America Last: The Export-Import Bank's New 'Made in America' Corporate Welfare Scheme

[Invisible Man]

Dating back to its founding in 1934, the Export-Import Bank of the United States has had a pretty specific mission: subsidize the export of American-made products by extending cheap credit to foreign companies looking to buy our stuff.Whether the bank serves any legitimate purpose is another matter entirely. These days, the Export-Import Bank mostly acts as a slush fund for politically connected American corporations like Boeing and General Electric that would have no trouble doing business abroad but are more than happy to benefit from its largesse, doled out in the form of low-interest loans to potential buyers. Sometimes it also blows American taxpayer money on propping up government-run monopolies in foreign countries.

Still, the mission has always been clear. It's right there in Executive Order 6581, which President Franklin Delano Roosevelt signed in 1934 to authorize "a banking corporation…with power to aid in financing and to facilitate exports and imports and the exchange of commodities between the United States and other Nations." The bank's current mission statement, too, clearly spells out a goal of "supporting American jobs by facilitating the export of U.S. goods and services."

Now, quietly, the Ex-Im Bank is taking on a new—and entirely domestic—project.

At a meeting last week, the Ex-Im Bank's board of directors voted unanimously to approve a so-called "Make More in America" initiative. The press release announcing the new program is a gobbledygook of crony capitalist doublespeak virtually devoid of specifics about how the program will operate or what it will cost. The new program "will create new financing opportunities that spur manufacturing in the United States, support American jobs and boost America's ability to compete with countries like China," Reta Jo Reyes, the bank's president and board chair, says in the statement.

Read the rest here:
https://reason.com/2022/04/20/the-export-import-banks-new-made-in-america-corporate-welfare-scheme/

 

[oyarde]

Read the rest here:
https://reason.com/2022/04/20/the-export-import-banks-new-made-in-america-corporate-welfare-scheme/

it is all bunk , whole domestic thing is a renewable energy dem op according to my sources

 

[Invisible Man]

it is all bunk , whole domestic thing is a renewable energy dem op according to my sources

+rep

 

[Snowball]

All they ever do is set up corps with insiders and cash in the connections.
That goes for both fraud parties.

I remember college in the '80s... professor told us about what they called at the time "Multi-National Corporations"...
How it was a bad thing they were taking over national interests and domestic manufacturing and supplies, and stripping us of the ability to produce certain products domestically, let alone - God forbid - locally, or even regionally. He added that they would increase our debt, and create international foreign policy entanglements.

Well, obviously he was right about it all. It's considered the norm now, and anything regional or local or even purely domestic is either out of business or is a quaint throwback that is being priced-out once and for all. They couldn't compete. Not only due to labor costs, but due to financing. The Fed and its sister banks funded the multi-national corporations, which became the international corporations, which became global corporations.

The result is the trade deficit, unemployment and lack of participation in the labor market, expanded welfare dependency, and notably the transfer of wealth and political power away from local and regional players to this global financier class, which employs the labor and creativity of its indentured servants, from the Asian wage slave to the Indian or American call-center service rep, to the store managers and warehouse workers. Indentured servants. Wage slaves to the passive income usurists.