A new World Bank report projects that by 2025, foreigners' net ownership of US assets will represent 69 percent of the US GDP.

The foreign owners in question are led by China, other Asia-Pacific countries, and Middle Eastern nations.

The World Bank's numerical projections shouldn't be taken too seriously, but the point it's trying to make - that America is getting owned (literally) by foreigners - should be.

America gets owned by spending money it doesn't have - that is, America has run a persistent trade deficit with the world since 1971.

Some of this deficit spending manifests as foreign ownership of American debt, which puts the U.S. in a vulnerable position at the mercy of its foreign creditors.

Some of it shows up in the form of foreign ownership of American companies.

US-founded companies now wholly owned by foreigners include Firestone, T-Mobile, Holiday Inn, Trader Joe's, CITGO, Anheuser-Busch, and Amoco.

Foreigners also hold large partial ownership of key public U.S. companies like Morgan Stanley.

Foreign presence in American real estate is particularly strong - the Chrysler Building, for example, is 90 percent owned by the Abu Dhabi Investment Council.

Perhaps the most intrusive form of foreign financial control is the long-term leasing of American infrastructure.

Chicago's parking meters, the Chicago Skyway, and the Indiana Toll Road are all currently controlled by foreigners. The Pennsylvania Turnpike and Chicago Midway Airport were put up for foreign lease, but the plans fell through for various reasons.

America, to put it simply, is mortgaging itself and its future to fuel its unbridled spending habits in the present.

At some point, when the American economy has weakened enough, foreigners will no longer be willing to lend so freely. When that happens, the American living standard will drop substantially and its chances of regaining its economic greatness will be shackled by foreign debt and foreign ownership.

China