China continues the takeover

Last week was an NBA team, now one of our car companies. A Chinese company now owns one the most recognized American car brands, Hummer.

GM struck a tentative deal to sell its Hummer brand to a Chinese manufacturer, while also revealing that it has potential buyers for its Saturn and Saab brands. GM has an agreement to sell its Hummer brand to Sichuan Tengzhong Heavy Industrial Machinery Co. of China, said a person briefed on the deal.

Sichuan Tengzhong deals in road construction, plastics, resins and other industrial products, but Hummer would be its first step into the automotive business.

Jim Rogers’ prediction that China’s currency will be the global currency one day is looking more and more clear.

I say BUY American! The Chinese are!