IHT: The strength of China, the weakness of America

From The International Herald Tribune:

If China’s attempt to buy an American oil company does nothing else, it should, at long last, force the United States to decide how it plans to protect its economy, husband its resources and grow in a world where it is no longer the only economic powerhouse.

With China on a buying binge for raw materials to feed its ever-expanding economy, it was inevitable that it would eventually go beyond the more modest corporate purchases it has already begun and make a grab for something the United States really cares about. Last week, history’s biggest Communist country made the ultimate capitalist play: an $18.5 billion all-cash takeover bid by the state-controlled China National Offshore Oil Corp., or CNOOC, for the American oil company Unocal.

See also: Friendly Dragon?: REMEMBER JAPAN! by Alan Abelson from Barrons, via A Glimpse of the World blog, and “Philip Bowring: Beyond China’s oil bid, a greater danger” from the IHT.

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