[Ed. – Some feel-good reading for the weekend.]
While the media frequently obsesses over the redistribution of wealth, they have ignored the Chinese government’s theft of U.S. technology, which has created “the biggest illegal wealth transfer” in world history. That is one of a number of startling facts that came to light during a rare, public hearing of the Senate Intelligence Committee last Wednesday.
“China is stealing between $300 and $600 billion a year of American technology and intellectual property,” said Senator Marco Rubio (R-FL), the committee’s vice chairman, who added:
They use venture capital funds to buy promising technology startups; they hide their ownership, by the way. They partner with universities on research and then they steal that research — often research whose seed funding came from the U.S. taxpayer. They force American companies doing business in China to give the technology over to them.
“They have weaponized our openness, they have weaponized our decency and they have weaponized a corporate lust for profits against us,” said Senator Rubio.