');padding-left:32px}label{color:#313439;margin-bottom:4px;font-size:15px}form{margin-bottom:2rem}.row{display:-webkit-box;display:-webkit-flex;display:-moz-flex;display:-ms-flexbox;display:flex;-webkit-box-flex:0;-webkit-flex:0 1 auto;-moz-box-flex:0;-moz-flex:0 1 auto;-ms-flex:0 1 auto;flex:0 1 auto;-webkit-box-direction:normal;-webkit-flex-direction:row;-moz-flex-direction:row;-ms-flex-direction:row;flex-direction:row;-webkit-flex-wrap:wrap;-moz-flex-wrap:wrap;-ms-flex-wrap:wrap;flex-wrap:wrap;margin-right:-15px;margin-left:-15px}.row.basis-auto{-webkit-flex-basis:auto;-moz-flex-basis:auto;-ms-flex-preferred-size:auto;flex-basis:auto;-webkit-box-align:center;-ms-flex-align:center;-webkit-align-items:center;-moz-align-items:center;align-items:center}.row>*{-webkit-flex-basis:100%;-moz-flex-basis:100%;-ms-flex-preferred-size:100%;flex-basis:100%;padding-right:15px;padding-left:15px}.row:after,.row:before{position:absolute}.col-xs{-webkit-flex-shrink:0;-moz-flex-shrink:0;-ms-flex-negative:0;flex-shrink:0;padding-right:15px;padding-left:15px}.col-xs-fit{box-sizing:border-box;-webkit-flex-shrink:0;-moz-flex-shrink:0;-ms-flex-negative:0;flex-shrink:0;padding-right:15px;padding-left:15px;-webkit-flex-basis:auto;-moz-flex-basis:auto;-ms-flex-preferred-size:auto;flex-basis:auto;-webkit-box-flex:0;-webkit-flex-grow:0;-moz-flex-grow:0;-ms-flex-positive:0;flex-grow:0;max-width:100%}.col-xs{-webkit-box-flex:1;-webkit-flex-grow:1;-moz-flex-grow:1;-ms-flex-positive:1;flex-grow:1;-webkit-flex-basis:0;-moz-flex-basis:0;-ms-flex-preferred-size:0;flex-basis:0;max-width:100%}.start-xs{-webkit-box-pack:start;-ms-flex-pack:start;-webkit-justify-content:flex-start;-moz-justify-content:flex-start;justify-content:flex-start}.middle-xs{-webkit-box-align:center;-ms-flex-align:center;-webkit-align-items:center;-moz-align-items:center;align-items:center}@media only screen and (min-width:768px){.col-sm-fit{box-sizing:border-box;padding-right:15px;padding-left:15px}.col-sm-fit{-webkit-flex-shrink:0;-moz-flex-shrink:0;-ms-flex-negative:0;flex-shrink:0;-webkit-flex-basis:auto;-moz-flex-basis:auto;-ms-flex-preferred-size:auto;flex-basis:auto;-webkit-box-flex:0;-webkit-flex-grow:0;-moz-flex-grow:0;-ms-flex-positive:0;flex-grow:0;max-width:100%}}.screen-reader-text{clip:rect(1px,1px,1px,1px);position:absolute!important;height:1px;width:1px;overflow:hidden;word-wrap:normal!important}.header-top-bar{background-color:#222;display:none;padding-left:5%;padding-right:5%}.header-top-bar-inner{height:40px}.header-top-bar-area{position:relative}.header-top-bar-area.area-right .top-bar-field:last-of-type{padding-right:0}.top-bar-field{float:left;font-size:12px;text-align:left;color:#fff;padding:11px 15px}.top-bar-field span{line-height:18px;font-size:.8rem;float:left}@media (min-width:768px){.header-top-bar{display:block}}#mainmenu_container{display:none}@media (min-width:768px){#mainmenu_container{display:flex}}ul.dropdown-menu{list-style:none;padding:0;margin:0;display:none;z-index:1;left:0;box-sizing:border-box;width:100%;position:absolute}ul.dropdown-menu li{display:block;position:relative;color:#fff;overflow:hidden;padding:.85rem}ul.dropdown-menu li a{display:block;text-decoration:none;white-space:nowrap;color:inherit;position:relative}ul.dropdown-menu li.menu-item-has-children>a:after{content:"\f0d7";font-family:FontAwesome;display:inline-block;color:inherit;font-size:.8em;box-sizing:border-box;width:20px;height:100%;text-align:center;position:absolute;right:1em;opacity:.9}ul.dropdown-menu ul{margin-left:0;left:0;padding-left:1em;min-width:100%;display:block;box-sizing:border-box;opacity:0;height:0;overflow:hidden;box-shadow:1px 1px 4px 2px rgba(0,0,0,.11);border-radius:2px;background-color:#fff}ul.dropdown-menu ul li{border-top:0;color:#6b7c93;line-height:120%;font-weight:600;position:relative;padding:.75rem 1.5rem;font-size:14px}ul.dropdown-menu ul li:after{display:block;content:' ';width:100%;height:1px;background-color:rgba(128,128,128,.2);position:absolute;left:0;bottom:0;mix-blend-mode:exclusion}ul.dropdown-menu ul li:last-of-type:after{display:none}ul.dropdown-menu:after,ul.dropdown-menu:before{content:" ";display:table}@media (min-width:768px){ul.dropdown-menu{display:-webkit-box;display:-webkit-flex;display:-moz-flex;display:-ms-flexbox;display:flex;-webkit-box-flex:1;-webkit-flex:1 0 auto;-moz-box-flex:1;-moz-flex:1 0 auto;-ms-flex:1 0 auto;flex:1 0 auto;-webkit-box-direction:normal;-webkit-box-orient:horizontal;-webkit-flex-direction:row;-moz-flex-direction:row;-ms-flex-direction:row;flex-direction:row;-webkit-flex-wrap:wrap;-moz-flex-wrap:wrap;-ms-flex-wrap:wrap;flex-wrap:wrap;position:static}ul.dropdown-menu>li>a{font-weight:600;font-style:normal;font-size:14px;line-height:160%;letter-spacing:1px;text-transform:uppercase}ul.dropdown-menu>li>ul{left:.85rem}ul.dropdown-menu li