From the article: "Sheikh Bader al-Saad, head of the Kuwait Investment Authority, discusses Western fears of the increasing power of state-owned sovereign wealth funds, the global finance crisis and mistakes his fund made in investments at Daimler, Citigroup and Merrill Lynch."
This is the tail end of a very interesting interview:
Al-Saad: We believe in cycles in the economy and in currencies. One euro at $1.60 will not be sustainable. That's why we are in fact less interested in investing in Europe at this time, unless there are true values and the price is attractive.
SPIEGEL: Sometimes economies also drop out of the cycles. Take Argentina, for instance. It was once one of the world's wealthiest countries. But more than three decades ago a gradual decline began, which ended in collapse in 2001.
Al-Saad: If you give the example of Argentina, then you have to look at the case of China, which was, at a point in time, the world's largest economy and dominant power. The United States is experiencing the worst crisis I have seen in 28 years in this profession. But it is still the largest economy in the world. The Americans are also more dynamic and flexible than Europe. And, the United States has a much better demographic profile, which can refuel growth.
SPIEGEL: In other words, you don't believe that the United States will lose its dominant economic position.
Al-Saad: I believe that China and India will continue to lead global growth. Europe, due to an aging population, will lose its global weighting over the long term while United States will remain stable.