On Wed, 13 Feb 2002, Paul Cockshott wrote:
> If the [U.S.] personal, the financial and the corporate sector are
> all net debtors and increasingly so, who holds the corresponding
> credit balances?
>
> Is it:
>
> 1. The state sector due to a budget surplus?
>
> 2. The overseas sector due to a trade deficit?
Both, but the latter to a larger extent. There's also quite a big
statistical discrepancy these days, making it a bit hard to tell
exactly what's happening. Data below.
Figured from Table F.8,
Flow of Funds Accounts of the United States
http://www.federalreserve.gov/releases/Z1/Current/
1997 1998 1999 2000 2001*
Private S minus I -46.7 -163.8 -288.7 -444.6 -284.9
Govt S minus I -106.1 -4.8 54.9 144.4 28.9
Foreign 123.1 199.7 306.7 430.5 390.9
Discrepancy -29.7 31.1 72.9 130.3 134.8
'S' = Gross Saving; 'I' = Gross Investment.
* 2001 figure based on the first 3 quarters only, at an
annualized rate.
Allin Cottrell.
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