I lived in California in the late 80s. Japanese investors were buying everything in sight. My sister worked at Union Bank in 1988 when it was acquired by CalFirst, a Bank of Tokyo California subsidiary.
I worked for Omni Hotels in San Diego when the chain was sold by the Dunfeys, of New England, to World International Holdings of Hong Kong.
There was panic caused by speculation that the US would be owned by Asians. The Louvre Accord was signed in 1987 in an effort to keep the US dollar from sliding into obscurity. The Louvre Accord was not successful. All of this transpired during Reagan’s watch.
Today, Tokyo based, Mitsubishi UFJ Financial Group, a Japanese company, owns Union Bank, once an American financial institution. Omni Hotels is owned by Texas billionaire Robert Rowling/TRT Holdings. Rowling is a conservative Republican who is reputed to support the GOP through generous donations. He is the 66th richest person in the US. Hong Kong went back to the Chinese in 1997 and, for all intents and purposes, remains largely the same as it was prior to its return to the motherland.
We are faced with enormous debt. We must remain calm because fortunes change. Most of the world is in dire economic straits. Presently, we owe rich people in China a lot of money; debt our descendants may inherit, or our descendants may be indebted to Robert Rowling’s descendants or maybe… Mitt Romney’s.