• Bear Stearns Loss Presages More Turmoil – New York Times [NY Times]
  “Morgan Stanley on Wednesday announced the sale of a $5 billion stake to China’s sovereign wealth fund, and both Citigroup and UBS made similar deals with Middle Eastern and Asian governments…”
• The alliance between China’s communist government and Wall Street deepens [Roubini Global Economics Monitor]
  “The CIC’s big stake [in Wall Street] still worries me—in large part because the CIC also owns three of the four large Chinese stake banks, and is expected to own two others after the recapitalization. And there is no doubt that the state banks have been managed in part to achieve non-commercial goals. China’s banks have historically been used to implement China’s version of industrial policy—directing credit to favored sectors of the economy.”
• Crazy For China [Forbes]
  “This is China’s century. The rest of the world is just living in it.”

America isn’t just bleeding money—Asia is busy holding buckets underneath to catch it all. You never know… this might be a good time to brush up on your Mandarin. :/