Robert Lighthizer

So you ask yourself – What does that mean over a period of time? Why should I worry about that? There's a data point called the international investment position of a country. And that is how much for us all Americans own throughout the entire world versus how much everyone else owns here. That number is a negative $23.5 trillion.

And if you said what was it 20 years ago, it was probably a negative $3 trillion. So we have transferred about $20 trillion worth of our national wealth and I would say the future income of that wealth. overseas in return for current consumption.

And if you said what was it 20 years ago, it was probably a negative $3 trillion. So we have transferred about $20 trillion worth of our national wealth and I would say the future income of that wealth. overseas in return for current consumption.

And if you said what was it 20 years ago, it was probably a negative $3 trillion. So we have transferred about $20 trillion worth of our national wealth and I would say the future income of that wealth. overseas in return for current consumption.

No. So it's how much Americans own overseas.

No. So it's how much Americans own overseas.

No. So it's how much Americans own overseas.

All over the world. Versus how much everybody else in the world owns here. And it's a real calculation. It's not something I did, right? It's a real statistic. It's been around forever. And what would that include that they own here? So, well, I mean – so they own – $23.5 trillion worth of stuff. But if you said, what is it mostly? It's probably mostly debt. A lot of it's debt.

All over the world. Versus how much everybody else in the world owns here. And it's a real calculation. It's not something I did, right? It's a real statistic. It's been around forever. And what would that include that they own here? So, well, I mean – so they own – $23.5 trillion worth of stuff. But if you said, what is it mostly? It's probably mostly debt. A lot of it's debt.

All over the world. Versus how much everybody else in the world owns here. And it's a real calculation. It's not something I did, right? It's a real statistic. It's been around forever. And what would that include that they own here? So, well, I mean – so they own – $23.5 trillion worth of stuff. But if you said, what is it mostly? It's probably mostly debt. A lot of it's debt.

A lot of it is equity in our companies, real estate. Those are the principal things that they own. Those are the big assets. Debt is a big one, but also ownership and equity, a lot of it portfolio assets. Now, some of it is foreign direct investment where a company actually comes in and buys a piece of land and creates jobs. But most of it isn't that. Most of it is just they own U.S. equities.

A lot of it is equity in our companies, real estate. Those are the principal things that they own. Those are the big assets. Debt is a big one, but also ownership and equity, a lot of it portfolio assets. Now, some of it is foreign direct investment where a company actually comes in and buys a piece of land and creates jobs. But most of it isn't that. Most of it is just they own U.S. equities.

A lot of it is equity in our companies, real estate. Those are the principal things that they own. Those are the big assets. Debt is a big one, but also ownership and equity, a lot of it portfolio assets. Now, some of it is foreign direct investment where a company actually comes in and buys a piece of land and creates jobs. But most of it isn't that. Most of it is just they own U.S. equities.

If you think about the United States for most of our history, particularly since the Second World War, we Americans were thought rich because we owned more overseas than people owned in America. That's what makes you rich. Now we are poor to the extent of $23.5 trillion. Now, this point is an interesting one.

If you think about the United States for most of our history, particularly since the Second World War, we Americans were thought rich because we owned more overseas than people owned in America. That's what makes you rich. Now we are poor to the extent of $23.5 trillion. Now, this point is an interesting one.

If you think about the United States for most of our history, particularly since the Second World War, we Americans were thought rich because we owned more overseas than people owned in America. That's what makes you rich. Now we are poor to the extent of $23.5 trillion. Now, this point is an interesting one.

In 2003, Warren Buffett did an article on this point, and he was worried about the trade deficit growth. because it was leading to a negative net international investment position of Americans. And it was basically transferring – well, it's the same thing I am. When he was worried about in 2003 that the number was a negative – $2.3 trillion.

In 2003, Warren Buffett did an article on this point, and he was worried about the trade deficit growth. because it was leading to a negative net international investment position of Americans. And it was basically transferring – well, it's the same thing I am. When he was worried about in 2003 that the number was a negative – $2.3 trillion.

In 2003, Warren Buffett did an article on this point, and he was worried about the trade deficit growth. because it was leading to a negative net international investment position of Americans. And it was basically transferring – well, it's the same thing I am. When he was worried about in 2003 that the number was a negative – $2.3 trillion.

So since he sort of raised the red flag on this and said, we've got to get back to balanced trade, the situation has gotten geometrically worse. So that's the first condemnation of the current system. And we can talk at great length about that if you like. The second is this system has really slowed economic growth in the United States. So let me give you a point here.