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Originally Posted by roachboy
i'm not sure i understand what the basis for all this is, ace.
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I am offended by the constant attacks on "capitalism" (This is a dirty word to some, I think I know what it means, but I doubt my understanding is the same as others along with some other concepts), "industrialism", "profits", "market share" or things like being motivated to be the "best".
The mechanisms of financing debt are not much of a concern to me. In a strange way I think other countries buying our debt obligations is an indication of the potential they see in the underlying strength of American economic potential. Only the foolish would loan money when they don't think they will get their money back with a satisfactory ROI. Even the banks that were "too big to fail", recognized they could take excessive risks and not suffer. In fact, ironically, they succeeded in reducing competition in the market and are now more dominate than they were 5 years ago.
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so what is bothering you?
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I am sorry I did not make it clear in my original post, I am not exactly sure how to re-frame it without re-writing what I wrote. Perhaps, I was blowing off some steam from my daily review of the news of the day.
---------- Post added at 09:33 PM ---------- Previous post was at 09:27 PM ----------
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Originally Posted by Derwood
I don't see how an enormous country with a rapidly growing urban population moving towards oil dependency is a good thing
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"oil dependency" as you put it, equates in my view, to a standard of living that has never been seen in human history. The pretense that "oil" is a bad thing is something I clearly don't understand. But, perhaps it is not pretense, if it is not, I don't get that either. So, again I am faced with a choice that would be offensive if I expressed it. If there is another possibility, I am trying to see it.
---------- Post added at 09:51 PM ---------- Previous post was at 09:33 PM ----------
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Originally Posted by Baraka_Guru
Exxon, Devon, Occidental, and ConocoPhillips all have current and future plans for development in the Oil Sands, much of which is in partnership with Canadian entities. This Chinese deal is merely adding more capital to an already capital-rich area, and it will only continue. It's one of the largest oil reserves in the world (second only to Saudi Arabia, I think) that will only benefit from higher oil prices that are required for profitability (due to difficult extraction).
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If you would like to go into this issue in more detail I am game. Oil sands is controversial. I think much of the "difficulty" is related to political obstacles. I also think traditional oil producing countries manipulate price and production of oil the best they can to limit development of alternatives. Our politicians often play right into this manipulation.
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Canadian territory, Canadian rules. Chinese operations in Canada must abide by Canadian laws and regulatory rules or they will be penalized or shut down, just like any Canadian company would be.
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I repeat, I don't think Canada will fail to do what is "right". However, when a nation like China gets resources they are free to use those resources as they see fit. I did not read where Canada made any demands on China to limit "polluting the planet". "Environmentalist" in this country have a voice, they do not have a voice in China. China can smile, make nice, take resources, use those resources within their boarders in ways Canada has no control over. Also, understand that at some point China may have the power to dictate the rules. It is a risk. I am sure you understand that.
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I'm not sure those who hate corporate profits care who gets them. What is your ultimate point? You are American and would prefer Americans to get the profits that would come from this instead of the Chinese. I get that. What I don't get is why you're making such a big deal out of this.
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Pure ego. It is that simple. I like being the best, number one, top dog, control, etc., etc. I do not want China to become the economic equal or superior to the US. I am offended that we let Petro China become bigger than Exxon-Mobil. I want the home team to win.
Canada is like the girl next door. I never did like guys dating the girls that lived next door to me.
Please, don't try to call me names or say how juvenile I am. I already know what I am. I understand what I am. I don't pretend to be something I am not. I am not going to change.
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Are you more concerned about what's going on in American oil production locally and abroad? Or is it more of a concern about Chinese economic expansionism?
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Both.
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I heard recently that it's only a matter of time before China becomes a larger economy than the U.S. I think it was within 12 years with current trending. Is this your concern?
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Yes.
I want political leaders who find that unacceptable.