The rich have said thanks for the tax handout and like the rich everywhere are putting it where it will make the best returns. Not in America.
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According to figures released shortly before the Fed’s interest-rate decision, America’s trade deficit rose to a new record of $55.5 billion in October. A day later, the Treasury revealed that America attracted only $48.1 billion of net foreign capital to help finance that deficit. This was not because foreigners had given up on dollar assets, but because American capital has momentarily fled overseas: Americans added a net $12 billion of foreign shares to their portfolios in October, and a net $3.2 billion of foreign bonds.
The US Deficit