ul{position:absolute;padding-left:0;min-width:200px;z-index:10;top:100%}ul.main-menu>li.menu-item-has-children>a:after{vertical-align:middle;position:relative;right:0;margin-left:-.2em;margin-top:-.3em}}ul.dropdown-menu>li{color:#fff}.header-top{align-items:center;width:100%;position:absolute;z-index:100}.navigation-bar{display:block;width:100%;-webkit-backface-visibility:hidden;-moz-backface-visibility:hidden;-ms-backface-visibility:hidden;-o-backface-visibility:hidden;backface-visibility:hidden;padding-top:1rem;padding-bottom:1rem;position:relative}.navigation-wrapper:not(.gridContainer){padding-left:5%;padding-right:5%}.logo_col,.main_menu_col{text-align:left;display:-webkit-box;display:-webkit-flex;display:-moz-flex;display:-ms-flexbox;display:flex;-webkit-box-align:center;-ms-flex-align:center;-webkit-align-items:center;-moz-align-items:center;align-items:center}.main_menu_col{justify-content:flex-end}.logo_col{-webkit-flex-basis:auto;-moz-flex-basis:auto;-ms-flex-preferred-size:auto;flex-basis:auto;max-width:80%}a.text-logo,a.text-logo:visited{text-decoration:none;font-size:1.6rem;line-height:100%;color:#fff;font-weight:600;text-transform:uppercase}.header-wrapper{position:relative;-webkit-box-flex:0;-webkit-flex:0 0 auto;-moz-box-flex:0;-moz-flex:0 0 auto;-ms-flex:0 0 auto;flex:0 0 auto;flex-grow:0}.header-wrapper>div[class*=header]{flex-grow:1}.header{background-position:center center;background-repeat:no-repeat;background-size:cover;position:relative;z-index:0}@media (min-width:768px){.logo_col{max-width:30%}}.offcanvas-right{left:auto;right:0;border-left:1px solid rgba(0,0,0,.1)}#offcanvas-wrapper,.site{-webkit-box-direction:normal;-webkit-box-orient:vertical}.main_menu_col [data-component=offcanvas]{color:#fff;position:relative;text-align:center}.main_menu_col [data-component=offcanvas] .bubble{position:absolute;z-index:0;height:2.5rem;width:2.5rem;background-color:#000;opacity:.1;border-radius:100%}.main_menu_col [data-component=offcanvas] i.fa{font-size:1.1rem;line-height:2.5rem;height:2.5rem;width:2.5rem;text-align:center;position:relative;z-index:1}#offcanvas-wrapper{left:auto;right:0;background-color:#222b34;padding:0;overflow:auto;z-index:99999;display:-webkit-box;display:-webkit-flex;display:-moz-flex;display:-ms-flexbox;display:flex;-webkit-box-flex:0;-webkit-flex:0 1 auto;-moz-box-flex:0;-moz-flex:0 1 auto;-ms-flex:0 1 auto;flex:0 1 auto;-webkit-flex-direction:column;-moz-flex-direction:column;-ms-flex-direction:column;flex-direction:column}#offcanvas-wrapper.hide{display:none}#offcanvas-wrapper.force-hide{display:none!important;width:0!important;overflow:hidden}#offcanvas-wrapper .offcanvas-top{padding-top:2rem;padding-bottom:2rem}#offcanvas-wrapper .offcanvas-top .logo-holder a{color:#fff;text-decoration:none;font-size:1.5rem;text-align:center;display:block}#offcanvas-wrapper .social-icons{bottom:0;padding-bottom:1rem;z-index:1;text-align:center;width:100%}#offcanvas-wrapper #offcanvas-menu{-webkit-box-flex:1;-webkit-flex:1 1 auto;-moz-box-flex:1;-moz-flex:1 1 auto;-ms-flex:1 1 auto;flex:1 1 auto}.offcanvas_menu{margin-left:0;list-style:none;flex:1}.offcanvas_menu *{color:#fff}.offcanvas_menu ul{list-style:none}.offcanvas_menu li{color:#fff;border-bottom:1px solid rgba(128,128,128,.2);font-size:.8rem;text-align:left}.offcanvas_menu li a{text-decoration:none;color:inherit;position:relative;display:block;padding:.75rem 0 .75rem 2.5rem;font-size:.875rem;line-height:1}.offcanvas_menu li:first-of-type{border-bottom:1px solid rgba(128,128,128,.2)}.offcanvas_menu li>ul{display:none;margin-left:0;background-color:rgba(255,255,255,.2)}.offcanvas_menu li>ul>li>a{padding-left:3.75rem}@media (min-width:768px) and (max-width:1023px){[data-component=offcanvas]{display:none}}@media (min-width:1024px){[data-component=offcanvas]{display:none}}.site{display:-webkit-box;display:-webkit-flex;display:-moz-flex;display:-ms-flexbox;box-sizing:border-box}body{min-height:1px}.site{display:flex;-webkit-box-flex:0;-webkit-flex:0 1 auto;-moz-box-flex:0;-moz-flex:0 1 auto;-ms-flex:0 1 auto;flex:0 1 auto;-webkit-flex-direction:column;-moz-flex-direction:column;-ms-flex-direction:column;flex-direction:column;min-height:100vh}i.fa{color:#acb7c3}a i.fa{color:inherit}body{font-family:"Open Sans",Helvetica,Arial,sans-serif;color:#6b7c93}body h1{font-family:Muli,Helvetica,Arial,sans-serif;font-weight:400;font-style:normal;font-size:1rem;line-height:1.8rem;color:#d3d8e1}body h2{font-family:Muli,Helvetica,Arial,sans-serif;font-weight:600;font-style:normal;font-size:2.188rem;line-height:3rem;text-transform:none;color:#3c424f}.header-top-bar{background:#1e2429}.header-top-bar-inner{height:40px}.header-top-bar .header-top-bar-area.area-right span{color:#fff}.header-top-bar .header-top-bar-area.area-right span.top-bar-text{color:#03a9f4}.mesmerize-inner-page #main_menu>li>a{font-family:"Open Sans",Helvetica,Arial,sans-serif;font-weight:600;font-style:normal;font-size:14px;line-height:160%;letter-spacing:1px;text-transform:uppercase}[data-component=offcanvas] i.fa{color:#fff!important}[data-component=offcanvas] .bubble{background-color:#fff!important}#offcanvas-wrapper{background-color:#222B34!important}#offcanvas-wrapper *{color:#ffffff!important}#offcanvas_menu li>ul{background-color:#686b77}#offcanvas_menu li>a{font-family:"Open Sans",Helvetica,Arial,sans-serif;font-weight:400;font-size:.875rem;line-height:100%;letter-spacing:0px;text-transform:none}.navigation-bar:not(.homepage) a.text-logo,.navigation-bar:not(.homepage) a.text-logo{color:#fff;font-family:inherit;font-weight:600;font-size:1.6rem;line-height:100%;letter-spacing:0px;text-transform:uppercase}@media (max-width:1023px){body{font-size:calc(16px*0.875)}}@media (min-width:1024px){body{font-size:16px}}@media only screen and (min-width:768px){body h1{font-size:2rem}body h2{font-size:24px}}body .header-title{font-size:20px;line-height:1.5;margin-bottom:0;text-align:left;color:#fff}body .header-title h1{font-size:14px!important}.navigation-bar .header-top-bar__login{display:none}@media (max-width:768px){body .header-title{font-size:18px;margin-bottom:0;text-align:left}.navigation-bar .header-top-bar__login{display:block;margin-right:7px}}@media (max-width:576px){body .header-title{font-size:14px;margin-bottom:0;text-align:left}}.navigation-wrapper:not(.gridContainer),.header-top-bar{padding-left:2%;padding-right:2%}@media (min-width:768px){.header-top-bar{display:flex;justify-content:right}}@media (max-width:768px){.header-top-bar{display:none}}.header-top#page-top{position:relative!important}.header-top .navigation-bar{padding-top:0;padding-bottom:0;position:relative!important;background:#263855!important}.main_menu_col{position:relative}.header-top-bar-inner{display:-webkit-box;display:-webkit-flex;display:-moz-box;display:-ms-flexbox;display:flex;-webkit-box-orient:horizontal;-webkit-box-direction:normal;-webkit-flex-flow:row nowrap;-moz-box-orient:horizontal;-moz-box-direction:normal;-ms-flex-flow:row nowrap;flex-flow:row nowrap;-webkit-box-pack:end;-webkit-justify-content:flex-end;-moz-box-pack:end;-ms-flex-pack:end;justify-content:flex-end}.header-top-bar__login{-webkit-box-flex:0;-webkit-flex:none;-moz-box-flex:0;-ms-flex:none;flex:none;display:flex;align-items:center}.header-top-bar__login .login-link{display:inline-block;vertical-align:middle;margin-right:10px;font-size:14px;font-weight:700;text-decoration:none;color:#fff}.header-top-bar__login .login-link:last-child{margin-right:0}.header-top-bar__login .login-link--register{color:#03a9f4}.nsl-container{display:-webkit-box!important;display:-webkit-flex!important;display:-moz-box!important;display:-ms-flexbox!important;display:flex!important;-webkit-justify-content:space-around;-ms-flex-pack:distribute;justify-content:space-around;max-width:none!important;-webkit-flex-wrap:wrap;-ms-flex-wrap:wrap;flex-wrap:wrap}@media (max-width:768px){.login-link--register{display:none}}@media only screen and (max-width:767px){.nsl-container{-webkit-flex-direction:column;-ms-flex-direction:column;flex-direction:column}.news-feed__social-registration>.nsl-container{align-items:center}.news-feed__social-registration>.nsl-container>a{max-width:none!important}.news-feed__social-registration>.nsl-container .nsl-button-label-container{margin:0 auto}.pum-container{padding:0!important}}.sign-up__popup{visibility:hidden;position:fixed;top:0;right:0;bottom:0;left:0;padding:1.5rem;display:-webkit-box;display:-webkit-flex;display:-moz-box;display:-ms-flexbox;display:flex;-webkit-box-pack:center;-webkit-justify-content:center;-moz-box-pack:center;-ms-flex-pack:center;justify-content:center;-webkit-box-align:center;-webkit-align-items:center;-moz-box-align:center;-ms-flex-align:center;align-items:center;z-index:200}.sign-up__popup-inner{position:relative;-webkit-border-radius:3px;border-radius:3px;background-color:#fff;padding:20px 30px;max-width:95%;width:500px;background-color:#fff;-webkit-box-shadow:0 3px 6px rgba(0,0,0,.16),0 3px 6px rgba(0,0,0,.23);box-shadow:0 3px 6px rgba(0,0,0,.16),0 3px 6px rgba(0,0,0,.23);opacity:0;-webkit-transform:scale(.8);-moz-transform:scale(.8);-ms-transform:scale(.8);-o-transform:scale(.8);transform:scale(.8)}.sign-up__popup-inner form{margin-bottom:0}.sign-up__popup p{margin:0 0 20px;color:#000}.sign-up__field{margin-bottom:10px;width:100%;height:60px;-webkit-border-radius:3px;border-radius:3px;border:1px solid #aaa;font-size:20px;text-align:center}.sign-up__close-button{position:absolute;top:-8px;right:-8px;display:-webkit-box;display:-webkit-flex;display:-moz-box;display:-ms-flexbox;display:flex;-webkit-box-align:center;-webkit-align-items:center;-moz-box-align:center;-ms-flex-align:center;align-items:center;-webkit-box-pack:center;-webkit-justify-content:center;-moz-box-pack:center;-ms-flex-pack:center;justify-content:center;width:30px;height:30px;-webkit-border-radius:50%;border-radius:50%;background-color:#555;color:#fff;font-size:24px}.sign-up__button{width:100%;height:60px;-webkit-border-radius:3px;border-radius:3px;border:none;background-color:#253b68;color:#fff;font-size:18px}@media (max-width:578px){.sign-up__popup-inner{padding:15px}.sign-up__popup-header p{text-align:center}.sign-up__field{height:50px;font-size:16px}.sign-up__button{height:50px;font-size:16px}}.m-0{margin:0!important}.tml{margin:0 auto}.tml input[type=submit]{margin:0 auto;width:auto;min-width:auto;height:auto;min-height:auto;padding:10px 50px;-webkit-border-radius:3px;border-radius:3px;border:0;font-size:15px;line-height:1;font-weight:600;text-transform:uppercase;letter-spacing:1px;background:#0095ff;color:#fff;float:none}.tml>*{text-align:left}.tml{text-align:center}.tml-wrapper-aside .tml{max-width:none;margin:10px 0 0}.tml-wrapper-aside .tml .btn,.tml-wrapper-aside .tml input[type=submit]{width:100%;background-color:#263855}.tml-simple input{width:100%!important;margin-bottom:20px}.tml-simple{max-width:280px;margin:10px