La stratégie Blackstone de la Chine

Quand la China National Offshore Oil Company a voulu acheter l’américaine Unilocal il y a deux ans, elle a déclenché un ouragan politique aux États-Unis. Quand Dubai Ports World a acheté la britannique P&O Steam Navigation Company, le fait que P&O exploite des ports aux États-Unis a provoqué encore plus de polémiques en Amérique.

On pourrait penser qu’un pays comme les États-Unis, dont le déficit du compte courant avoisine les 800 milliards de dollars par an, comprend qu’une brèche extérieure à ce point béante ne peut que se financer que par la vente d’actifs, ce qui signifie que des étrangers fortunés acquièrent la propriété et le contrôle d’entreprises basées aux États-Unis. Mais les États-Unis, ou en tout cas le Congrès et les médias, ne semblent pas le comprendre. Les Américains souhaitent évidemment vivre dans un monde qui leur permettrait de mener des politiques fiscales ineptes générant des déficits, d’avoir un taux d’épargne privée très bas et un taux d’investissement modéré, le tout financé par des capitaux étrangers dont les propriétaires sont heureux d’assumer tous les risques sans pour autant avoir aucun contrôle sur leurs actifs.

On pourrait croire que les investisseurs étrangers tremblent de frayeur devant une telle perspective et se sont détournés des actifs en dollars. Mais cela n’a pas été le cas. Grâce aux exportations, le prix élevé du pétrole a rapporté d’immenses revenus aux gouvernements du Moyen-Orient, qui souhaitent toujours transformer leurs gains en actifs américains. La même chose vaut pour la Russie, dont les oligarques, au même titre que l’énorme fond d’investissement que le ministre des Finances Alexeï Koudrine a créé, veulent aussi investir leurs revenus pétroliers aux États-Unis.

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