LISTEN: Tech Entrepreneur Explains How Wall Street Sells U.S. Out to China

Foreign states — including China, Russia, and Saudi Arabia — procure intellectual property (IP) developed in America via venture capital (VC) operations, explained entrepreneur Jim Phillips, CEO of NANOMECH and founder of QuSHELL, in a Friday interview on SiriusXM’s Breitbart News Tonight with hosts Rebecca Mansour and special guest host Rick Manning.

Manning introduced Philips as a personal friend, listing some of his professional history, saying, “[Jim Phillips] was involved in an executive or founding role in places like Motorola Skytel, a whole variety of different companies that were at the cutting edge of technology at the time. He’s credited with being instrumental in launching things like instant messaging, cable modems, PCS fixed cellular, [and] machine-to-machine-to-machine communications.”

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Phillips added, “More is going to be invented in the next five years than in the history of mankind, and that’s going to compound. That’s just going to continue to happen. So, while it’s a great time to be alive, we’re also — as a country — incredibly vulnerable right now. We’re at war like we’ve never been. It’s just not bombs. People don’t see it. We have a thing called cyberwarfare with a country called China and other countries that’s just phenomenal.”

“We have competitors [and] adversaries like China and Russia,” continued Phillips, “and they are dying to get into the lead. China has said they want to take over America. Right now, they’re growing three times faster than we are. Before long, their GDP will be greater than ours, and people can’t even fathom what that means [for the future]. To that extent, we have to protect our intellectual property. People don’t realize … 60 to 65 percent of the GDP valuation is based on intellectual property. We’re having it stolen, just non-stop. You hear about it in the news, but you don’t hear a lot about how to prevent it.”

“In one of my companies, for instance, I walk in, [the] FBI’s all over, and they say, ‘You’re the second most-hit firewall in the United States by China,’” recalled Phillips. “I didn’t even know it, and they said, ‘By the way, we’re going to have problems even protecting you. You’re going to have to go into logbooks to protect your science and your technology.” (Read more from “Tech Entrepreneur Explains How Wall Street Sells U.S. out to China” HERE)

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