And the money just keeps flowing...

The most noteworthy number in the Mexican balance of payments data published this morning was the amount of foreign investment in money market instruments -- US$31.65 billion. It's an historic level, 36.9% more than in 2010, the previous high. Foreign investment in money market obligations was responsible for 3/5 of the year's capital account surplus; it was 63% greater than last year's direct foreign investment. This is money that moves with the click of an "enter" key.

Portfolio investment was in money market instruments, not in Mexican stocks. In 2011, foreigners reduced their equity holdings by US$6.25 billion. Foreign debt accrued at a much slower pace: net indebtedness increased US$13.59 billion in 2011, less than half of the increase in 2010.

Did you know?

Accelerated depreciation and tax credits for R&D represent the bulk of the US government's foregone revenue from tax benefits to companies?

Debt / GDP in selected European countries...

courtesy of the New York Times, February 15, 2012

More tourists visiting Mexico than ever?

Yes and no. By the new definition of total tourists, 1.9% more tourists visited Mexico in 2010. The new definition excludes border tourists who don't spend the night. Using the previous  definition of total tourism, which does include day trippers, the number of visitors in 2011 was 7.3% less than in 2010.

Use of government programs in the US...

Here's a fascinating map of the US, courtesy of the New York Times. The map shows the percentage of personal income coming from government benefits. In 1969, government benefits accounted for 8% of personal income in the US; in 2009, 18%. The breakdown goes as far as the county level.

http://www.nytimes.com/interactive/2012/02/12/us/entitlement-map.html?nl=todaysheadlines&emc=tha2

US exports to Europe, by state...

With Greece and its creditors in ever more difficult negotiations, the map of US exports to Europe by state (developed by Wells Fargo) is an interesting one. US exports to Europe are the equivalent of 2% of US GDP and 22% of total US exports. The fallout from the European crisis is not so much from trade; it's the financial system. Here's the link to the map and some analysis:

https://www.wellsfargo.com/downloads/pdf/com/research/special_reports/States-with-European-Exposure_11142011.pdf