US chipmakers begging for government bailout after manufacturing moved to Asia – Max Keiser
Stacy quotes an article on Wolfstreet.com that points out that “US semiconductor manufacturing has declined to where it is only 12% of the world’s total.”
In the same article, Intel CEO Pat Gelsinger calls the current supply a problem, “Because relying on one region, especially one as unpredictable as Asia,” where 75% of the chips are now made, “is highly risky.”
Stacy points out that, after spending billions of dollars on share buybacks instead of investing in chip manufacturing, Intel is asking the US government for a $50 billion bailout and blaming Asia for creating the problem.
According to Max, in order to get their hands on more taxpayer money, companies such as Intel are resorting to xenophobic attacks on China and other Asian nations.
“There’s no end to it. The lies, the deception, the racism, the xenophobia, the class war will never end as long as there’s free money available,” said Keiser.
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