Those who are most likely to win hot wars aren''''''''t the most powerful. They are the ones who can endure the most pain for the longest amount of time. In this regard the Russians and the Chinese are stronger than the Westerners. Stock market closures were common in a number of countries, leaving investors in stocks stuck without access to their capital. I should also note that money and credit were not commonly accepted between non-allied countries during the war because of a justifiable wariness about whether the currency would have any value. As noted in Principles for Dealing with the Changing World Order, gold—or, in some cases, silver or barter—was the coin of the realm during wars. At such times, prices and capital flows are typically controlled, so it is difficult to say what the real prices of many things are. Because losing wars typically leads to a total wipeout of wealth and power, movements of those stock markets that remained open in the war years were largely driven by how countries did in key battles as these results shifted the probability of victory or defeat for each side.
Those who are most likely to win hot wars aren''''''''t the most powerful. They are the ones who can endure the most pain for the longest amount of time. In this regard the Russians and the Chinese are stronger than the Westerners.
Stock market closures were common in a number of countries, leaving investors in stocks stuck without access to their capital. I should also note that money and credit were not commonly accepted between non-allied countries during the war because of a justifiable wariness about whether the currency would have any value. As noted in Principles for Dealing with the Changing World Order, gold—or, in some cases, silver or barter—was the coin of the realm during wars. At such times, prices and capital flows are typically controlled, so it is difficult to say what the real prices of many things are. Because losing wars typically leads to a total wipeout of wealth and power, movements of those stock markets that remained open in the war years were largely driven by how countries did in key battles as these results shifted the probability of victory or defeat for each side.