Re LOV and Tory Stabilisation ?

Doug Henwood dhenwood at panix.com
Fri Jul 7 10:41:33 MDT 1995


At 11:42 PM 7/6/95, Howie Chodos wrote:

>The
>strength of the British financial sector (now I may be overstating this,
>since it is based on casual observation) is shown by the recently announced
>fact that Britain has more direct investment in the US than Japan (can
>someone confirm that I got this right?).

On a historical cost basis (i.e. as opposed to replacement value at present
prices), the UK had $95.4 billion in direct investments in the US in 1993,
and Japan, $96.2 billion. [Survey of Current Business, August 1994]

>dominant sector of international capital (in the July Monde Diplomatique
>Susan George says that it is now thought that the value of monetary
>transactions exceeds the total productive investment in industry and
>commerce).

Daily turnover on the CHIPS (Clearinghouse Interbank Payment System) wire,
which carries most of the world's transactions involving the US$, is just
over $1 trillion - meaning that US GDP is turned over in a bit more than a
week, and world product in a month.

Doug

--

Doug Henwood
[dhenwood at panix.com]
Left Business Observer
250 W 85 St
New York NY 10024-3217
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