A new report from the Pentagon shows that Wall Street has wrecked the defense industrial base. There are multiple reasons. Chart shows stock buybacks are up while research and development is down. It's why we're spending more, but losing ground to China https://substack.com/notes/post/p-114115599
@RealSeanBrodrick: Well, Big Money Industries in general offshore a LOT of everything to China, including raw materials and especially steel (or so I've read). They've just been shoring up their self-ownership to keep more of the money in-house and letting the work slide. They know they've got the government by the balls and the nosehairs *and* have all the receipts and know where all the skeletons are.
@RealSeanBrodrick: I couldn't get the story page to load. It kept timing out.
@thedisasterautist Read the story, and you'll see this was a problem in WW2 as well, though not to this degree. More recently, plants in Mexico shut down (due to Covid) that supplied crucial defense parts.