Petrodollars moving abroad

We've seen this before: cash reserves abroad being put to work in the U.S. Japanese buyers were thought to be in a position to buy up New York in the 1980s. China has been on a shopping spree as of late. Citigroup, the Carlyle Group, Och-Ziff, the NASDAQ. All are seeking or have sought a deal with Middle East funds. In the case of Citigroup, sovereign wealth has been something close to a lifesaver. It's unclear whether $7.5 billion is enough, but it sure can't hurt. By one estimate, gulf countries have to place $5 billion a week, the New York Times notes. So we can expect some more big deals. For euro-based assets as well. Stay tuned. - Jim