According to the U.S.balance of payments accounts in 2008, U.S.international borrowing is used for

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According to the balance of payments accounts, U.S. international borrowing is used for private and public investment, which includes spending on physical capital, research and development, and intellectual property. Borrowing for private consumption or government expenditure would be reflected in the current account, not the capital account that measures international borrowing and lending. Saving is the source of funds for investment, not the other way around, so borrowing for saving would not make sense.