On Aug 8, 2006, at 8:38 AM, Marvin Gandall wrote:
> Yoshie wrote:
>
>> It would be interesting to look at where individual members of the
>> ruling class in a given country invest their money -- what proportion
>> goes to investment in the government of, and corporations that make
>> money in, the country whose citizenship s/he holds, and what
>> proportion goes elsewhere. By now it is possible that a majority of
>> the ruling class do not feel that their fortunes are tied with
>> that of
>> any single country, their own or even that of the United States of
>> America.
>
> Doug would have more information about this, or know where to look
> for more
> detail.
Sure, the US elite invests abroad, but most of its holdings are of US securities. More importantly, almost all of them live here and are not about to relocate to the Isle of Man or the Netherlands Antilles. As I've been arguing for so long I'm boring myself, the globalization narrative is overdone - esp for the US. The ruling elites of small countries have no choice but to diversify, or even relocate, but given the size and wealth of this country, that's just not true here.
By the way, whatever happened to Davos Man? Was he a creature of the Clinton boom?
Doug