Many are aware of widespread Saudi investments in the United States, but few know how potentially harmful they are. Moreover, U.S. policy-makers remain unaware of this grave danger.

On Sept. 28, 2001, after the attacks on the United States, Osama bin Laden called for financial jihad against the United States, and on Dec. 27, 2001, he called on jihadists "to look for [and strike] the key pillars of the U.S. economy." Although now the Saudis claim bin Laden is their enemy, many of them continue to follow his agenda.

Religious and ideological support has been also provided by Hussein Shihata, a leading Sunni scholar of Islamic Economy at Cairo's al-Azhar University. Mr. Shihata's July 10, 2002, fatwa says: "We do not use the term 'economic jihad' as a mere motto or a resounding slogan with no action. Rather, we mean by it a practical jihad that requires action to turn it into an effective and concrete reality. The aim behind that is to benefit all Muslims and to challenge the aggression staged by the U.S. and Jews against Islam and Muslims."

Prince Alwaleed bin Talal, who claims to abhor bin Laden, seems nevertheless eager to follow his agenda. In an interview with Arab News in May 2002, the prince said that if the Arabs "unite through economic interests," they would achieve influence over the U.S. decision-makers. Since government sources estimate Saudi holdings in the United States at $400 billion to $800 billion, the matter warrants public attention...