The cost of a deemed dividend is also greater today because the difference between the current U.S. tax rate (the highest of any industrialized country) and the average tax rate on earnings of foreign subsidiaries is substantially greater than in 1976.
Because there are a number of people who are familiar with this issue who do feel increasingly that there is a material difference and that the risks are greater, and that there is something afoot here that is different and possibly more threatening to South Korea and U.S. interests throughout the region than we have seen before.
The one difference is that this week, agreater percentage of outflows were attributed to local currency funds mainly because emerging market currencies (Brazil, in particular) have suffered in the recent risk-off period.
Lewis Moody turned in another destructive performance for the hosts and the returning Simon Shaw was a big presence but ultimately the All Blacks' greater attacking ability was the difference between the two sides.
The absence of the Williams sisters Serena and Venus proved crucial for the U.S., with Italy's greater experience proving the difference on the clay as they added a second Fed Cup to their previous victory in 2006.
But the decline is a lot bumpier than the rise: the pH difference from one year to the next is frequently greater than the change in average pH levels over 20 years.