I may just add assume that the dollar is the fiat money for much of the world 
and assume that the US can issue currency for much the world against pure 
military might and oil control and try to remeasure sirgnorage in terms of 
borrowing from the rest world with or against their will if there need be the 
case. 
now set the present value of the deficits against these gains and see what 
happens.

maybe let me rephrase this: the more control the US elite enjoys in the global 
political power structure the more it extorts the world. I have a class and a 
vlues dimension in mind. that is why i say elite. 


----- Original Message ----
From: Julio Huato <[EMAIL PROTECTED]>
To: [email protected]
Sent: Friday, March 14, 2008 6:09:10 PM
Subject: [Pen-l] Re: War costs and costs and costs by Joseph Stiglitz

soula avramidis wrote:

> I would have thought that dollar seignorage and
> issuing debt on a global scale provides more
> future rents than any of the costs now. they
> maintain a stature of empire.

Last time I looked, estimates of total seignorage revenues were about
2 billion USD. Say they are 3 billion/year now.  That's like 1/3 of a
percent of the total federal gov revenues/year.  It doesn't even
register as -- say -- a fraction of annual US GDP.  What portion of
those revenues has anything to do with invading and occupying Iraq?

As far as issuing debt, maybe I don't understand, but the rents would
flow to those holding the debt from those issuing it.  That means that
the US would have to disburse them.  Purposefully accelerating USD
inflation to decrease the real value of that debt would be like
shooting yourself in the foot to get a week off at work.
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