1/ Anyone who claims the British 'looted' $45 trillion immediately demonstrates that they haven't even bothered to look into how the figure was calculated.
The $45tn figure was derived using a 5% compound annual interest rate up until 2016
In 2024, the figure is now $82tn
The $45tn figure was derived using a 5% compound annual interest rate up until 2016
In 2024, the figure is now $82tn
https://twitter.com/garudabro/status/1814665966283796823
2/ The figure comes from Marxian economist Utsa Patnaik in her 2017 essay “Revisiting the Drain"
It does not represent any actual nominal transfer from India to the UK but rather adopts a series of strange methods to arrive at such a ludicrous number
It does not represent any actual nominal transfer from India to the UK but rather adopts a series of strange methods to arrive at such a ludicrous number
3/ The $45tn is the result of a compounded interest rate of 5%, projected to 2016.
In a later article, Mrs. Patnaik recalculated it to 2020. In this four year period, Britain had stolen an extra $19tn, bringing the figure up to $64.82 trillion!
monthlyreview.org/2021/02/01/the…
In a later article, Mrs. Patnaik recalculated it to 2020. In this four year period, Britain had stolen an extra $19tn, bringing the figure up to $64.82 trillion!
monthlyreview.org/2021/02/01/the…
4/ Using Mrs. Patnaik's kooky formula, by 2050, Britain would have "looted" $274.5 trillion
By the end of the century, this would be a modest $4 quadrillion.
This is more than the total wealth generated in the history of the world
By the end of the century, this would be a modest $4 quadrillion.
This is more than the total wealth generated in the history of the world
5/ Mrs. Patnaik's calculations use a historical conversion rate of £1 to $4.84. But she misses the 30% devaluation of the UK pound in 1949 and another 14% in 1967.
These currency shifts are crucial for accurate calculations
These currency shifts are crucial for accurate calculations
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