El golpe de China en Blackstone

Cuando la National Offshore Oil Company de China intentó comprar la UNOCAL americana hace dos años, provocó un gran revuelo político en los Estados Unidos. Cuando Ports World de Dubai compró la P&O Steam Navigation Company de Gran Bretaña, que gestionaba puertos de los Estados Unidos, también hubo controversia en este país.

Sería de esperar que un país como los Estados Unidos, con un déficit por cuenta corriente de unos 800.000 millones de dólares al año, entendiera que resulta inevitable que un desequilibrio exterior de esa magnitud sólo se puede financiar vendiendo activos, lo que quiere decir que extranjeros con dinero adquieren la propiedad y el control de empresas radicadas en los Estados Unidos, pero este país –o al menos el Congreso y los medios de comunicación- no se dan cuenta. Evidentemente, los americanos abrigan la esperanza de que exista un mundo en el que puedan tener políticas fiscales ineficaces y que engendren déficit, una tasa muy baja de ahorro privado y una tasa moderada de inversión y todo ello financiado por capital extranjero cuyos propietarios corran los riesgos con mucho gusto, pero carezcan del control de sus activos.

Sería de esperar que los inversores extranjeros se estremecieran de terror ante esas condiciones y huyesen de los activos denominados en dólares, pero no ha sido así. Los altos precios del petróleo han creado enormes ingresos de exportación para los gobiernos del Oriente Medio, que siguen queriendo depositar sus ganancias en activos americanos. Lo mismo se puede decir de Rusia, cuyos oligarcas, además del enorme fondo de inversión estatal que ha credo el ministro de Hacienda Alexei Kudrin, también quieren invertir sus ingresos por petróleo en los Estados Unidos.

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