Charging Around the World

More information on the globalization of the American economy: According to Bloomberg News, people with Citigroup credit cards have been charging more on their cards everywhere except North America. In the first quarter of 2010, consumers in Europe, the Middle East and Africa charged 17 percent more than they had in the first quarter of 2009. In Asia, consumers charged 23 percent more, and in Latin America, they charged 24 percent more.

But in North America, Citigroup charges dropped by 10 percent since last year. It appears that economic confidence and purchasing power are growing faster in other areas of the world than they are here in the U.S. and Canada.

That's not necessarily a bad thing. All those foreigners are expanding their ability to buy with their credit cards, which means they're able to buy more American goods. And those transactions are certainly good for American financial institutions as well: Citigroup also announced its first-quarter profits had more than doubled.