Sovereign Wealth Funds: power vs principle

The world's financial press has a new obsession to succeed the "sub-prime mortgage" craze of autumn 2007: "sovereign wealth funds", those state-backed investment bodies whose accumulating assets (often fuelled by the high energy prices of the 2000s) are roaming the globe in search of businesses to invest in, partner - and perhaps devour. The enormous capital assets of these funds, and their potential influence on western markets and business, make the focus (and to a degree the fear) understandable; but some at least of the reporting and discussion about these new behemoths in the western media has a bias towards misunderstanding.

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