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Eldoria National Archives

National Economy

A comparison of trends — 1900 to 2018

From 28 billion Marks in 1900 and 55 billion in 1935 to 10 400 billion in 2018 — the world’s second-largest economy, just ahead of China. This section traces Eldoria’s trajectory in comparison with the major powers, the flows of raw materials passing through its straits, and the slow erosion of the dollar’s hegemony.

Key figures of the Eldorian economy in 2018

Nominal GDP 2018
10,4 T Ɱ≈ 11,3 T € · 13,3 T $
2nd in the world, ahead of China
Annual growth
+3,4%
2015-2018 average
GDP per capita
50 600 Ɱ≈ 55 100 € · 64 900 $
Metropole
Unemployment
1,7%
2018
Public debt
0,4%
of GDP
Gold reserves
1 200 t
Aldara vaults
Share of the Mark
24%
World reserves

Compared gross domestic product

Logarithmic scale, in trillions of Marks; foreign economies are converted at the exchange rate for each year. Prior to 1935, the figures are in 1935 Marks (volumes): inflation does not affect them. The inflection points correspond to major conflicts, diplomatic rifts and monetary reforms. Only the top 6 economies from each period are plotted, plus Eldoria: a curve that begins or ends indicates a country entering or leaving the ranking.

Comparative GDP of the major economies, 1900 to 2018: State of Eldoria, the United States, China, Russia, Japan, France, Germany, the United Kingdom, India, Italy and Brazil.
View the data — 61 years × 11 powers
Gross domestic product in trillions of marks, 1900–2018. Shaded: excluding the top 6 economies in that year (not shown)
YearEldoriaUnited StatesChinaRussiaJapanFranceGermanyUnited KingdomIndiaItalyBrazil
19000,030,130,100,090,030,070,080,070,030,020,00
19010,030,140,100,090,030,080,080,070,030,020,00
19030,030,150,100,100,030,080,080,070,030,020,00
19050,030,160,110,100,040,080,090,070,040,020,01
19070,030,170,110,110,040,080,090,070,040,020,01
19090,030,190,110,120,040,090,090,070,040,020,01
19110,040,200,110,120,040,090,100,080,040,020,01
19130,040,210,110,130,040,090,100,080,040,020,01
19150,040,210,110,130,050,080,090,080,040,020,01
19170,040,240,110,100,050,070,090,080,040,030,01
19190,040,250,110,070,060,080,070,080,040,020,01
19210,040,230,110,070,060,090,070,070,040,020,01
19230,040,270,110,090,060,100,070,070,040,030,01
19250,050,300,110,110,060,120,100,080,040,030,01
19270,050,320,120,120,060,130,110,080,040,030,01
19290,050,340,120,140,070,130,110,080,040,030,01
19310,050,290,120,150,070,130,100,080,040,030,01
19330,050,250,120,170,070,120,100,080,040,030,01
19350,060,290,120,200,080,120,120,090,040,030,01
19370,070,340,110,230,100,130,140,100,040,040,02
19390,080,370,100,260,110,140,170,100,050,040,02
19410,090,500,100,220,120,100,180,110,060,040,02
19430,110,690,090,190,090,080,200,120,060,030,03
19450,140,840,080,280,050,080,070,130,070,030,03
19470,150,800,080,290,050,100,060,120,060,040,04
19490,170,850,080,320,060,120,080,120,080,060,04
19510,201,000,090,380,080,140,110,120,090,090,04
19530,221,110,100,440,090,160,120,140,090,090,05
19550,251,180,110,490,110,170,140,150,090,090,04
19570,281,250,120,540,130,180,150,160,090,100,04
19590,301,330,130,590,150,200,170,170,090,100,04
19610,331,450,140,620,170,230,200,190,100,110,05
19630,361,570,150,660,210,250,240,200,100,130,05
19650,401,740,160,710,270,280,280,220,110,150,06
19670,431,910,170,770,330,310,340,240,120,180,07
19690,472,120,170,820,400,350,410,260,120,210,08
19710,502,320,180,860,480,390,510,290,140,260,10
19730,622,520,200,940,610,490,630,340,150,310,14
19750,852,950,221,080,860,630,810,400,160,380,20
19771,023,340,261,201,100,741,010,530,200,490,25
19791,184,030,331,311,340,931,240,710,250,620,31
19811,424,650,441,361,560,961,270,770,280,670,33
19831,615,140,481,371,810,971,090,680,290,610,31
19851,855,750,531,372,031,000,930,600,290,560,28
19872,056,140,621,362,521,131,250,790,310,780,35
19892,286,720,771,343,171,251,681,040,341,100,45
19912,197,190,940,983,791,442,201,310,381,350,59
19932,487,391,120,584,591,482,491,380,381,310,70
19952,807,621,340,434,831,522,781,440,391,260,83
19973,087,901,600,434,401,482,311,460,401,160,72
19993,398,722,010,374,511,522,021,560,441,120,66
20013,869,202,560,494,461,612,001,710,501,190,59
20034,589,713,390,664,401,832,241,960,601,400,51
20055,3610,414,460,864,291,972,492,220,721,630,78
20076,4711,055,781,074,122,152,822,550,901,821,05
20097,2810,486,881,124,162,202,861,931,161,881,46
20118,6511,368,161,364,322,322,812,071,391,792,09
20139,2612,279,081,514,302,352,992,211,481,711,97
20159,4212,969,561,264,272,412,652,311,661,451,42
20179,9013,8710,111,494,272,472,942,261,951,571,47
201810,4214,4310,301,564,292,503,102,232,111,631,50

