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11 May, 2021 11:28

US chipmakers begging for government bailout after manufacturing moved to Asia – Max Keiser

US chipmakers begging for government bailout after manufacturing moved to Asia – Max Keiser

RT’s Keiser Report hosts Max Keiser and Stacy Herbert look at how the export of the American manufacturing base by technology companies such as Intel has created a semiconductor chip shortage in the United States.

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.”

READ MORE: Volkswagen expects global chip shortage to further hit output with no chance to recoup existing losses – reports

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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