The amount of money that foreigners had invested in the United States had

recently exceeded, for the first time, the amount of money that Americans had invested

abroad. Rep. Bryant was the author of a bill requiring all foreign holdings in the U.S. to be registered. Was this the first step towards protectionism? A fast-paced and

engrossing show on a topic that many of us might expect to find overly technical. WFB:

"I'm trying to get a philosophical fix here before we go into the economics of it. Is it

your blanket position that any foreigner doing any kind of business in America ought to

have exactly the same license as an American?" JP: "Yes. I think you judge the moral

caliber of a civilization by how well it treats strangers."