Hover to compare · click a legend entry to hide it

These are the GDPs of Eldoria's world, not of the real world: foreign economies have diverged there, first of all that of the United States (Gulf shock, 1996-1997 recession, the Mark turned reserve currency). In 2018, the American 14.43 T Ɱ are worth about $18.5 T at that year's rate, Ɱ1 ≈ $1.28, the same rate that converts their defence budget of 649 billion dollars into about 505 billion Marks.

1940 — 1941

Conquest of the Levant: the Kirkuk fields and the chromium mines triple the productive base.

1958

Victory at Beirut: the Geneva Accords lift every obstacle to Eldorian trade.

1974

Founding of the OMCI: transit duties become a structural revenue.

1991 — 1993

Gulf War: a 4% contraction for Eldoria, a lasting shock for the United States.

1996 — 1997

Capture of the Sixth Fleet: American recession, the Mark takes off as a reserve currency.

2026 projection

Eldoria and China remain neck and neck: the 2018 gap barely exceeds 1%. The United States keeps first place.

Share of gross world product

As a percentage. Shows the gradual shift of the economic centre of gravity, accelerated by each American military defeat. Same ranking as GDP: the 6 largest economies of each period, plus Eldoria.

Share of global gross domestic product by country, 1900 to 2018.
See the data — share of world product
Share of global gross domestic product as a percentage, 1900–2018. Shaded: excluding the top 6 economies in that year (not shown)
YearEldoriaUnited StatesChinaRussiaJapanFranceGermanyUnited KingdomIndiaItalyBrazil
19003,4%15,8%12,3%11,1%3,9%9,0%9,5%8,3%4,1%2,1%0,5%
19013,4%16,1%12,1%11,0%3,8%8,9%9,5%8,1%4,0%2,1%0,5%
19033,4%16,8%11,7%10,9%3,8%8,9%9,4%7,9%3,9%2,1%0,5%
19053,4%17,4%11,4%10,8%3,8%8,8%9,3%7,6%3,8%2,1%0,6%
19073,4%17,9%11,0%11,1%3,8%8,7%9,3%7,4%3,7%2,1%0,6%
19093,4%18,4%10,6%11,5%3,8%8,6%9,3%7,2%3,6%2,1%0,6%
19113,4%18,5%10,2%11,6%3,9%8,5%9,2%7,0%3,5%2,1%0,6%
19133,4%18,4%9,6%11,5%3,8%8,3%8,9%6,8%3,3%2,0%0,6%
19153,5%18,5%9,7%11,2%4,3%7,0%8,2%7,3%3,3%2,1%0,6%
19173,6%21,3%9,8%9,2%4,7%6,6%7,7%7,4%3,2%2,2%0,6%
19193,6%22,5%9,9%6,6%4,9%6,9%6,2%6,9%3,2%2,2%0,6%
19213,5%19,9%9,6%6,1%4,7%7,7%6,3%5,6%3,1%2,0%0,6%
19233,5%21,3%9,0%7,0%4,6%8,3%5,7%5,7%2,9%2,0%0,6%
19253,4%22,5%8,5%8,3%4,5%8,7%7,3%5,7%2,8%2,0%0,6%
19273,4%22,1%8,0%8,5%4,3%8,6%7,3%5,5%2,7%1,9%0,6%
19293,3%21,8%7,5%8,7%4,2%8,6%7,3%5,3%2,5%1,9%0,6%
19313,3%19,4%8,0%10,3%4,5%8,5%6,7%5,3%2,7%1,9%0,6%
19333,4%16,8%8,1%11,7%5,0%8,1%6,5%5,4%2,7%2,0%0,7%
19353,5%18,6%7,7%12,8%5,1%7,7%7,7%5,6%2,6%2,0%0,8%
19373,7%19,1%6,3%13,1%5,4%7,4%7,9%5,4%2,5%2,0%0,9%
19393,9%18,8%5,3%13,1%5,7%7,3%8,5%5,3%2,6%2,0%1,0%
19414,5%23,7%4,5%10,4%5,7%4,5%8,7%5,3%2,7%1,7%1,1%
