SWFs are here - no need to fear

Hot debates emerged in 2007 about Sovereign Wealth Funds and their implications. Be it oil exports, FX reserves or fiscal surpluses, the Mid-East and some East-Asian growth-states saw their SWFs mushrooming in the last few years.

An easy reader and entry for laymens is provided by the Council on Foreign Relations:
http://www.cfr.org/publication/15251

Some nice stuff is also avaiable at the IMF and the Peterson Institute for Int'l Economics (mainly written by E. Truman).
Check it out, and you won't have that much fear anymore, even though some policy questions remain and, as Larry Summers last July pointed out, potential problems exist.
What about a Code of Conduct and the reliance on market discipline and its forces? Will this work?
In the long run, not even hard-core special interests can stem themselves against the logic of a good return (cf. the problems with the Chinese CIC...)