Global economics is pretty easy to understand: whichever country is attracting the most financial capital, wins.

Right now, that’s America. This year the U.S. has already sucked in a net $350 billion from the rest of the world. Meanwhile, China’s bleeding capital. European and Japanese stock market inflows have stagnated.

As we at the Hotline have continuously documented, policy matters and the main ingredients to U.S. dominance remain our innovation in artificial intelligence, the strong U.S. dollar, and a deregulatory environment that has allowed a recent renaissance in corporate mergers and acquisitions. This chart shows the fruits of those labors.