-->.... So let’s look at how much is the actual return
on the US net financial position. The number
for 2004 is, yes, you’ve guessed it, still a positive
30 billion, just like in 1982! The US has spent
4.5 trillion dollars more than it has earned
(which is what the cumulative current account
deficit implies) for free!
<ul> ~ http://www.cid.harvard.edu/cidpublications/darkmatter_051130.pdf</ul>

-->Yesterday, the Federal Reserve released its latest flow-of-funds data, current through 9/30/05. With little comment, I am passing along tables containing the important foreign numbers, to get them into circulation as quickly as possible. A more detailed examination of these data will follow shortly, probably later this morning.

* As of 9/30, total US financial assets held by foreign investors rose to a $10.681 trillion. Net foreign financial claims against the United States stood at $5.473 trillion. As of 6/30, the respective totals were $10.469 trillion and $4.836 trillion.

* As of 9/30, foreign investors held $2.077 trillion of US Treasury debt. This was equal to 45.5% of all the Treasury's debt held by public investors. Total Treasury debt held by foreigners as of 6/30 was about $2.024 trillion, or 45.0% of all the Treasury debt held by public investors.

* During the September quarter, foreign investors ("official" and"private") acquired a net of $52.9 billion in Treasury debt. In turn, this equaled 91% of the net $58.1 billion the Treasury issued during the period.

* As of 9/30, the 15 largest foreign country/region holders of Treasury debt held a total of $1.748 trillion. The 6/30 total was $1.708 trillion.
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