Stephen Schwarzman, Blackstone | June 20, 2008
Gao Xiqing, the president of China’s sovereign wealth fund expressed his frustration concerning the political opposition his fund sometimes faces when it attempts to invest in the West. ++ From the economic point of view, this is frightening. ++ Without SWF investments, the current financial crisis in the US would be much worse. ++ If SWF shareholders no longer feel welcome in the US, they will find another place to invest. ++ The US is the world’s largest debtor nation. ++ It cannot afford to debase relations with its creditors.