I am having difficulty in figuring this out: how rising oil prices and the falling dollar create millionaires in countries that have large net imports of oil and their dollar holdings is worth less in domestic currencies. I can understand this for Russia with massive new found oil revenues but India and China the wealth creation is due to something else, at least that's what I think. Of course there are "leakages" of surplus value, depending on the production chain, and there would be some of that captured by the bourgeoisie in these countries but not that large to shift the accumulation onto a different plane.
Anthony On Thu, Jun 26, 2008 at 1:29 AM, Marvin Gandall <[EMAIL PROTECTED]> wrote: > Jim writes: > > >> Ranks of Rich March From West to East > >> Millionaire Population Grew Much Faster > >> In Emerging Markets Than in U.S. in '07 > >> By ROBERT FRANK > >> Wall Street Journal > >> June 25, 2008 > >> > >> The population of millionaires grew five times as fast in emerging > >> markets > >> as it did in the U.S. last year, according to a survey released Tuesday. > >> That was the largest divergence between the U.S. and the big emerging > >> markets since the comparisons were first published in 2003. > > > > I'd say this recent change is likely entirely due to (1) the rising > > price of oil and (2) the falling dollar. > ======================== > Indeed, which in themselves are two more indicators of how things have > changed. Time was when Western imperialism controlled the world's oil > fields > and dictated price, not state oil firms in the developing nations. The > falling dollar was engineered by the US to reduce its enormous current > account deficit, but then acquired its own momentum as the Fed frantically > chopped rates to forestall a collapse of the US financial system and > foreign > investors began to lose confidence in the vaunted "transparency" of > American > capital markets. > > > > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l > > -- xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Anthony P. D'Costa Professor of Indian Studies Asia Research Centre Copenhagen Business School Porcelaenshaven 24, 3 DK-2000 Frederiksberg Denmark Email:[EMAIL PROTECTED] Ph: +45 3815 2572 Fax: +45 3815 2500 xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
_______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
