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Lenin said that capitalists would sell the ropes that he'd use to
hang
them. Well, the communist Chinese are ready for a buying spree.
Currently, those funds have about US$2 trillion in them.
They're expected to have about US $17 trillion by 2010
- enough to buy every publicly-listed company in America
...with change left over.
Pol/Econ:
China Sovereign Wealth Fund Could Buy Every US Company
Monday,
22 October 2007 Written by
Bill Bonner
The average American has only gained wealth in the last five years
because his house rose in price. Now even that is going away. And
unfortunately for him…and for the US economy generally…he already
spent the wealth that is now disappearing. Each year, the MEW
(Mortgage Equity Withdrawal) grew higher…until it reached a peak in
2005/2006. Consumer spending rose too – and pushed GDP growth for
the economy. Housing contributed 90% to 100% of the gains from the
last five years, according to some estimates. But this year, MEW
has been cut in half…and house prices nationwide are falling, for
the first time since the Great Depression.
While wages in the USA haven’t risen in 30 years, in Asia they’re
going up about 10% per year. The Asians are making money…and
getting richer. And in the process they’re accumulating huge stacks
of dollars. Many of those dollars end up in the new Sovereign Funds
– immense private equity funds owned by governments. Lenin said
that capitalists would sell the ropes that he’d use to hang them.
Well, the communist Chinese are ready for a buying spree.
Currently, those funds have about US$2 trillion in them. They’re
expected to have about US$17 trillion by 2010 – enough to buy every
publicly-listed company in America…with change left over.
What will they do with all that money? Well, what would you do?
Yesterday, the dollar hit new record lows. The euro rose to nearly
US$1.42. Since we live in Europe…and pay our bills in euros…but
earn our money in dollars…every day, your editor loses more than he
makes. His dollar assets go down. He’s getting tired of it. Surely,
other dollar holders/earners are too – including foreign
treasuries. What will they do? They will try to trade their dollars
for something solid, while they still can.
Companies. Land. Gold.
Whatever they can get.
What they will do is to use their paper US dollars to buy America’s
valuable assets.
The dollars, of course, are essentially worthless. The United
States can create as many as it wants at negligible cost. But the
companies…the factories…the land…the resources – those are really
valuable. When the foreigners gain ownership, Americans’ own wealth
– and independence – is reduced.
What did you expect? “The borrower is slave to the lender,” it says
in the Bible. Welcome to captivity.
Regards
Bill Bonner
For The Daily
Reckoning
Bill Bonner
[send him mail] is the
founder and president of Agora Publishing, one of the world's most
successful consumer newsletter publishing companies, and the author
of the free daily e-mail The Daily
Reckoning.
He is the author, with Addison Wiggin, of
New York Times Business best sellers
"Financial Reckoning Day: Surviving the Soft Depression of
The 21st Century" and
"Empire of Debt: The Rise Of An Epic Financial
Crisis", and with Lila Rajiva,
"Mobs, Messiahs, and Markets".
Copyright © 2007 Bill Bonner
http://www.bitsofnews.com/content/view/6331
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