“Saudi Arabia, the United Arab Emirates, Kuwait, Norway, Singapore, Libya, Kazakhstan, Australia and South Korea, between them holding sovereign wealth funds ranging from as small as $40 million in value to as large as $1.6 trillion – made statements denying political involvement in the decisions of the funds and committing to refrain from any such involvement in the future.The press wasn’t impressed. A leader in the next day’s New York Times was titled The Genie is out of the Bottle. It argued ...that once political manipulation of US markets was even considered to be possible, the rules of the game had changed. Or to put it another way, the game had changed, and right now there were no rules.The financial press speculated ominously about the new regulations the administration might introduce and whether they were about to see the end, at least temporarily, of the free market model that had served the United States since the birth of the republic.The markets seemed to think they might.MoreLessRead More Read Less
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