Dobbsism may save Unocal, but it can't save America.

Chinese CNOOC’s bid to takeover American oil company Unocal, so 80s-esque I can almost hear the synth-strings, has created a new protectionist alliance. But not matter how many Schiavo-esque midgnight resolutions they pass, it won’t fix the problem.

China has been propping up the American economy by fixing its currency to cheapen its goods and buying our debt to prop up our dollar. China has also been working hard and learning hard. Not so in America.

Unless the Bush administration returns to Clinton-era balanced budgets, and goes on a crash program to save the dollar, there may be no saving America from takeover after takeover by China.

In the 80s, Japanese takeovers also had the healthy effect of increasing interest in education, even if some of the alarmist studies that created the stir misstated the exact problems.

Let’s hope the education problem and the deficit can be fixed. Otherwise, you’d better quickly learn how to say ‘oil’ in Chinese.