auto 20px auto}.navigation-bar .login-link{padding-left:10px!important;padding-right:10px!important}.login-link-search:after{display:inline-block;width:14px;vertical-align:middle}.login-link-search:after{content:url("/wp-content/themes/mesmerize-pro/img/icon-search-white.svg")}.login-link-search,.navigation-bar .login-link-search{margin-right:5px}.header-search-panel{position:absolute;background-color:#37517b;top:0;right:0;z-index:999;padding:10px;color:#fff;max-width:400px;width:100%;margin:5px 2% 0;display:none;-webkit-box-shadow:0px 0px 10px 2px #263855;-moz-box-shadow:0px 0px 10px 2px #263855;box-shadow:0px 0px 10px 2px #263855}.header-search-panel .search-form{margin:0}.header-search-panel .search-field{padding:0 12px;border-color:#818ea8}.header-search-panel #searchsubmit{display:none}@media (max-width:768px){.header-search-panel{top:100%;width:auto}.header-search-panel{left:0}}.navigation-bar .login-link{margin-right:5px}ul.dropdown-menu li.menu-item-highlight a{color:#add8e6}body h1{color:#454545}a{color:#385898}.news-feed__social-registration.style-1 div.nsl-container-block>a{flex-basis:100%;text-decoration:none}form[name=registerform] input[type=submit]{font-family:"Open Sans",Helvetica,Arial,sans-serif;height:40px}.ref-widget{padding:10px;background-color:#fff;text-align:center;margin-bottom:25px}#page.site{display:block}button,input[type=submit]{color:inherit;border:none;padding:0;font:inherit;outline:inherit;height:40px;width:100%}.fa{-moz-osx-font-smoothing:grayscale;-webkit-font-smoothing:antialiased;display:inline-block;font-style:normal;font-variant:normal;text-rendering:auto;line-height:1}.fa-bars:before{content:"\f0c9"}.fa{font-family:"Font Awesome 5 Free"}.fa{font-weight:900}.pum-container,.pum-content,.pum-content+.pum-close,.pum-overlay{background:0 0;border:none;bottom:auto;clear:none;float:none;font-family:inherit;font-size:medium;font-style:normal;font-weight:400;height:auto;left:auto;letter-spacing:normal;line-height:normal;max-height:none;max-width:none;min-height:0;min-width:0;overflow:visible;position:static;right:auto;text-align:left;text-decoration:none;text-indent:0;text-transform:none;top:auto;visibility:visible;white-space:normal;width:auto;z-index:auto}.pum-content{position:relative;z-index:1}.pum-overlay{position:fixed}.pum-overlay{height:100%;width:100%;top:0;left:0;right:0;bottom:0;z-index:1999999999;overflow:initial;display:none}.pum-overlay,.pum-overlay *,.pum-overlay :after,.pum-overlay :before,.pum-overlay:after,.pum-overlay:before{box-sizing:border-box}.pum-container{top:100px;position:absolute;margin-bottom:3em;z-index:1999999999}.pum-container.pum-responsive{left:50%;margin-left:-47.5%;width:95%;height:auto;overflow:visible}@media only screen and (min-width:1024px){.pum-container.pum-responsive.pum-responsive-medium{margin-left:-30%;width:60%}}.pum-container .pum-content>:last-child{margin-bottom:0}.pum-container .pum-content>:first-child{margin-top:0}.pum-container .pum-content+.pum-close{text-decoration:none;text-align:center;line-height:1;position:absolute;min-width:1em;z-index:2;background-color:transparent}.pum-theme-5939,.pum-theme-enterprise-blue{background-color:rgba(0,0,0,.7)}.pum-theme-5939 .pum-container,.pum-theme-enterprise-blue .pum-container{padding:28px;border-radius:5px;border:1px none #000;box-shadow:0px 10px 25px 4px rgba(2,2,2,.5);background-color:rgba(255,255,255,1)}.pum-theme-5939 .pum-content,.pum-theme-enterprise-blue .pum-content{color:#2d2d2d;font-family:inherit}.pum-theme-5939 .pum-content+.pum-close,.pum-theme-enterprise-blue .pum-content+.pum-close{position:absolute;height:28px;width:28px;left:auto;right:8px;bottom:auto;top:8px;padding:4px;color:#fff;font-family:inherit;font-size:20px;line-height:20px;border:1px none #fff;border-radius:42px;box-shadow:0px 0px 0px 0px rgba(2,2,2,.23);text-shadow:0px 0px 0px rgba(0,0,0,.23);background-color:rgba(49,91,124,1)}.pum-theme-5937,.pum-theme-default-theme{background-color:rgba(255,255,255,1)}.pum-theme-5937 .pum-container,.pum-theme-default-theme .pum-container{padding:18px;border-radius:0;border:1px none #000;box-shadow:1px 1px 3px 0px rgba(2,2,2,.23);background-color:rgba(249,249,249,1)}.pum-theme-5937 .pum-content,.pum-theme-default-theme .pum-content{color:#8c8c8c;font-family:inherit;font-weight:inherit;font-style:normal}.pum-theme-5937 .pum-content+.pum-close,.pum-theme-default-theme .pum-content+.pum-close{position:absolute;height:auto;width:auto;left:auto;right:0;bottom:auto;top:0;padding:8px;color:#fff;font-family:inherit;font-weight:inherit;font-size:12px;font-style:normal;line-height:14px;border:1px none #fff;border-radius:0;box-shadow:0px 0px 0px 0px rgba(2,2,2,.23);text-shadow:0px 0px 0px rgba(0,0,0,.23);background-color:rgba(0,183,205,1)}#pum-7355{z-index:1999999999}#pum-24020{z-index:1999999999}.fa{display:inline-block}.fa{font:normal normal normal 14px/1 FontAwesome;font-size:inherit;text-rendering:auto;-webkit-font-smoothing:antialiased;-moz-osx-font-smoothing:grayscale}.fa-bars:before{content:"\f0c9"}[class*=" ep_font_"]{font-family:ep_icons!important;speak:never;font-style:normal;font-weight:400;font-variant:normal;text-transform:none;line-height:1;-webkit-font-smoothing:antialiased;-moz-osx-font-smoothing:grayscale}.ep_font_icon_arrow_carrot_right:before{content:""}.epkbfa{display:inline-block;font:normal