I totally get it. If 4.4% isn't a high enough rate, the rate would be higher.
Or the value of the dollar would be lower (and it just might be).
For a foreign investor, there's a huge difference between a 4.4% rate of return at a 1 Euro / $1 exchange rate and a 4.4% rate of return at a 1 Euro / $1.50 exchange rate. The latter scenario has a 33% discount built into it.