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Quotation of the Day…

… is from page 79 of Daniel Griswold’s splendid 2009 book, Mad About Trade:

The good news for Americans is that the U.S. trade deficit reflects a continued willingness of savers around the world to put their money to work in the U.S. economy….  U.S. real estate, U.S. Treasury bills, bank deposits, and corporate bonds and stocks have remained relatively attractive to world savers.  In our globalized world, Americans enjoy a comparative advantage not just in a range of high-end services and products but also in offering attractive investment assets.  Why is that such a bad thing?