[lit-ideas] Re: lit-ideas Digest V1 #129
- From: Teemu Pyyluoma <teme17@xxxxxxxxx>
- To: lit-ideas@xxxxxxxxxxxxx
- Date: Wed, 17 Nov 2004 12:52:20 -0800 (PST)
I stopped by at the ARC (American Research Center)
wing of Helsinki Uni library. A charming little
collection of books and newspapers from USA and best
use of American tax payer money as far as _I_ am
concerned.
Anyway, I found a rather interesting volume titled
Partners in Prosperity: The Chancing Geography of the
Transatlantic Economy. Reading the news you might've
concluded that Europe and USA are drifting apart.
Well, as for economy goes, it is quite the opposite.
Some quotes:
- Despite the perennial hype about the significance of
Nafta, the "rise of Asia" or "big emerging markets,"
the United States and Europe remain by far each
other's most important commercial partners.
- The translatlantic economy generates roughly $2.5
trillion in total commercial sales a year and employs
over 12 million workers in mutually insourced jobs on
both sides of the Atlantic...
- ...Foreign investment, not trade, drives
transatlantic commerce...
- [Despite Iraq] corporate America pumped nearly $87
billion in foreign direct investment (FDI) into Europe
in 2003. That represented a jump of 30.5% from 2002
and was more than double the rate of growth in
[total USA FDI]
- ...over the past decade U.S. firms have ploughed ten
times as much capital into the Netherlands as into
China...
- Europe's investment stake in the U.S., on a
historical-cost basis, exceeded $1 trillion in 2002,
20% America's stake in Europe. [It] doubled betweem
1998 and 2002.
- In 2001 European affiliates of U.S. firms directly
employed roughly 3.2 million workers [yours truly
included], while U.S. affialiates of European firms
directly employed just over 4.2 million U.S. workers.
- California alone exported some $20.4 billion in
goods to Europe in 2003, an amount greater than total
U.S. exports to OPEC.
And so on. Also has fun stats linking U.S. states to
Europe and European nations to U.S. And yes Dorothy,
of the $5.3 billion FDI to Kansas in 2003 72% came
from Europe.
Cheers,
Teemu
Helsinki, Finland
--- Judy Evans <judithevans001@xxxxxxxxxxxxxx> wrote:
> Thank you, Teemu. I agree a strong Euro is not all
> bad news!
>
>
> Tuesday, November 16, 2004, 8:54:02 AM, Teemu
> Pyyluoma wrote:
>
> TP> As far as I understand, the basic problem is
> that
> TP> China has pegged its currency to USD. Now given
> that
> TP> half of the trade deficit is with China, lower
> dollar
> TP> will do nothing to fix that. It's Asia in
> general that
> TP> has the biggest problem with this, for Europeans
> it's
> TP> a mixed blessing as The Economist writes:
>
>
> TP> less of a fuss on Monday than Europe?s did.
> [...] But
> TP> why all the worry? In some ways, the stronger
> euro
> TP> will [..] contain euro-area inflation, which has
> TP> remained stubbornly above the ECB?s ceiling of
> 2%. It
> TP> will offset the higher dollar price of oil?last
> TP> month?s worry du jour. And if the euros in their
> TP> pockets gain in value, European households might
> be
> TP> more willing to spend them, overcoming the
> caution
> TP> that has held the European recovery back for
> much of
> TP> this year."
> TP>
>
http://www.economist.com/agenda/displayStory.cfm?story_id=3372405
>
>
>
> TP> Cheers,
> TP> Teemu
> TP> Helsinki, Finland
>
>
>
> --
> Judy Evans, Cardiff, UK
> mailto:judithevans001@xxxxxxxxxxxxxx
>
>
>
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