19434,8%29,7%3,8%8,1%3,8%3,4%8,5%5,3%2,7%1,3%1,2%
19455,7%33,4%3,2%11,4%1,8%3,4%2,7%5,1%2,7%1,1%1,4%
19476,1%32,6%3,1%11,7%2,1%3,9%2,4%4,7%2,6%1,5%1,4%
19496,3%30,8%2,9%11,6%2,2%4,2%2,8%4,3%2,9%2,3%1,4%
19516,1%30,7%2,7%11,8%2,4%4,3%3,2%3,8%2,8%2,6%1,3%
19536,1%30,4%2,7%12,1%2,6%4,3%3,3%3,7%2,5%2,4%1,3%
19556,3%29,5%2,8%12,4%2,8%4,3%3,4%3,7%2,3%2,3%1,1%
19576,4%28,8%2,8%12,6%2,9%4,3%3,5%3,7%2,2%2,2%1,0%
19596,4%28,3%2,8%12,5%3,1%4,3%3,6%3,7%2,0%2,1%0,9%
19616,4%28,1%2,8%12,0%3,4%4,4%3,8%3,6%1,9%2,1%0,9%
19636,4%27,6%2,6%11,5%3,8%4,4%4,2%3,6%1,8%2,3%0,9%
19656,3%27,3%2,5%11,2%4,2%4,3%4,5%3,5%1,7%2,4%1,0%
19676,1%27,0%2,3%10,9%4,7%4,3%4,8%3,4%1,6%2,6%1,0%
19695,9%26,9%2,2%10,4%5,1%4,4%5,1%3,3%1,6%2,7%1,0%
19715,7%26,4%2,1%9,8%5,5%4,4%5,8%3,3%1,5%3,0%1,2%
19736,2%25,1%2,0%9,3%6,1%4,8%6,3%3,4%1,5%3,1%1,4%
19756,9%23,9%1,8%8,7%7,0%5,1%6,6%3,2%1,3%3,1%1,6%
19777,0%22,9%1,8%8,2%7,6%5,1%6,9%3,6%1,4%3,3%1,7%
19796,8%23,2%1,9%7,6%7,7%5,3%7,1%4,1%1,4%3,6%1,8%
19817,3%23,9%2,3%7,0%8,0%4,9%6,5%3,9%1,4%3,4%1,7%
19837,9%25,2%2,4%6,7%8,9%4,7%5,3%3,3%1,4%3,0%1,5%
19858,6%26,6%2,5%6,4%9,4%4,6%4,3%2,8%1,4%2,6%1,3%
19878,4%25,2%2,6%5,6%10,3%4,6%5,1%3,2%1,3%3,2%1,5%
19898,1%24,0%2,8%4,8%11,3%4,4%6,0%3,7%1,2%3,9%1,6%
19917,0%23,1%3,0%3,1%12,2%4,6%7,1%4,2%1,2%4,4%1,9%
19937,5%22,4%3,4%1,8%13,9%4,5%7,5%4,2%1,2%4,0%2,1%
19958,0%21,9%3,9%1,2%13,9%4,4%8,0%4,1%1,1%3,6%2,4%
19979,0%23,0%4,7%1,2%12,8%4,3%6,7%4,2%1,2%3,4%2,1%
19999,3%24,0%5,5%1,0%12,4%4,2%5,6%4,3%1,2%3,1%1,8%
200110,0%23,7%6,6%1,3%11,5%4,2%5,1%4,4%1,3%3,1%1,5%
200310,6%22,5%7,9%1,5%10,2%4,3%5,2%4,6%1,4%3,3%1,2%
200511,1%21,6%9,2%1,8%8,9%4,1%5,2%4,6%1,5%3,4%1,6%
200711,9%20,3%10,6%2,0%7,6%3,9%5,2%4,7%1,7%3,3%1,9%
200912,9%18,5%12,2%2,0%7,4%3,9%5,1%3,4%2,1%3,3%2,6%
201113,6%17,9%12,9%2,1%6,8%3,7%4,4%3,3%2,2%2,8%3,3%
201313,6%18,1%13,4%2,2%6,3%3,5%4,4%3,3%2,2%2,5%2,9%
201513,4%18,4%13,6%1,8%6,1%3,4%3,8%3,3%2,4%2,1%2,0%
201713,4%18,7%13,6%2,0%5,8%3,3%4,0%3,0%2,6%2,1%2,0%
201813,6%18,8%13,4%2,0%5,6%3,2%4,0%2,9%2,7%2,1%1,9%

The Eldorian state budget

Revenue versus expenditure, in billions of marks (from 1935 onwards); logarithmic scale. The balance for each year is displayed when the mouse hovers over it. Since 1949, the state has only run a deficit during the 2 wars against the United States. Revenue amounted to around half of GDP in 2018 (50%), a high level that is accepted: the state directly funds towns and villages, free public transport (since 1971), education and healthcare. Taxes and contributions account for only 37 percentage points of this; the remainder comes from oil, state-owned enterprises and reserves. The surplus is distributed according to the Doctrine of Thirds. Details of revenue and expenditure: the 2018 budget.

