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US Forms Intellectual Property Cabinet

Via Boing Boing. Perpetuating the fantasy I see.

President Bush has created a new senior-level position to fight global intellectual-property piracy and counterfeiting that cost American companies billions of dollars each year, Commerce Secretary Carlos Gutierrez said on Friday.

“Intellectual-property theft is a major problem around the world. We believe that it is costing U.S. businesses about $250 billion in lost sales,” Gutierrez told Reuters in an interview with reporters and editors.

The skyrocketing U.S. trade deficit — which reached a record $618 billion last year — has compounded U.S. concerns about piracy and counterfeiting. Companies that produce movies, music and software and other intellectual property account for a growing share of what the United States has to sell to the rest of the world.

So that would be like a little over 100 years ago when the US built its financial empire using the exact same “piracy?”

And look, that guy happens to have a corporate background with Time Warner, isn’t that a shocker.