The shakier the U.S. economy looks at home, the stronger it suddenly appears overseasor so it seemed last week. Domestically, the news was all of upward-spiraling inflation and fears of recession. But internationally, the U.S. began to shake off its image of a pitiful, helpless economic giant.
The Commerce Department reported that the nation in the second quarter actually took in $463 million more from foreigners than it disbursed overseas, a startling swing from a $10.5 billion balance of payments deficit in the previous three months. For complex technical reasons, these figures are considered to be less significant than they once were....
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