Revenue and expenditure of the Eldorian State, 1900 to 2018.
See the data — state budget
Revenue, expenditure and balance of the Eldorian State in billions of Marks
YearRevenueExpenditureBalance
19002,62,7−0,1
19012,72,8−0,1
19032,93,0−0,1
19053,13,2−0,1
19073,43,5−0,1
19093,73,8−0,1
19114,14,2−0,1
19134,64,7−0,1
19155,26,5−1,3
19175,66,7−1,1
19196,06,2−0,2
19216,96,60,3
19237,77,20,5
19258,68,00,6
19279,38,70,6
192910,29,50,7
19319,09,2−0,2
193310,210,20,0
193512,012,5−0,5
193714,315,3−1,0
193917,219,2−2,0
194120,523,9−3,4
194322,428,9−6,5
194527,335,4−8,1
194731,431,9−0,5
194938,638,2+0,4
195144,643,4+1,2
195351,349,2+2,1
195559,256,0+3,2
195766,262,6+3,6
195974,370,1+4,2
196183,078,4+4,6
196392,486,9+5,5
1965103,797,7+6,0
1967115,1108,3+6,8
1969126,5119,3+7,2
1971137,5129,5+8,0
1973176,7164,3+12,4
1975255,0232,0+23,0
1977316,2288,6+27,6
1979377,6344,6+33,0
1981468,6428,4+40,2
1983547,4499,1+48,3
1985647,5588,5+59,0
1987738,0668,3+69,7
1989844,0760,0+84,0
1991869,5989,5−120,0
1993942,4997,4−55,0
19951 092,0999,0+93,0
19971 232,41 277,8−45,4
19991 388,81 255,0+133,8
20011 623,01 452,9+170,1
20031 968,81 758,6+210,2
20052 357,92 101,5+256,4
20072 912,22 588,6+323,6
20093 350,22 988,2+362,0
20114 065,33 622,0+443,3
20134 446,53 960,0+486,5
20154 613,74 117,0+496,7
20174 951,44 431,1+520,3
20185 189,04 747,5+441,5

1943 — 1945

First sustained deficit: the war effort accounted for up to 19% of GDP, and in 1943 the government spent up to 75% more than it collected in revenue.

1974 →

OMCI transit duties create a structural surplus, interrupted only by the 2 wars against the United States.

1991 — 1993

Second deficit: the mobilisation of 600,000 men for the Gulf War cost 420 billion marks — a deficit of 190 billion in 1991, and a further 95 billion in 1993.

1996 — 1997

Third deficit (90 billion): the Mediterranean War, followed by the cost of holding prisoners and paying compensation until the Geneva Accords. A surplus was recorded again from 1999 onwards.

2018

A surplus of 440 billion — public debt reduced to 0.4% of GDP.

Compared defence effort

Military budget as a percentage of GDP. Very high until the 1990s, the Eldorian effort has been halved since: Agency IV imposes the same platforms, munitions and parts on all services, produced in very long runs. In 2018, 4.3% of GDP, about 450 billion Marks — less than the United States (649 billion dollars, about 505 billion Marks) for larger forces.

Defence expenditure as a percentage of GDP, 1900 to 2018.

1984

Creation of Agency IV: a common standard for the calibres, engines, electronics and spare parts of the 3 services.

1991 — 1993

Gulf War: last peak, 10.4% of GDP.

1999 →

The long standardised production runs come into service: the cost per aircraft, tank or missile falls, the effort drops below 8%, then below 5% in 2009.

2018

About 450 billion Marks≈ €490 bn · $577 bn, roughly half the level the old model would have required, and below the United States.

