The US ports deal
The $ 6.8 billion acquisition deal of London – based Peninsular & Oriental Steam Navigation Co. (P&O) by Dubai Ports World is reported to have been delayed. This offer came from Dubai Ports World after the furore in Washington that the deal would compromise US security.
I think that the argument is misplaced. Americans are afraid that foreigners have started eying thier vital assets. But that had to take place one day when you staunchly preach free markets. The irresponsible fiscal policies of the US administration of unreasonable tax cuts have fuelled imports so much that the US trade deficit has touched record levels. Such indulgent administration does not spells good for the future of any nation.
Importing so much means that you can expect foreigners to own big assets in your country.
The US preaches the same religion all over the world. But when it has now come upon the Americans themselves, they are feeling the pinch and raising hypothetical questions of security. If they are really so much concerned about the foreign ownership of US assets, they should change their policies of converting the US into a big beast who sucks in any and everything it gets on to. But such a change requires readiness to delay current consumption for the future.
Further, the reason why I say that the security question that is being raised is imaginary is that the Americans must have known this to be coming. The post 9/11 harping about terrorism created a loyal dog out of most of Muslim countries’ administrations for the Americans, and UAE being no exception. UAE has supported the Americans wholeheartedly in their various pursuits under the guise of the so – called war against terror. Thus, the proposition against the control of major US ports by Dubai Ports World is, at best, illogical and comes under the realm of discrimination.
