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In Chapter 6, entitled "The Capital Account Surplus," President Bush's advisers sought to paint the current account deficit as a consequence of foreign investors voting enthusiastically on investment opportunities in the United States.
Putting aside errors and omissions in the data, the capital account surplus is necessarily equal to the current account deficit.
Stagnant export receipts, a contraction of imports, and a weaker capital account surplus dominated developments in the balance of payments in 1993, when the external current account deficit (excluding official transfers) fell more sharply than expected to 5 percent of GDP.
12) Thus a deficit in the current account must be balanced by an equal and opposite capital account surplus because the two accounts are the opposite sides of the same transaction.
In strictly classical economic terms, the capital account surplus of the United States alone would qualify her not as "empire" but rather as "colony.