There are now several signs that the conditions that originally led to the first massive wave of capital flight have returned. Before listing the reasons why a second bout of capital flight is looking increasingly likely, let us first address the underlying question: is capital flight truly so damaging for a country that fighting it can be economically justified? If capital flight is severe, such bubbles are deprived of funding and can subsequently burst, potentially causing a damaging crisis. There are currently both fundamental and psychological factors that point to the possible return of capital flight. Perhaps the most likely cause of renewed capital flight would be a possible bailout of the financial system as a part of the ongoing deleveraging campaign.