Trump's Golden-Share Mistake
Last week brought us the Golden Share. No, that isn't a James Bond movie, or a detail from the Steele dossier, although the plot is as sinister. It's the Trump administration's first step to nationalize the steel industry.
In exchange for approval of Nippon Steel's merger with U.S. Steel, the government receives a single preferred share, which includes voting rights and all sorts of control over U.S. Steel's ability to close factories, invest capital and relocate jobs outside the U.S. This 'Golden Share' is a bad idea. Nationalization is a fool's errand, a slippery slope to fascism's 'government controlling the means of production.' Don't do it.
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