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China plans to dominate this century through semiconductor chips, which are ‘THE NEW OIL’ – entrepreneur to Keiser Report

Max Keiser talks to Dan Collins, a businessman and entrepreneur who lived in China for 20 years, about the reasons behind the global chip shortage and why the US business model has left the country vulnerable.

Semiconductors are “the new oil, the brain behind everything,” Collins says, pointing to the weapons industry, consumer electronics and vehicles. “This is the key part of a high-tech modern society economy and the US is losing the edge in that.”

He explains that the shortage of chips is currently shutting down industry after industry.

“China is throwing a trillion dollars into manufacturing semiconductors, the whole supply chain with raw materials, testing equipment, the chip fabrication plants,” Collins says. “So, they plan to dominate this century through chips and that’s really where the area of competition is.”

For more stories on economy & finance visit RT’s business section

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