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Originally posted by greendragon at 2009-2-18 09:20 PM
.....ie. Treasury's US$8 trilion issue (about US$3 trillion held by foreigners), Mortgage bond market. (Freddie Mac, Fannie Mae has US$6 trillion worth, US$3 trillion held by foreigners), with the ...
america's crime in china was performed by chiang/sun's proxy democratic government. here is some relation to opium and the roosvelts:
Sassoon "Monopoly Rights" Wrecked Lancashire - England's Textile Industry - Made Roosevelt Wealthy
Sir Albert Sassoon, the eldest of David Sassoon's sons took over the family "business" empire. He constructed huge textile mills in Bombay to pay slave labor wages. This expansion continued after World War One and ended up putting mills in Lancashire, England out of business with thousands losing their jobs. This did not stop Queen Victoria from having Albert knighted in 1872.
Solomon Sassoon moved to Hong Kong and ran the family business there until his death in 1894. Later, the entire family moved to England because with modern communications they could operate their financial empire from their luxurious estates in London. They socialized with royalty and Edward Albert. Sassoon married Aline Caroline de Rothschild in 1887 which linked their fortune with that of the Rothschilds. The Queen also had Edward knighted. All 14 of the grandsons of David Sassoon were made officers during World War One and thus most were able to avoid combat.
Franklin D. Roosevelt's fortune was inherited from his maternal grandfather Warren Delano. In 1830 he was a senior partner of Russell & Company. It was their merchant fleet which carried Sassoon's opium to China and returned with tea. Warren Delano moved to Newburgh, N.Y. In 1851 his daughter Sara Married a well-born neighbor, James Roosevelt - the father of Franklin Delano Roosevelt. He always knew the origin of the family fortune but refused to discuss it.
In 1823 a 24yearold Yankee, Warren Delano, sailed to Canton, where he did so well that within seven years he was a senior partner in Russell & Company. Delano's problem, as with all traders, European and American, was that China had much to sell but declined to buy. The Manchu emperors believed that the Middle Kingdom already possessed everything worth having, and hence needed no barbarian manufactures.
The British struck upon an ingenious way to reduce a huge trade deficit. Their merchants bribed Chinese officials to allow entry of chests of opium from Britishruled India, though its importation had long been banned by imperial decree. Imports soared, and nearly every American company followed suit, acquiring "black dirt" in Turkey or as agents for Indian producers.
Writing home, Delano said he could not pretend to justify the opium trade on moral grounds, "but as a merchant I insist it has been . . . fair, honorable and legitimate," and no more objectionable than the importation of wines and spirits to the U.S.
Yet as addiction became epidemic, and as the Chinese began paying with precious silver for the drug, their Emperor finally in 1839 named an Imperial Commissioner to end the trade.
Commissioner Lin Tsehsu proceeded to Canton, seized vast stocks of opium and dumped the chests in the sea. This, plus a melee in which drunken sailors killed a Chinese villager, furnished the spark for the Opium War, initiated by Lord Palmerston, the British Prime Minister, and waged with determination to obtain full compensation for the opium. The Celestial Empire was humbled, forced to open five ports to foreign traders and to permit a British colony at Hong Kong.
But as noteworthy, the war was denounced in Parliament as "unjust and iniquitous" by 30yearold William Ewart Gladstone, who accused Palmerston of hoisting the British flag "to protect an infamous contraband traffic." The same outrage was expressed in the pulpit and the press, in America and England, thereby encouraging Russell & Company and most other American businesses to pull out of the opium trade.
Warren Delano returned to America rich, and in 1851 settled in Newburgh, N.Y. There he eventually gave his daughter Sara in marriage to a wellborn neighbor, James Roosevelt, the father of Franklin Roosevelt. The old China trader was closemouthed about opium, as were his partners in Russell & Company. It is not clear how much F.D.R. knew about this source of his grandfather's wealth. But the President's recent biographer Geoffrey Ward rejects efforts by the Delano family to minimize Warren's involvement.
The family's discomfort is understandable. We no longer believe that anything goes in the global marketplace, regardless of social consequences. It is precisely this conviction that underlies efforts to attach human rights conditions to trading relations to temper the amorality of the market a point that, alas, seems to elude the Socialist soontobe masters of Hong Kong.
Incidentally, the opium trade was not confined to the British. The leading American opium firm was Russell & Co. Its taipan was an old sea captain named Warren Delano. He was at one time the American vice-consul in Canton (Guangzhou) and was a staunch Republican. His political philosophy is best summed up by his somewhat bigoted statement, "I will not say that all Democrats are horse thieves, but it does seem that all horse thieves are Democrats." He was rather upset when his daughter married a Democrat, James Roosevelt. Her son, Franklin Delano Roosevelt, became the 32nd U.S. president. He was also a Democrat.