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New translation, the Magna Carta

  owing money to backward nations

“While western consumers have been dancing the night away, China has been working round the clock, accumulating a vast stockpile of foreign currency reserves, mainly greenbacks. Asian countries now have enough dollar assets to buy a controlling interest in every company in the Dow Jones index.”

“Asian Tigers can afford to prowl the world in search of industrial and financial prey. So, too, Middle East oil producers, who recognise that they squandered their riches from the energy boom of the 1970s and are determined not to make the same mistake again. Their game plan appears simple: buy blue-chip assets, be patient, collect rewards.”