The timing couldn’t be clearer. Less than a month after China launched the $200 billion China Investment Corp, the USA has announced that will seek “draconian restrictions” on the activities of sovereign funds at the current G7 meeting.
Having downsized, contracted out, and offshored its industry, turned its workforce into burger flippers, and in the process built up a massive trade deficit, the USA is worried that China might wake up to the idea that it can use its huge foreign exchange reserves to buy America.
You have to laugh.
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