Word: asianized
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...surprisingly, these huge dollar holdings are a source of considerable anxiety for capital markets. Any hint that Asian countries in general-and China in particular-are going to sell their dollars causes the greenback to sink and sends treasury rates higher. There is evidence that governments are worried about the size of their caches. Foreign holdings of dollar-based assets doubled from $1 trillion to $2 trillion from the end of 2001 through to the spring of 2005, but since have increased less than 10%. China, which must continue to buy dollar assets if it wishes to keep its currency...
...appetite overseas buyers are developing for U.S. assets could be easily spoiled, however. Asian investors are keenly aware of opportunities elsewhere. They are on the lookout for signs that Americans will not welcome foreign purchases of domestic companies-they remember the Congressional opposition to the bid by CNOOC, the Chinese oil giant, for U.S.-based Unocal. If barriers are raised against the acquisition of U.S. assets, then the dollar will be dumped on the foreign-exchange market and money will flow into currencies in countries where such investments will be welcome. And if foreigners turn away from dollar investments...
...This outcome can be avoided. The biggest risk to capital markets is protectionist policies that reduce capital flows and discourage foreign investors from accumulating dollar assets. Economics is all about engaging in transactions that make both sides better off. U.S. capital markets need Asian investors, and Asians want to sell to American consumers. Trading goods for assets will improve the welfare of both. If roadblocks go up, the real losers will be Americans who would see higher inflation and sinking asset values...
...leaders out of office in the next elections. So both the Indian and the Chinese governments are trying to keep their economies growing and globalizing fast, while the U.S. and Europe are finding themselves alarmingly and inextricably linked to the job markets of the international economy's fast-growing Asian giants. For now, we have a global economic détente...
...Bush Administration, but it took more than U.S. pressure alone to bring about. The past two years, despite continuous assistance from China, have been grim for the North economically, and not even Kim wants to see a rerun of the famines of the '90s. Says a senior East Asian diplomat: "The Chinese have been telling him over and over that he can afford to liberalize the economy a bit and still maintain control but that he had to dismantle the nuclear program to reap any benefits whatsoever." Step 1--shutting down Yongbyon--is complete, but diplomats involved in dealing with...