I am not certain who originally made this statement. However, it is a common idea that has been expressed by many economists and financial experts over the years. The statement suggests that the United States is a primary destination for savings from around the world, which is reflected in a large amount of foreign investment in the country’s financial markets, real estate, and other assets. This trend is driven by various factors, including the stability of the U.S. economy, the strength of the U.S. dollar, and the perceived safety of U.S. investments.

Here are some references that discuss the idea that the United States is a primary destination for savings from around the world:

“Why America is the World’s Piggy Bank” – CNN Business – This article discusses how the United States is a major recipient of foreign investment and why that is the case. It cites factors such as the size and stability of the U.S. economy, the strength of the U.S. dollar, and the quality of U.S. financial markets as reasons why foreign investors are drawn to the country.

“Why the U.S. Dollar Is Still the World’s Reserve Currency” – Forbes – This article discusses the role of the U.S. dollar as the world’s reserve currency, which is a key factor in attracting foreign investment to the United States. It also discusses the advantages and disadvantages of having a reserve currency and how the U.S. dollar compares to other currencies in this regard.

“Why the U.S. Is the World’s Biggest Economy” – Investopedia – This article discusses how the United States has become the world’s largest economy and why it continues to attract significant amounts of foreign investment. It cites factors such as the size and diversity of the U.S. economy, the quality of its infrastructure, and the strength of its legal and political systems as reasons for its attractiveness to foreign investors.

“Why the World’s Wealthy Keep Buying US Real Estate” – CNBC – This article discusses how wealthy investors from around the world are increasingly investing in U.S. real estate. It cites factors such as the stability of the U.S. property market, the strong returns offered by U.S. real estate investments, and the favorable tax treatment of foreign investors as reasons for this trend.

These references provide some insight into why the United States is a primary destination for savings from around the world.

Joseph Stiglitz is an American economist and professor at Columbia University who has written extensively about international finance and global economic issues. In his work, he has discussed the role of the United States in the global economy and the factors that have contributed to the country’s dominance as a destination for foreign investment.

In his book “Globalization and Its Discontents,” Stiglitz argues that the United States has played a central role in shaping the global economic system, and that its policies have often been biased in favor of wealthy countries and multinational corporations. He also criticizes the International Monetary Fund (IMF) and other international organizations for promoting policies that have contributed to economic inequality and instability in developing countries.

Stiglitz has also written about the causes and consequences of the global financial crisis of 2008, and has been a vocal critic of the economic policies of the Trump administration. He has advocated for reforms to the global financial system, including greater regulation of financial markets and increased transparency in international transactions.

Joseph Stiglitz has provided several reasons for the United States’ role in the global economy and its attractiveness as a destination for foreign investment. Some of these reasons include:

The size and diversity of the US economy: The US economy is one of the largest and most diverse in the world, with a wide range of industries and sectors that offer investment opportunities for foreign investors.

The stability of the US economy: Despite occasional downturns, the US economy has generally been stable and predictable, providing a relatively safe environment for foreign investors.

The strength of the US dollar: The US dollar is the world’s dominant currency, which makes it easier for foreign investors to invest in the US and for US companies to do business internationally.

The quality of US financial markets: The US has some of the most developed and sophisticated financial markets in the world, including the New York Stock Exchange and the NASDAQ. This provides foreign investors with a wide range of investment options and opportunities.

The attractiveness of US real estate: The US has a large and attractive real estate market, which has been a major draw for foreign investors looking to diversify their portfolios.

Overall, Stiglitz argues that the combination of these factors has contributed to the United States’ role as a dominant player in the global economy and its attractiveness as a destination for foreign investment. However, he has also been critical of some aspects of US economic policy, particularly with regards to issues such as inequality and the role of multinational corporations in shaping economic policy.

Reference

Stiglitz, J., & Pike, R. M. (2004). Globalization and its Discontents. Canadian Journal of Sociology, 29(2), 321.

Stiglitz, J. E. (2006). Making globalization work. W. W. Norton & Company.