It's World
> Systems Econ 101: semiperipheral capital flows to metropoles, while
> metropolitan commodities flow to the semiperipheries. And don't even get
> me started on that other metropole, the EU.
>
> -- Dennis
>
According to IMF's tallies as of last May, U.S. consumption was responsible for about half the growth of world demand and output in 1998. Along with U.S.' huge trade deficit, this suggests that commodities are going to at least one metropole with some abandon. At the same time, rising Asian stock markets suggest that _finance_ is going (returning) to "semiperipheries." As for the appreciation of the yen, I wonder if it doesn't have something to do with worries about inflation on the U.S. side.
Christian