normal normal 14px/1 FontAwesome;font-family:FontAwesome;font-size:inherit;text-rendering:auto;-webkit-font-smoothing:antialiased;-moz-osx-font-smoothing:grayscale}.epkbfa-user:before{content:""}.epkbfa-print:before{content:""}.epkbfa-pencil-square-o:before{content:""}.epkbfa-calendar:before{content:""}@keyframes spin{0%{transform:rotate(0)}100%{transform:rotate(360deg)}}.epkb-doc-search-container button,.epkb-doc-search-container div,.epkb-doc-search-container form,.epkb-doc-search-container input{margin:0;padding:0;border:0;outline:0;font-size:100%;vertical-align:baseline;font-weight:400;line-height:1;text-align:left;text-decoration:none;border:none;box-shadow:none;box-sizing:border-box;font-style:normal;list-style-type:none;list-style-image:none;float:none}#eckb-article-page-container-v2 .eckb-breadcrumb a,#eckb-article-page-container-v2 .eckb-breadcrumb li,#eckb-article-page-container-v2 .eckb-breadcrumb nav,#eckb-article-page-container-v2 .eckb-breadcrumb span,#eckb-article-page-container-v2 .eckb-breadcrumb ul,#eckb-article-page-container-v2 .eckb-navigation-back div{margin:0;padding:0;border:0;outline:0;vertical-align:baseline;font-weight:400;line-height:1;text-align:left;text-decoration:none;border:none;box-shadow:none;box-sizing:border-box;list-style-image:none}@keyframes spin{0%{transform:rotate(0)}100%{transform:rotate(360deg)}}#eckb-article-page-container-v2{position:relative;text-align:left;margin:auto;display:flex;flex-direction:column}#eckb-article-page-container-v2 .epkb-doc-search-container{position:relative;z-index:1;padding:50px 0;max-width:100%;text-align:center;width:100%}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-doc-search-container__title{text-align:center;font-size:30px;margin-bottom:23px}@media only screen and (min-width:769px){#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-doc-search-container__title{font-size:36px}}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search{width:80%;margin:0 auto;position:relative}@media only screen and (max-width:768px){#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search{width:100%!important}}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search .epkb-search-box{position:relative;text-align:center;display:block}@media only screen and (min-width:769px){#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search .epkb-search-box{display:flex}}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search .epkb-search-box input[type=text]{width:80%!important;line-height:22px;font-size:18px;padding:10px 43px!important;height:50px;display:inline-block!important;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box}@media only screen and (min-width:769px){#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search .epkb-search-box input[type=text]{width:100%!important}}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search .epkb-search-box .epkb-search-box_button-wrap{display:inline-block;width:80%;font-size:18px}@media only screen and (min-width:769px){#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search .epkb-search-box .epkb-search-box_button-wrap{display:block;width:initial}}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search .epkb-search-box .epkb-search-box_button-wrap button{text-align:center;line-height:22px;font-size:18px;padding:10px 15px!important;height:50px;display:inline-block;-webkit-box-sizing:border-box;-moz-box-sizing:border-box;box-sizing:border-box;word-break:normal;word-wrap:normal;width:100%;position:relative;margin-top:24px}@media only screen and (min-width:769px){#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search .epkb-search-box .epkb-search-box_button-wrap button{width:fit-content;margin-top:initial;position:initial}}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search-form-1 .epkb-search-box{word-break:normal}@media only screen and (min-width:769px){#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search-form-1 .epkb-search-box{display:flex}}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search-form-1 .epkb-search-box input[type=text]{margin-right:-3px}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search-form-1 .epkb-search-box .epkb-search-box_button-wrap button{display:inline-block!important;top:0;right:-1px;margin:0;margin-top:24px;position:relative;box-sizing:border-box;width:100%}@media only screen and (min-width:769px){#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search-form-1 .epkb-search-box .epkb-search-box_button-wrap button{width:fit-content;margin-top:0;position:initial}}#eckb-article-page-container-v2 #eckb-article-header{width:100%}#eckb-article-page-container-v2 #eckb-article-body{display:grid;grid-template-rows:auto;align-items:stretch;width:100%;max-width:100%;grid-template-areas:"left-sidebar content right-sidebar";margin:0 