Sovereign wealth funds from the Middle East and other resource-rich emerging countries have been taking huge bets by buying large stakes in western financial institutions and industrial groups. Some may already be regretting their enthusiasm for splashing out their petrodollars so early on in the current apocalyptic cycle, given the hefty paper losses they have suffered on many of their initial investments. Others, despite the financial meltdown, have shown no sign of losing their appetite for picking up new trophy assets in the old world.

The Qatar Investment Authority, for example, is continuing to build its portfolio of luxury hotels, even though the luxury hotel sector could be considered in these cash-strapped times, especially for normally high-spending Americans, as a risky business staring a downturn in travel in the face.