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Published 08/13/08 Jeff Bennett
The great American sell-off continues. For sale this time: foreclosed homes throughout the United States with depreciating values. These pieces of real estate are tempting foreign big-money sovereign wealth funds to purchase them at an incredible value. Nothing can be truly considered sacred or American when everything is now for sale at discount prices.
According to a report from the New York Post, an undisclosed sovereign wealth fund has allocated $29 billion to begin purchasing foreclosed homes along the West Coast. American home values and the dollar are both plummeting in value, attracting foreign oil money to invest in the nation’s houses. Abu Dhabi, known for its recent purchases of the Chrysler and GM Buildings, is preparing to announce next month what failing American real estate it will soon invest in.
America is defenseless against foreign takeovers of realty and big business as long as it remains addicted to oil. The nations that are buying up America with zeal are rich with American dollars from the purchase of oil. Petro-dollars have allowed Abu Dhabi to amass $875 billion in sovereign wealth fund assets, while Norway has $391 billion, Singapore $303 billion and Kuwait with $264. The U.S. remains subservient to each of these nation’s oil, and their wealth funds are growing large enough to dismantle America bit-by-bit.