> US strength has been partly a function of Japanese and European investments
> in the US ( I mean, new real investment), while no one invests in Germany
> and only a handful in Japan.
Eh? How's that? European firms have been investing in Germany like gangbusters, and the US firms already there are continuing to expand via local profits (GM's Opel division, for example, is a heavy exporter to other countries). Japan's investment rates are falling, but are still above 26% of GDP, I think, way above the US average of 16% during the 19900s. Or did you mean in terms of FDI flows and stuff like that?