A simple explanation of the significance of the current account deficit

This is how you sell a nation.

Brad DeLong's Semi-Daily Journal

Economic growth produces about $1.3 trillion of new net wealth in America every year, and at a current account deficit of $1 trillion only $300 billion of that is an addition to the wealth of Americans--the $1 trillion that matches the current-account deficit is an addition to the wealth of foreigners.