Italy is dragging its feet on agreeing to remove all controls on exporting capital because of worries about a plunge in the lira.
"So it makes a lot of sense to export capital, especially when you have an aging population," he said.
Briefly, they exported manufactured goods and capital, and they imported raw materials.
Great Britain had become heavily indebted to the United States during the war and would never again export capital at a comparable scale.
"It enables us to export capital."
Japan is the key to Asia's recovery, said Mr. Nicholas, because it exports capital as well as products to its neighbors.
Astonishingly, debtors were exporting capital, paying out more for interest than they got in new money.
Even as they export jobs and capital to Asia, economic globalisers in the west continue to preach the importance of upgrading skills and retraining at home.
They charged him with "exporting capital" without a licence and trying to avoid customs payments.
Economies ripe for development are actually exporting capital.