auto}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-left-sidebar{position:relative}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content{position:relative}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2{width:100%;display:flex;position:relative;flex-direction:column}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-article-content-header-row-left-group{display:flex;justify-content:flex-start;flex-wrap:wrap;margin-right:30px}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-article-content-header-row-right-group{display:flex;justify-content:flex-end;flex-wrap:wrap;flex:1}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-header-row-1,#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-header-row-2,#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-header-row-3{display:flex;flex-direction:column;justify-content:flex-start;position:relative}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-title-container{display:flex;justify-content:space-between;align-items:center}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-title-container .eckb-article-title{margin:0;padding:0}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-article-content-created-date-container{display:flex;justify-content:space-between;align-items:center;margin:0 10px 0 0}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-article-content-created-date-container .eckb-meta-data-feature-icon{margin-right:5px}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-article-content-created-date-container .eckb-meta-data-feature-text{margin-right:5px;white-space:nowrap}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-article-content-created-date-container .eckb-meta-data-feature-value time{white-space:nowrap}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-article-content-last-updated-date-container{display:flex;justify-content:space-between;align-items:center;margin:0 10px 0 0}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-article-content-last-updated-date-container .eckb-meta-data-feature-icon{margin-right:5px}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-article-content-last-updated-date-container .eckb-meta-data-feature-text{margin-right:5px;white-space:nowrap}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-article-content-last-updated-date-container .eckb-meta-data-feature-value time{white-space:nowrap}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-article-content-author-container{display:flex;justify-content:space-between;align-items:center;margin:0 10px 0 0}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-article-content-author-container .eckb-meta-data-feature-icon{margin-right:5px}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-article-content-author-container .eckb-meta-data-feature-text{margin-right:5px;white-space:nowrap}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-article-content-author-container .eckb-meta-data-feature-value{white-space:nowrap}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-breadcrumb-container{display:flex;justify-content:space-between;align-items:center}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-breadcrumb-container .eckb-breadcrumb-outline{display:inline-block}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-breadcrumb-container .eckb-breadcrumb-nav{padding:0;display:inline}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-breadcrumb-container .eckb-breadcrumb-nav li{display:inline;padding-right:10px}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-breadcrumb-container .eckb-breadcrumb-nav li a{text-decoration:none;font-weight:inherit;font-family:inherit}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-breadcrumb-container .eckb-breadcrumb-nav li a span{font-weight:inherit;font-family:inherit}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-breadcrumb-container .eckb-breadcrumb-link{font-weight:inherit;font-family:inherit}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-breadcrumb-container .eckb-breadcrumb-link span[aria-current=page]{font-weight:inherit!important;font-family:inherit!important}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-breadcrumb-container .eckb-breadcrumb-link-icon{font-size:.6em;line-height:2em;display:inline-block;vertical-align:middle;margin-left:6px}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-breadcrumb-container .eckb-breadcrumb-link{font-weight:inherit}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-navigation-back{float:left;width:100%}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-navigation-back .eckb-navigation-button{float:left;white-space:nowrap}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-toolbar-container .eckb-article-content-toolbar-button-container{display:flex;justify-content:flex-start;align-items:center}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-print-button-container{display:flex;justify-content:flex-start;align-items:center}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 .eckb-print-button-container span:first-child{margin-right:5px}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-body{width:100%}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-right-sidebar{position:relative}@keyframes spin{0%{transform:rotate(0)}100%{transform:rotate(360deg)}}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search .epkb-search-box input[type=text]{color:#000;border-style:solid!important}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search .epkb-search-box