...continue to flow to the most productive and safe jurisdictions. This particular data set is pretty noisy (currency and financial asset fluctuation account for the Lion's share of the second derivative here) but its still a fairly good indicator of where capital is flowing.
The U.S. net international investment position at the end of the first quarter of 2013 was -$4,277.1 billion (preliminary) as the value of foreign investments in the United States exceeded the value of U.S. investments abroad. At the end of the fourth quarter and year 2012, the U.S. net international investment position was -$3,863.9 billion (revised). The -$413.2 billion change in the net position reflected a $394.2 billion increase in the value of foreign-owned assets in the United States and a $19.0 billion decrease in the value of U.S.-owned assets abroad.