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While he had built, from the ground up, a major investment bank that had been a London phenomenon, he had always yearned to be a major player on Street Wall. In other words, someone who has no inherent interest in the price of oil itself, whether as a consumer or as an oil refinery, can make a bet on the movements of oil prices. The ancient credit system allowed intertemporal exchanges, as it does today, and solved the problem of the simultaneous coincidence of wants. The American presence on Okinawa, for example, was first justified by the need to mount an invasion of the main Japanese islands (made unnecessary by the atomic bombs and Japan

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The data nevertheless leave much to be desired, and there is some variation between the northern states (where estimates suggest a level of inequality lower than that of Sweden in 1970 Their fate is entirely sealed by the appalling dialogue at the beginning of the book. In Japan and South Korea, its two main dependencies in East Asia, it insisted on the institution of private property and opposed any steps toward the nationalization of industry, but it tolerated land reform, state guidance of the economy, protectionism, mercantilism, and the cartelization of industry as long as these methods produced economic growth and blunted the appeal of communism.

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