thanks for that clear explanation. i was (and still am) a little confused at the debt figures that you and doug cite. doug had said that the u.s. was living $400 billion beyond its annual means. you cite $1.7 trillion as the total debt on international investment position. these numbers seem out of whack--doug's would imply a much bigger total debt figure than you cite, in my mind. and, i'm not clear which of these figures (if either one) corresponds to the capital account and in what measure. could you explain?
thanks christian