What is not uncertain, however, is that our Current Account
Deficit has granted a degree of control and authority to another sovereign
nation over our own economy. The net results of that may be determined over the
coming decade.

Buffett (who I've come to dislike inspite of my respect for him) warned of this in 2003. Bill Gross specifically predicted this for 2005.

The Big Picture: Federal Reserve Responsibilities Outsourced to China