Tuesday, March 25, 2008
Be nice to China - they'll own you soon
China has about $1.3 trillion dollars in foreign-exchange reserves under its mattress and it's not afraid to use them.
It adds more than $1 million to that pot every day and its Sovereign Wealth Fund is shopping around the globe for stuff to buy. They have enough cash to buy up all the banks in the US, but enough sense not to.
Also in the business of buying up chunks of foreign banks and infrastructure are the UAE, Singapore, Saudi Arabia and...Norway. The latter has a hefty pension fund fueled by off-shore oil which it may be willing to gamble on the turbulent seas of the global economy.
For now though, just memorise that list of countries and remember that they'll probably own a portion of your posterior by the end of the decade.
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Warning: don't click the link provided in the previous Comment by Shakadal.
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