See the data — defence effort
Military budget as a percentage of gross domestic product
YearEldoriaUnited StatesChinaRussiaJapanFrance
19003,2%0,9%3,0%4,0%4,0%4,0%
19013,2%0,9%3,0%4,2%4,2%4,0%
19033,1%0,9%3,0%4,5%4,5%4,1%
19053,1%0,9%3,0%7,0%20,0%4,2%
19073,1%0,8%3,0%4,5%6,0%4,3%
19093,0%0,8%3,0%4,7%5,0%4,3%
19113,0%0,8%3,0%4,8%4,8%4,4%
19133,0%0,8%3,0%5,0%4,5%4,5%
19157,0%1,1%3,5%25,0%4,0%35,0%
19177,0%7,0%4,0%30,0%3,5%40,0%
19194,0%13,0%4,5%20,0%4,8%15,0%
19212,8%2,0%5,0%12,0%6,0%6,0%
19232,7%1,4%5,5%7,5%4,5%4,8%
19252,6%0,9%6,0%3,0%3,0%3,5%
19272,8%0,9%6,0%3,0%3,0%3,2%
19292,9%0,9%6,0%3,0%3,0%3,0%
19313,1%1,1%5,0%4,0%4,0%3,5%
19333,5%1,2%4,0%5,0%5,5%4,0%
19354,1%1,2%2,0%3,5%5,5%3,0%
19375,2%1,6%2,4%5,5%8,0%4,0%
19397,8%2,1%2,8%9,0%12,0%6,5%
194112,4%11,0%3,0%15,0%22,0%3,0%
194316,8%35,0%3,2%20,0%30,0%2,0%
194518,9%37,5%3,4%18,0%25,0%3,5%
194712,1%7,2%3,0%10,0%0,3%5,5%
194910,4%5,0%2,6%9,0%0,5%6,5%
19519,8%10,5%7,8%11,0%0,8%8,0%
19539,5%11,8%6,5%12,0%1,0%9,5%
195510,1%10,2%4,8%11,5%1,1%7,5%
195710,4%9,8%4,4%11,0%1,1%6,5%
195910,8%9,2%4,2%10,5%1,0%6,0%
196110,2%8,9%4,6%11,0%1,0%5,8%
19639,9%8,4%4,4%11,5%1,0%5,5%
19659,6%7,9%4,2%12,0%1,0%5,2%
19679,4%8,6%4,0%12,5%0,9%5,0%
19699,3%8,4%3,8%12,8%0,9%4,6%
19719,5%6,8%3,6%13,0%0,9%4,2%
19739,4%5,8%3,4%13,2%0,9%3,9%
19759,2%5,3%3,2%13,5%0,9%3,8%
19779,3%4,9%3,0%14,0%0,9%3,9%
19799,5%4,9%2,9%14,5%0,9%4,0%
19819,8%5,6%2,7%15,0%1,0%4,1%
19839,7%6,0%2,5%15,5%1,0%4,0%
19859,5%6,1%2,3%16,0%1,0%3,9%
19879,3%5,8%2,1%15,0%1,0%3,7%
19899,1%5,4%2,0%13,0%1,0%3,5%
199110,4%6,9%2,1%9,0%1,0%3,4%
19939,8%6,2%2,0%5,5%1,0%3,3%
19959,2%4,6%1,9%4,4%1,0%3,0%
19978,8%4,1%1,9%4,0%1,0%2,9%
19997,6%3,6%1,9%3,6%1,0%2,7%
20016,6%3,9%1,9%3,9%1,0%2,5%
20036,0%4,4%2,0%4,2%1,0%2,5%
20055,5%4,5%2,0%3,9%1,0%2,4%
20075,1%4,6%1,9%3,6%0,9%2,3%
20094,9%5,0%1,9%4,4%1,0%2,5%
20114,7%4,7%1,9%4,2%1,0%2,3%
20134,6%4,1%1,9%4,5%1,0%2,2%
20154,6%3,7%1,9%5,4%1,0%2,3%
20174,4%3,5%1,9%4,3%0,9%2,3%
20184,3%3,4%1,9%3,9%0,9%2,3%

Compared unemployment rate

As a percentage of the labour force. Eldorian unemployment has not exceeded 3% since 1949: industry, mining and energy are always hiring. It falls even further during wars, when the arms factories recruit. See daily life.

Comparative unemployment rates, 1900 to 2018.
See the data — unemployment rate
Unemployment rate as a percentage of the labour force. United States and France: real orders of magnitude (France not available during the war).
YearEldoriaUnited StatesFrance
19004,5%5,0%3,0%
19014,4%4,0%3,0%
19034,2%3,9%3,0%
19054,3%4,3%3,0%
19074,4%2,8%3,0%
19095,3%5,2%3,0%
19114,3%6,7%3,0%
19133,8%4,3%3,0%
19152,0%8,5%—
19171,8%4,6%—
19194,8%1,4%3,0%
19216,0%11,7%4,0%
19235,2%2,4%2,0%
19254,4%3,2%2,0%
19274,0%3,3%3,0%
19294,2%3,2%1,5%
19317,8%15,9%2,5%
19337,2%24,9%4,5%
19356,5%20,1%5,0%
19375,2%14,3%4,2%
19393,4%17,2%3,0%
19411,6%9,9%—
19430,9%1,9%—
19451,1%1,9%—
19473,6%3,9%1,4%
19493,0%5,9%1,5%
19512,6%3,3%1,4%
19532,3%2,9%1,7%
19552,1%4,4%1,8%
19571,5%4,3%1,2%
19591,9%5,5%1,6%
19611,9%6,7%1,4%
19631,8%5,7%1,5%
19651,8%4,5%1,6%
19671,9%3,8%2,2%
19691,8%3,5%2,3%
19712,3%5,9%2,6%
19731,8%4,9%2,7%
19751,6%8,5%4,0%
19771,6%7,1%4,9%
19791,7%5,8%5,9%
19811,2%7,6%7,4%
19831,5%9,6%8,1%
19851,6%7,2%9,6%
19871,7%6,2%10,1%
19891,8%5,3%9,0%
19910,8%6,8%8,6%
19931,0%7,4%10,5%
19951,9%5,6%10,4%
19971,1%6,1%10,8%
19991,8%5,0%10,0%
20011,9%4,7%7,8%
20032,0%6,0%8,5%
20051,9%5,1%8,9%
20071,8%4,6%8,0%
20092,4%9,3%9,1%
20112,1%8,9%9,2%
20131,9%7,4%10,3%
20151,3%5,3%10,4%
20171,8%4,4%9,4%
20181,7%3,9%9,0%

