Comment Re:Growing Isolation (Score 1) 157
We are quite lucky that Russia didn't do what they should have done with the oil money. Create a massive sovereign wealth fund. Norway has the largest that's heading towards a trillion dollars. China is over a Trillion if you combine funds controlled by various entities. Russia on the the other hand has a couple very modest funds (under $100bn).
Why are we lucky? Because Russia has been looking for a way to economically hurt the United States for a very long time. When the financial market crashed in 2008 in the wake of the housing crisis Russia approached China with a plan to dump US currency and bonds. The plan would have created a sell off that would have plummeted the value of the dollar, created hyperinflation and crushing the US economy. Luckily China has no desire to mess with a very beneficial trading relationship and we were able to emerge from the worst parts of the recession.
If Russia had a trillion dollar sovereign wealth fund they could very easily hurt the US companies by triggering sell offs.