Rich Economy

I lived in California in the late 80s. Japanese investors were buying everything in sight. My sister worked at Union Bank in 1988 when it was acquired by CalFirst, a Bank of Tokyo California subsidiary.

I worked for Omni Hotels in San Diego when the chain was sold by the Dunfeys, of New England, to World International Holdings of Hong Kong.

There was panic caused by speculation that the US would be owned by Asians. The Louvre Accord was signed in 1987 in an effort to keep the US dollar from sliding into obscurity. The Louvre Accord was not successful. All of this transpired during Reagan’s watch.

Today, Tokyo based, Mitsubishi UFJ Financial Group, a Japanese company, owns Union Bank, once an American financial institution. Omni Hotels is owned by Texas billionaire Robert Rowling/TRT Holdings. Rowling is a conservative Republican who is reputed to support the GOP through generous donations. He is the 66th richest person in the US. Hong Kong went back to the Chinese in 1997 and, for all intents and purposes, remains largely the same as it was prior to its return to the motherland.

We are faced with enormous debt. We must remain calm because fortunes change. Most of the world is in dire economic straits. Presently, we owe rich people in China a lot of money; debt our descendants may inherit, or our descendants may be indebted to Robert Rowling’s descendants or maybe… Mitt Romney’s.


About elroyjones

Married, no children, responsibly self-directed, living happily.
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11 Responses to Rich Economy

  1. Doug says:

    I would welcome calm and accept the fluctuation of fortune more readily if the rhythm of political tribal drums weren’t so discordant. This persistent percussive myth making, and the drumroll after drumroll of disingenuousness snare facts from any consideration of the current. And boom and bust as nations rise, fall and swap assets internationally, is one thing. But we now have a domestic bottom- end of a “loyal opposition” toe tapping damn near, economic treason.

    • elroyjones says:

      I understand completely your position and I agree with it. National debt induced hysteria encourages voters to react without considering the implications of their actions. The right would have the masses believe that we are jeopardizing “our children’s future”. It is very effective propaganda.

      World economic fortunes rise and fall. We need to be more aware of what is equitable for the majority of the people in this nation and not unduly concern ourselves with future debt to foreign nations. We must investigate who is robbing us here at home.

  2. gkinnard says:

    Debt IS scary as hell and there is a lot of it, but it was “hot-potatoed” into Obama’s lap by eight years of Cheney/Bush spending money like drunken sailors: a couple of expensive wars, massive tax cuts for the rich, and a gigantic—and unpaid/under-funded/misrepresented [take your pick] for—Medicare Part D benefit (see:,

    We WILL make it through this . . . the question is: one whose “back” will we make it through this: the incredibly rich—in arguably the best position to bear the burden—or the middle class and the poor?

    • elroyjones says:

      If Romney gets elected, the poor will be sacrificed to pull themselves up by their boot straps, the middle class will work longer and harder for less, and the rich will receive tax cuts. Oh my achin’ ass, it just frosts me!

  3. I do not want Romney to be in charge of anything. Not even his own family.

  4. Peggy says:

    I watched the Sacha Barron Cohen movie “The Dictator” the other night. It was pretty funny. As he’s riding his camel down the middle of Manhattan, he says, “Ah, America. Created by Africans; owned by Chinese.” He goes on quite a funny rant in the UN about how he can’t understand what the U.S.’s problem is with dictators. It’s worth watching.

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