U.S. currency reserves, largely through its massive trade surplus with the United States. Those cash reserves fuel attempts to buy U.S. firms and produce advanced weaponry.
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