The United States continues to struggle mightily with globalization. China bashing is on the rise in Washington once again, even as the national unemployment rate falls below 5%. There is a political firestorm over a proposed acquisition by Dubai Ports World of a UK operator of five East Coast container terminals in the United States. This backlash and the protectionist debate it has spawned reflect the dangerous mixture of macro and politics. America’s saving shortfall has triggered a classic political blame game. Ever-complacent financial markets could care less. Notwithstanding the understandable concerns over matters of national security in a post...
