Ghost of a flea

Oil in Nigeria (and the Congo and Brazil and Kazakhstan and ...). Natural gas in Iran. Iron ore in Australia. China's hunt for natural resources around the globe, which began in earnest earlier this decade, has intensified as never before.

In September alone, China's sovereign wealth fund, the China Investment Corp. (CIC), shelled out nearly $1 billion to buy an 11% stake in JSC KazMunaiGas Exploration Production, a Kazakhstan oil and gas company. Just a week earlier CIC paid $850 million to acquire 14.9% of Noble Group, the Hong Kong commodity-trading powerhouse. Earlier this summer the China Development Bank lent Petrobras, the Brazilian national oil company, $10 billion to help fund exploration in deep waters off Brazil.

So far this decade China has spent an estimated $115 billion on foreign acquisitions. Now that the nation is sitting on massive foreign-exchange wealth ($2.1 trillion and counting), it is eager to find something (anything!) to invest in besides U.S. Treasury debt.

China's dissidents are voicing unease about President Barack Obama's Nobel Peace Prize, saying that the award could have been effective in promoting human rights in their country.

Some in China's democracy movement are outraged at what they see as a weak stance on rights by Obama, who the same week as Friday's announcement avoided a meeting with Tibet's exiled Dalai Lama that would have upset Beijing.

Chinese activists had been tipped as Nobel contenders on this year of anniversaries, when China marked 60 years of communist rule, 50 years since the Dalai Lama's flight and 20 years since the crushing of the Tiananmen Square democracy uprising.