As always, James Surowiecki finds exactly the right words to sum up a current trend (in this case, the rise of sovereign funds.)
But it’s a problem of our own making. The reason that sovereign wealth funds are so flush with cash is all the dollars we spend on oil and Asian consumer goods. If we want to consume far beyond our means, then, one way or another we’re going to end up selling off assets to pay for it.
Sovereign Wealth World: Financial Page: The New Yorker
Monday, November 19, 2007
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