Sheraton owner Starwood agrees to be bought by China's Anbang




This is not surprising. There is a “rule”, as I understand it, in international economics, that all currency has to eventually return to its country of origin in some manner. If it can’t, then it’s worthless. It can return in a number of ways; by buying goods and services, by investment in stocks or bonds, by buying real estate.

Now, it can also return indirectly; say China buys a bunch of wine from France and pays for it in American dollars. Well, then France has to return the money in some way. Maybe it will buy beef from England, in which case then the Brits will need to find a way to return it. Maybe Britain will buy Canadian wheat with the money, and maybe the Canadians will buy American playground equipment with it.

But one way or another, it has to return. We saw this with Japan and the Gulf oil states back in the 1980s. Everybody thought they were going to buy up the whole country, and there was a lot of alarm about it. But it was simply the law of the return of money in operation.

I’m not saying it’s good or bad. I’m just saying that’s inevitable, eventually.

Interestingly, the country whose nationals own more American assets than all the rest of foreign nationals put together, is Britain. I’m not sure why that is except that British nationals have been at it for an awfully long time, and when you have assets here, they tend to expand. Brits built a very large segment of the American railroad complex way back in the 19th Century, for example.

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