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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Jim Willie CB who wrote (32745)5/19/2005 5:51:09 PM
From: Elroy Jetson  Read Replies (1) of 110194
 
After the collapse of the British Empire, economists Kindleberger and Stone co-authored a series of studies which clearly illustrated how financially disastrous their colonies had been for Britain.

The colonies had ended up bankrupting Britain through the export of their capital in return for very little. A disaster far greater in magnitude than what economist John Hobson had revealed fifty years earlier. This destruction of capital led to a dramatically lower standard of living which could not be disguised through their massive inflation of money and credit, especially after WW-II.

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A century ago, the British economist John Hobson wrote an essay that debunked the conventional wisdom that England’s imperial project was a profitable venture. Using facts and figures from officially published government statistics, he basically went about proving his thesis by using a cost-benefit analysis approach to determine the aggregate cost of maintaining British colonies. He then compared them to the aggregate profits that accrued to the British people and to certain sectors of the English economy. While certain colonies were profit centers, most of them generated losses. His conclusion was that, as a national project, the colonies were a financial drain on the government’s coffers and had a negative impact on the British economy. In strictly financial terms, Britain’s imperial project was a losing proposition that bled the nation’s coffers even if did benefit certain domestic financial interests and industries.

From dissidentvoice.org

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