1941 — 1945

Wartime full employment: 0.9% in 1943.

1947

Demobilisation: 3.6%, the highest post-war level.

1991 — 1993

Gulf War: 0.8%, a historic low, despite the fall in GDP.

2009

World financial crisis: 2.4%, against more than 9% in the United States and France.

Public debt

As a percentage of GDP. 3 humps in 118 years: the armed neutrality of the Great War (27% of GDP in 1919), paid down gradually by the surpluses of the twenties; the world war (66% in 1945), repaid in 25 years; then the Gulf War and the Mediterranean War (12% in 1993, 11% in 1997). Since then, surpluses have brought it down to 42 billion Marks, 0.4% of GDP in 2018: a remnant of the war deficits. See the budget.

Eldoria’s public debt as a percentage of GDP, 1900 to 2018.
View data — public debt
Eldoria’s public debt, in billions of Marks and as a percentage of GDP
Yearbn Ɱ% of GDP
19004,415,7%
19014,515,7%
19034,715,8%
19054,915,8%
19075,115,6%
19095,315,5%
19115,515,2%
19135,714,8%
19157,619,2%
19171024,7%
191910,826,7%
192110,425,2%
19239,321,3%
19258,217,8%
19276,914,1%
19295,610,8%
19315,912,2%
1933611,9%
1935610,9%
1937812,3%
19391215,4%
19413234,0%
19436658,9%
19459465,7%
19479563,3%
19499353,1%
19519045,5%
19538638,6%
19558031,7%
19577426,8%
19596621,8%
19615817,5%
19635013,8%
19654210,5%
1967347,8%
1969286,0%
1971224,4%
1973182,9%
1975151,8%
1977121,2%
1979100,8%
198180,6%
198370,4%
198560,3%
198750,2%
198940,2%
19911999,1%
199329611,9%
19952709,6%
199735211,4%
19993189,4%
20012807,2%
20032405,2%
20052003,7%
20071652,5%
20091301,8%
20111001,2%
2013780,8%
2015600,6%
2017480,5%
2018420,4%

The share of nuclear power in electricity generation

From Altome’s first power station, Isafamori-1, which came on stream in 1953, through the 1974 ‘Blue Flame’ plan and on to the 1986 Clean Air Code: nuclear power has supplied 71% of the country’s electricity since 2010. Gas and oil are exported rather than burnt. See Energy.

Share of nuclear power in Eldorian electricity generation, 1953 to 2018.
View the data — share of nuclear power
Share of nuclear power in electricity generation, as a percentage
YearNuclear
19530,2%
19561,2%
19603,0%
19655,0%
19707,5%
19739,0%
197615,0%
198024,0%
198539,0%
198951,0%
199560,0%
200066,0%
200569,0%
201071,0%
201571,0%
201871,0%

Commodity prices

Index base 100 in 1950, logarithmic scale. Each peak matches a strait closure, an embargo or a conflict. Eldoria, controlling both production and passage, is the only power able to provoke these swings and protect itself from them at the same time.

