Facts and figures on capital.
cburford at gn.apc.org
Sat Jul 8 22:28:15 MDT 1995
Facts and Figures:
I note that Doug Henwood gives more authoritative figure for the
turnover on the international currency exchanges.
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.
In a post I also sent in response to Howie, but before I had read Doug,
I said I understood the figure was 3 trillion a day. I don't know
whether that might include some other sorts of transactions as well but
at least the order of magnitude was right.
I might have given a more misleading impression by
arguing that the Federal German Government has been investing 150 billion
marks a year into the former east Germany. I have just seen an article in
the London based Guardian speaking of 150 million. That figure seems
much too low to me however, and I am not sure where the mistake may be.
The article gives the projected German budget for 1996 as 452 billion
marks so I continue to assume that the inflow into east German recons-
truction, which presumably does not come from current account, is in
billions not millions of marks.
My recollection is certainly all commentators agree that the capital
investment in the former DDR is massive. My point was that British
capitalism can no longer tackle such a challenge.
I am posting this also to Gerwin Klinger in Berlin in the hope that he
or someone else can clarify the order of magnitude. Many thanks in
Chris Burford, London.
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