input[type=text]::-webkit-input-placeholder{color:#c9c7c7}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search .epkb-search-box input[type=text]::-moz-placeholder{color:#c9c7c7}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search .epkb-search-box input[type=text]:-ms-input-placeholder{color:#c9c7c7}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search .epkb-search-box input[type=text]:-moz-placeholder{color:#c9c7c7}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search .epkb-search-box .epkb-search-box_button-wrap button{color:#fff;text-shadow:0 -1px 1px rgba(0,0,0,.4);border-style:solid!important}#eckb-article-page-container-v2 .epkb-doc-search-container .loading-spinner{display:none;position:absolute;border:3px solid #f3f3f3;border-top:4px solid #3498db;border-radius:50%;width:23px;height:23px;animation:spin 1s linear infinite;top:13px;left:9px}@media only screen and (max-width:768px){#eckb-article-page-container-v2 .epkb-doc-search-container .loading-spinner{left:12%}}#eckb-article-page-container-v2 .epkb-doc-search-container #epkb_search_results{text-align:left;background-color:#fff;border:solid 1px #ddd;padding:10px;display:none}@media only screen and (max-width:768px){#eckb-article-page-container-v2 .epkb-doc-search-container #epkb_search_results{width:80%!important;margin:0 auto}}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search-form-1 input[type=text]{border-radius:5px!important}#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search-form-1 button{border-radius:0 5px 5px 0}@media only screen and (max-width:768px){#eckb-article-page-container-v2 .epkb-doc-search-container .epkb-search-form-1 button{border-radius:5px}}@keyframes spin{0%{transform:rotate(0)}100%{transform:rotate(360deg)}}#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-body{width:100%}#eckb-article-page-container-v2 #eckb-article-widget-sidebar-container.eckb-article-widget-sidebar--default-styles .eckb-article-widget-sidebar-body__widget{margin-bottom:30px;width:100%;font-size:14px}.eckb-front-end-body{overflow:visible}.eckb-front-end-body #page{overflow:visible}.eckb-kb-template{width:100%}.mesmerize-inner-page ul.dropdown-menu>li{color:#fff}.mesmerize-inner-page ul.dropdown-menu.active-line-bottom>li>a,.mesmerize-inner-page ul.dropdown-menu.active-line-bottom>li>a{border-bottom:3px solid transparent}.mesmerize-inner-page ul.dropdown-menu ul{background-color:#fff}.mesmerize-inner-page ul.dropdown-menu ul li{color:#6b7c93}.mesmerize-inner-page .main-menu,.mesmerize-inner-page .main_menu_col{justify-content:flex-end}div.nsl-container .nsl-button{vertical-align:top;border-radius:4px}div.nsl-container .nsl-button-default{color:#fff;display:flex}div.nsl-container .nsl-button-svg-container{flex:0 0 auto;padding:8px;display:flex;align-items:center}div.nsl-container svg{height:24px;width:24px;vertical-align:top}div.nsl-container .nsl-button-default div.nsl-button-label-container{margin:0 24px 0 12px;padding:10px 0;font-family:Helvetica,Arial,sans-serif;font-size:16px;line-height:20px;letter-spacing:.25px;overflow:hidden;text-align:center;text-overflow:clip;white-space:nowrap;flex:1 1 auto;-webkit-font-smoothing:antialiased;-moz-osx-font-smoothing:grayscale;text-transform:none;display:inline-block}.nsl-container{clear:both}.menu-item-178939{left:-50px}.menu-item-178940{left:-50px}.sub-menu{left:-50px}#eckb-article-page-container-v2{width:100%}#eckb-article-page-container-v2 #eckb-article-body{width:1140px}#eckb-article-page-container-v2 #eckb-article-body{grid-template-columns:0 70% 30%}#eckb-article-page-container-v2 #eckb-article-left-sidebar{display:none}#eckb-article-page-container-v2 #eckb-article-content{grid-column-start:1;grid-column-end:3}@media only screen and (max-width:1025px){#eckb-article-page-container-v2{width:100%}#eckb-article-page-container-v2 #eckb-article-body{width:100%}#eckb-article-page-container-v2 #eckb-article-body{grid-template-columns:0 70% 30%}#eckb-article-page-container-v2 #eckb-article-left-sidebar{display:none}#eckb-article-page-container-v2 #eckb-article-content{grid-column-start:1;grid-column-end:3}}#eckb-article-page-container-v2 #eckb-article-left-sidebar{padding:10px;background-color:#fff;margin-top:0}#eckb-article-page-container-v2 #eckb-article-content{padding:20px;background-color:#fff}.eckb-article-content-created-date-container,.eckb-article-content-last-updated-date-container,.eckb-article-content-author-container{color:#b1d5e1;font-size:14px!important}#eckb-article-page-container-v2 #eckb-article-right-sidebar{padding:10px;background-color:#fff;margin-top:0}@media only screen and (max-width:768px){#eckb-article-page-container-v2{width:100%}#eckb-article-page-container-v2 #eckb-article-content{grid-column-start:1;grid-column-end:4}#eckb-article-page-container-v2 #eckb-article-left-sidebar{grid-column-start:1;grid-column-end:4}#eckb-article-page-container-v2 #eckb-article-right-sidebar{grid-column-start:1;grid-column-end:4}#eckb-article-page-container-v2 #eckb-article-body{display:flex;flex-direction:column}#eckb-article-page-container-v2 #eckb-article-left-sidebar{order:3;margin-top:0!important}#eckb-article-page-container-v2 #eckb-article-content{order:2}#eckb-article-page-container-v2 #eckb-article-right-sidebar{order:1;margin-top:0!important}}@media only screen and (min-width:768px){#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-header-row-1,#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-header-row-2,#eckb-article-page-container-v2 #eckb-article-body #eckb-article-content #eckb-article-content-header-v2 #eckb-article-content-header-row-3{flex-direction:row}}#eckb-article-content-header-row-1{margin-bottom:8px}#eckb-article-content-header-row-1 .eckb-article-content-header-row-left-group,#eckb-article-content-header-row-1 .eckb-article-content-header-row-right-group{align-items:center}.eckb-article-content-toolbar-button-container{background-color:#fff;padding:10px;margin:0;border-radius:0;border-width:0;border-color:#fff;border-style:solid}.eckb-article-content-toolbar-button-container .eckb-toolbar-button-text{color:#000;font-size:15px}.eckb-article-content-toolbar-button-container .eckb-toolbar-button-icon{color:#000;font-size:20px}#eckb-article-content-header-row-2{margin-bottom:0}#eckb-article-content-header-row-2 .eckb-article-content-header-row-left-group{align-items:flex-end}#eckb-article-content-header-row-3{margin-bottom:32px}#eckb-article-content-header-row-3 .eckb-article-content-header-row-left-group{align-items:flex-end}
Unlocking the Mysteries of the Capital Account: A Deep Dive | MacroVar
Unlocking the Mysteries of the Capital Account: A Deep Dive Posted May 13, 2023
Updated October 3, 2023
By macrovar
Capital account definition The Capital Account is the summation of foreign purchases of a country’s domestic assets minus the country’s purchases of foreign assets.
When a foreign person or company buys a country’s asset whether it’s a physical asset or stock, bond it is recorded as a credit (money comes in) and when the country’s citizen or company buys a foreign asset it is recorded as a debit (money goes out) of the Capital Account.
More specifically, the United States runs current account deficit with China, by importing more goods than exporting. This deficit is paid, by selling US bonds, stocks or physical assets to China.
A country’s current account balance and the wider form of the capital account should be equal. When it isn’t there is a residual or balancing item. The balancing item is the difference between the current account balance and the capital account and is a change in reserves.
A negative change in the country’s foreign reserves counterbalances a surplus in the sum of the current account balance and capital account. This means that more currency is coming in than going out to the rest of the world hence there is increasing demand for the country’s currency by the rest of the world which shows economic growth.
Capital account formula
Capital Account vs Current Account
A country’s finances are reflected in a simple income statement of revenue and expenses and a simple balance sheet of assets and liabilities. When a country’s revenue, from what one sells, is greater than one’s expenditure, there is positive net income, which leads to one’s assets to rise relative to one’s liabilities (most importantly debt, which raises one’s net savings.
A country’s net income is defined by its export earnings minus import spending (balance of goods and services) that makes the net income of a country that comes from trading with foreigners.
If one buys more than one sells, he has to finance the difference by some mix of drawing down one’s savings and/or borrowing. One can think of a country’s savings as its foreign-exchange reserves.
The United States has one of the largest current account deficits in the world. It finances this current account deficit by running down its reserves/savings and building a lot of debt that is owed to foreigners.
A current account deficit indicates that the country is reducing its holdings of foreign assets and that foreign countries are increasing their claims on the country. The country is consuming or investing more than it is saving. The economy is using resources from other economies to meet its consumption and investment requirements.
The increasing claims on the country from the rest of the world is depicted in the country’s Capital Account .
The Current Account Balance for the United States since 1980 is negative i.e. the United States is importing much more than its exporting. The United States is sending $4 trillion more abroad than they receive.
The current account deficit is negated by the Capital Account.
Get Free Access to MacroVar Analytics
Make the right financial and business decisions based on objective Financial & Economics data analytics to grow and protect wealth.
Welcome to MacroVar the financial analytics platform designed to help you identify trading and investment opportunities using data driven models. MacroVar uses statistical multi-factor models to analyze financial markets to generate automated signals for short-term trading and long-term investing. MacroVar models and the data analysed are transparent for anyone to explore .
×
Get Unlimited access to our database for Free by inviting your friends to MacroVar Help your friends make the right business & financial decisions using free MacroVar analytics. Click here to invite them and get upgraded for free .
×