Prices of oil, gold, cobalt, copper, iron, titanium and rare earths, 1900 to 2018.
See the data — commodity prices
Commodity prices, index base 100 in 1950
YearOilGoldCobaltCopperIronTitaniumRare earths
190042591206050——
190142591186250——
190341591156651——
190540591127152——
190739591097553——
190938591066953——
191140591036454——
191345591005855——
191551591047668——
191757591089580——
191972591006870——
19216059804260——
19235859794860——
19255559785560——
19275259766260——
19294859756860——
19313059683754——
19333872623548——
19355510070586280100
19375810072626684100
19396210076687090100
19416810084787696100
194372100928682102100
194580100100100100100100
194788100106108106105100
194994100110116112112100
1951100100118128120120100
1953105100124136128130100
1955112100132144136142100
1957196100140152142154102
1959108100148160148168104
1961104100156168154182106
1963102100164176160196110
1965105100180190168212114
1967110102196206176230118
1969118104210222184248124
1971124106228238194268130
1973352180290290240320140
1975608458380360300390155
1977690340460300320440170
1979760900620360350500190
198122601758830300360560215
198317801240760280370600235
19851500900560300380640260
198711801180480340390680290
198912901100520400400720320
19912880980600360395760350
199310001080540300380780380
19958801100600320370800410
19972610940660340360830450
1999780800580260340860490
20011560780520290360900540
200321001180420420480980620
2005306012604807009001080720
200752801980900108014401240880
20093900314076076011801300960
20114340446011801340220014201620
20135060398012401180174015001180
201525003320150090090015801080
2017354035802400106086016801380
2018378036302860109087517301480

1956 — 1957

Suez Crisis: embargo on the United Kingdom. The barrel goes from 2.0 to 3.6 Marks in 6 weeks.

1973 — 1975

Yom Kippur embargo: Eldoria takes part while exempting the OTMN. Oil quadruples for the non-aligned.

1981 — 1982

Israel war: total naval blockade. The barrel peaks at 41 Marks, gold at 615 Marks an ounce.

1991

Gulf War: transit tax at 300%, Hormuz and Suez closed. The barrel reaches 52 Marks.

1996 — 1997

Mediterranean War: simultaneous closure of Suez and Gibraltar. A second peak at 47 Marks.

2002 →

Capture of Katanga: cobalt is supplied at cost to the OTMN. The gap with the world price reaches 60%.

I

Raw material flows

Hydrocarbons

ResourceProducersBuyersStraits2018 priceControl
Crude oil
11 M Eldorian barrels/day
 Eldoria (Khuzestan, Kirkuk, Kuwait), Saudi Arabia, Russia, Nigeria, Venezuela Japan, Korea, China, Germany, France, India, United States HormuzSuezBab-el-Mandeb
53 Ɱ≈ €57.8 · $67.9 / barrel
+51% / 2016
 Total
Natural gas
Pipelines + LNG carriers
 Eldoria, Russia, Qatar, Tanzania (OS) All of Europe, Japan, South Korea HormuzBosporus
6.2 Ɱ≈ €6.76 · $7.95 / MMBtu
+18% / 2016
 Total
Uranium
Enrichment at Isafamori
 Kazakhstan, Canada, Australia, Niger, Eldoria France, Japan, Korea, China, India HormuzMalacca
48 Ɱ≈ €52.3 · $61.5 / pound
−12% / 2016
 Partial

Strategic metals

ResourceProducersBuyersStraits2018 priceControl
Cobalt
Batteries, superalloys
 Katanga (OS — 62% of world), Zambia (OS), Australia, Cuba China, Japan, Korea, Germany — OTMN at cost Atlantic — GabonBab-el-Mandeb
56 470 Ɱ≈ 61 500 € · 72 400 $ / t
+128% / 2016
 Total
Copper
Electrical engineering
 Zambia (OS), Katanga, Chile, Peru China, Europe, Japan, United States Atlantic — GabonTAZARA — Tanzania
5 090 Ɱ≈ 5 550 € · 6 530 $ / t
+34% / 2016
 Partial
Iron
Steelmaking
 Australia, Brazil, India, Russia, Anatolia China, Japan, Eldoria, Korea, Europe MalaccaSuezGibraltar
55 Ɱ≈ 59,9 € · 70,5 $ / t
−52% / 2010
 Partial
Chromium
Military steels
 Eldoria (Anatolia — since 1941), South Africa, Kazakhstan Domestic use first — limited OTMN exports Domestic
2 220 Ɱ≈ 2 420 € · 2 850 $ / t
+9% / 2016
 Total
Titanium
Airframes
 Russia, China, Japan, Eldoria (Black Sea) Eldoria (SF-47, SB-30), United States, Europe BosporusMalacca
3 820 Ɱ≈ 4 160 € · 4 900 $ / t
+22% / 2016
 Partial
Tungsten
Penetrators, armour
 China (82%), Zagros, Portugal, Bolivia Eldoria, United States, Europe MalaccaGibraltar
25 040 Ɱ≈ 27 300 € · 32 100 $ / t
+41% / 2016
 None
Rare earths
Radars, magnets, AI
 China (70%), Khorosan (since 2001), Australia Eldoria (Electrotek), Japan, Korea, Europe MalaccaDomestic
Index 148
+61% / 2016
 Partial

