The Economist (January 19) looks at the possible backlash to Arab and Asian sovereign wealth funds showering their money on Wall Street. Sovereign wealth funds refer to the surplus savings of developing countries, wealth that’s grown spectacularly recently on account of rising oil prices and exports. An example of their quick intervention: “On January 15th the governments of Singapore, Kuwait and South Korea provided much of a $21 billion lifeline to Citigroup and Merrill Lynch, two banks that have lost fortunes in America’s credit crisis.” The leader notes two concerns. One, these funds are not always transparent in their decision-making. Two, they may invite a nationalist backlash — for instance, French President Nicolas Sarkozy has already said he’d save French firms from “aggressive” funds. So what’s to be done? The Economist recommends annual reports to disclose investment, or investment through hedge funds. But as it admits, the problem lies in the perceptions in the countries where this money goes, not in the funds.

Meanwhile: Newsweek focuses on the falling dollar: “The dollar — along with America’s economic place in the world — has been on a well-documented downward spiral since 2002. Back then, a Euro was worth 86 cents. Today, it buys $1.46. Of course, the Euro’s relative youth makes talk of ‘historic lows’ easy to dismiss. More telling is that the US Dollar Index, a futures contract reflecting the dollar’s strength against six other major trading currencies, hit the lowest mark in its 35-year history just before Christmas.” Countries are beginning to de-link their currencies from the dollar and the US may not be able dominate the world on credit.