Wednesday, August 15, 2012

How our money is coming back from China

Per a New York Times article by Michael Luo, Neil Gough and Edward Wong, some of it is returning through the hands of billionaire arch-conservative Sheldon Adelson.
In May 2004, the Sands Macau became the enclave’s first foreign-owned casino. On opening day, a mob estimated at 20,000 pushed over crowd-control barriers, ripping doors off their hinges. In its first year, the casino’s profits exceeded its $265 million cost.

By 2007, when the Sands opened its second casino in Macau, the $2.4 billion Venetian — the largest casino in the world — the formerly crime-infested backwater had become the world’s undisputed gambling capital. With Macau providing two-thirds of the company’s revenues, Mr. Adelson had become one of the richest men in the world.

And near the end of the article:
The Sands now has four casinos in Macau, which supply about half the company’s profits.
Our Walmart purchases make Chinese manufacturers richer. They blow that money in Macau at Adelson's casinos. He takes those profits and buys our elections.

This is not a healthy flow of capital.

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