>What about seignorage? Being banker/lender of last resort gives the US
>the ability to devalue/revalue the dollar without paying the customary
>price other national currencies do: ...
I'm not sure of what you mean about the US beign the banker/lender of last
resort. The importance of the dollar certainly gives the US special capabilities
like extracting more seignorage and more importantly creating credit more
painlessly. But how is it capable to better or less painfully control the price of
the dollar relative to other currencies? Any country can make the price of its
currency sink. Making it go high is harder and the US seems to have a worse
position than other rich countries there because of the huge number of dollars
around: the "markets" can react much more strongly to a strong dollar policy
than to a strong yen policy f.ex. because there's so much more dollars out
there that can be sold if the dollar is seen as overvalued.
>... so arbitrage is always on their terms, no?
I don't understand what you mean at all.
>> 1 - I don't think it's relevant. Hoarded money doesn't have
>> much influence on real economies
>
>But it's nice for the US which can print money, buy things, and know
>that some at least of this money will simply never be used, will sit
>under beds and the net effect is that a portion of US imports is
>cost-free (ie, is plunder or an imperial tax on the rest of the
>world).
Yes. However you were talking about hoarded money beign put back into
circulation as a result of a flow of money towards the US. The US benefits
through seignorage from the opposite process.
>I'm saying that oil prices are not just artifical, they are a special
>case of monopoly and that, as Simon Bromley argues in 'American
>Hegemony and world Oil ' (Polity Press, 1992), oil is the single key
>commodity around control of which US hegemony is actually organised.
Well...
If you have the time and the desire to do so, please post a summary of some
kind of this theory (written by you or someone else). It would be nice if it was
sensible and coherent rather than an outraged rant at no more than a part of
the corporate world.
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