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I was referring to the gold that gilded
churches in Spain.
That in Holland largely went into the banks.
Barkley Rosser
----- Original Message -----
Sent: Monday, June 16, 2003 4:45 PM
Subject: Re: [PEN-L] Hobsbawn on the
American Empire
Of course, in the Dutch Reformation, they just paintedor or stripped off
all that gold leaf. Being Dutch, they probablys tripped it and recycled it.
jks Barkley Rosser <[EMAIL PROTECTED]> wrote:
Ah
yes, but then much of the gold that flowed
into Spain flowed back out to
another of its
underlings, Holland, who eventually went for
its
independence, all the gold that did not end
up gilding churches that
is.
Barkley Rosser
----- Original Message -----
From:
<[EMAIL PROTECTED]>
To: <[EMAIL PROTECTED]>
Sent: Monday,
June 16, 2003 1:49 PM
Subject: Re: [PEN-L] Hobsbawn on the American
Empire
> On Mon, 16 Jun 2003 06:51:10 -0400, Michael
Pollak
> wrote:
> > I thought Spain was the very model of an
empire that
> > sucked in so much
> > gold that it
deindustrialized itself. (In early
> modern
> > sense
of
> > industry.)
>
> Hmmmm yes and this was the one
that worried me too.
> But I think that from an (utterly
anachronistic)
> national income accounting poi! nt of view, digging
up
> gold overseas and returning it home would count as a
>
credit item on the current account balance; by doing
> so, Spain in
principle reduced its net debtor position
> with respect to the rest
of the world. It's
> complicated because there is no counterpart on
the
> capital account because they are literally digging up
>
the gold, but I'd still be tempted to call Imperial
> Spain a net
exporter of capital because it was a net
> importer of
treasure.
>
> dd
>
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