The United States is currently growing at the expense of Europe and emerging countries

The United States’ growth is linked to the country’s ability to invest above and beyond its level of savings by borrowing the rest of the world’s savings in the form of both bonds and equities. Today, the capital flows heading to the United States mainly come from the euro zone and emerging countries other than China and oil exporters. This results from the euro zone’s current inability to use its own savings to invest and from capital flight from emerging countries. G rowth in the United States is therefore being achieved at the expense of growth in Europe and emerging countries.