Home News Trump Overrules Wall Street, Orders Federal Retirement Money To Be Pulled From China

Trump Overrules Wall Street, Orders Federal Retirement Money To Be Pulled From China

by J.C McCallum

An honest liberal will admit that one good thing that has come from Trump’s historic win is a more clear view of China.

The simple fact is the establishment sold us out to China – they got rich but they gave up the middle class, the crown jewel of America, and the supply chain creating a national security threat out of thin, greedy air.

Most people had no idea how bad it was but now they see clearly – we have to beg China for medical supplies to keep our country safe? Rare Earth minerals for our bombs?

If they told people the truth when they were selling outsourcing, that it would lead to a nation with limited ability to make the things they need in a crisis, no one would have gone along with it.

So they lied. And now those lies are out in the open.

Another thing no one would have believed is that we currently fund a lot of China’s theft by investing our pension money in Chinese stocks.

If you told people you would take their hard-earned money meant for their retirements and use it to offshore jobs to China only to buy stock in those companies no one would have allowed you to do it because it makes no sense and clearly just enriches China and a handful of people here who are making those decisions at a massive loss – the middle class – who will really fund social security and Medicare for these seniors people would have said you were crazy and a goddamn traitor.

So they lied and did it anyway. So now Trump is fixing the mess. Again.

From Fox Business:

President Trump is moving to cut investment ties between U.S. federal retirement funds and Chinese equities, FOX Business has learned in a move that is tied to the handling of COVID 19.

In the first letter written Monday, obtained exclusively by FOX Business, national security adviser Robert O’Brien and National Economic Council Chair Larry Kudlow write to U.S. Labor Secretary Eugene Scalia stating that the White House does not want the Thrift Savings Plan, which is a federal employee retirement fund, to have money invested in Chinese equities that numbers about $4 billion in assets.

It says the Federal Retirement Thrift Investment Board is “Departing from the Board’s established index for the International Stock Investment Fund (I Fund) to track one that maintains Chinese equities is risky and unjustified.” The letter directly links China’s handling of COVID-19 as one of several reasons why investment in Chinese companies should not occur.

In the second letter, Scalia writes to Michael Kennedy, the chairman of the Federal Retirement Thrift Investment Board, sharing the Kudlow/O’Brien letter noting the two have “grave concerns with the planned investment on grounds of both investment risk and national security.”

It concludes by saying that moving the assets out of a certain fund is “at the direction of President Trump.”

Scalia wants a response by Wednesday.

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