As the CNOOC/Unocal drama looks over, here is a reminder of some of what i wrote for Forbes.com.
Top Of The News Yellow Peril Seeks Black Gold Dan Ackman, 06.24.05, 9:17 AM ET
OK, China, here's the deal:
You send us billions of dollars' worth of clothes and steel and fish and computers and things. Make it, say, $200 billion worth this year, and a little more each year after that. Wait, make it a lot more. We'll send you maybe $40 billion in plastics and computer chips and airplanes and all that. The rest we'll make up with dollars.
What should you do with all those dollars?
Heck, I don't know...go to Wal-Mart.
Right, Wal-Mart's got the stuff you sent us in the first place.... Right, bad idea....
OK, I got it: buy Treasury bills. We got one heck of a deficit problem here, and you can't really expect us to shoulder the whole load can you? What's that, you still have some dollars left? We can let you have some more of those T-bills. They pay 4% interest. Now that's free money, that's what that is.
What? You say you want oil....
Our oil! You want to buy a whole oil company?...
One of our oil companies?...
One of our Texas oil companies....
California, OK, I see....
That's a little better. But, wait a minute, China.... Just slow down there, fella! We gotta think about this....
I'm gonna put you on hold....
You sure you don't want more T-bills?...
OK, we'll get back to you. OK, China, I did some checking with the boys back at the home office. And I gotta be honest, this oil scheme of yours--they don't like it.
For MORE: http://www.forbes.com/home_europe/energy/2005/06/24/unocal-cnooc-chevron-cx_da_0624topnews.html
More on CNOOC:
Unocal's Bid For Asia June 27, 2005 CNOOC is not buying a U.S. company as much as it is buying Asian oil and gas assets owned by Americans.
CNOOC: Wave Of Future; Blast From Past June 23, 2005 Is China now about to put its export earnings to work buying U.S. assets, just as Japan did in the 1980s?
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