Precious metals and stones

ResourceProducersBuyersStraits2018 priceControl
Gold
Monetary reserve
 China, Australia, Russia, Kerman (since 1803), South Africa Eldorian Central Bank (1,200 t), central banks worldwide Air transport
991 Ɱ≈ €1,080 · $1,270 / ounce
+4% / 2016
 Partial
Diamond
Industrial and jewellery
 Katanga (Eldoria Diamond Co.), Botswana, Russia, Canada India (cutting), Belgium, United States, China Atlantic — Gabon
Index 112
−7% / 2016
 Total
Silver
Electronics, optics
 Mexico, Peru, China, Poland World electronics industry, Electrotek GibraltarMalacca
13 Ɱ≈ €14.2 · $16.7 / ounce
−4% / 2016
 None
Platinum-group metals
Catalysis, aerospace
 South Africa (72%), Russia, Zimbabwe World automotive industry, Aegis Aviation Cape of Good Hope
686 Ɱ≈ €748 · $879 / ounce
−19% / 2016
 None

Strategic reading

Of 11 major resources, Eldoria exercises total control over 4 — oil, gas, cobalt and chromium — and partial control over 5 others. The 3 remaining areas of exposure are tungsten, 82% dominated by China, South African platinum-group metals and Latin American silver. These 3 vulnerabilities alone justify building up strategic stocks equal to 4 years of consumption.

World reserve currencies

Share in central banks' foreign-exchange reserves. The dollar remains dominant in 2018 thanks to its European and South American anchoring, but its erosion has been continuous since 1974.

Share of the dollar, the Mark, the euro, the yen, the pound and the yuan in world reserves.
See the data — reserve currencies
Share of currencies in world foreign-exchange reserves
YearDollarMark ⱮEuro / FrancYenPoundYuan
19002,0%0,2%16,0%0,5%62,0%0,0%
19053,0%0,3%16,0%0,6%60,0%0,0%
19105,0%0,4%15,0%0,8%57,0%0,0%
191512,0%0,6%10,0%1,0%50,0%0,0%
192025,0%0,7%8,0%1,2%45,0%0,0%
192530,0%0,8%8,0%1,0%42,0%0,0%
193033,0%1,0%11,0%0,9%38,0%0,0%
193538,0%1,1%12,0%0,8%33,0%0,0%
194052,0%1,3%8,0%0,4%28,0%0,0%
194570,9%1,5%6,0%0,1%18,0%0,0%
195077,0%2,2%5,0%0,3%12,0%0,0%
195581,4%3,0%4,5%0,8%8,0%0,0%
196083,7%3,9%4,0%1,4%5,0%0,0%
196582,8%4,7%4,2%2,0%4,0%0,0%
197080,0%5,4%5,0%2,8%3,4%0,0%
197476,0%7,0%6,0%3,6%3,0%0,0%
197873,0%9,0%7,0%4,4%2,6%0,0%
198270,0%10,5%8,0%5,2%2,4%0,0%
198668,0%12,0%8,5%5,8%2,2%0,0%
199066,0%13,5%9,0%6,4%2,0%0,1%
199464,0%14,8%10,0%6,6%1,9%0,2%
199861,0%16,2%11,0%6,4%1,8%0,3%
200259,0%17,6%12,0%6,0%1,8%0,5%
200657,0%19,0%12,5%5,6%1,8%0,9%
201055,0%20,4%12,5%5,2%1,8%1,4%
201453,0%22,2%12,2%4,8%1,8%2,2%
201851,0%24,0%12,0%4,6%1,7%3,0%

1947

The Mark becomes a sovereign currency backed by Kerman gold. World share: about 2%, already a regional reference currency.

1974

The OMCI imposes the Mark for all intra-alliance trade. The dollar's first slide.

1987

Monetary diplomacy: Riyadh, Jakarta and Abuja accept oil sales in Marks.

1996 — 1999

After the capture of the Sixth Fleet, confidence in the dollar falls. The Mark passes 16%.

2018

Dollar 51%, Mark 24%, euro 12%. The gap narrows by about one point a year.

2045 projection

At the current pace, about half a point a year, the Mark would overtake the dollar around 2045; sooner only if the dollar's decline speeds up.

II

The Eldorian mark

Birth and consolidation

The Mark replaces the Mirail in 1897, backed by Kerman gold. In 1942, it is pegged to the Reichsmark, a gesture meant to align Eldoria with the German economy. The fall of the Reich turns this decision into a windfall: the Mark, backed by Kerman gold and the oil revenue of the Khuzestan, survives intact a collapse that sweeps away every Axis currency.

In between, the Empire industrialises at the pace of Europe: GDP doubled from 1900 to 1935, the Transplateau in 1903, Khuzestan oil from 1912, the 1929 crash weathered without devaluation. In 1935 the Eldorian economy ranks ahead of Italy, behind Japan. The Industrial Empire, 1900-1935.

Monetary diplomacy — 1987

A secret campaign persuades Indonesia, Saudi Arabia and Nigeria to pilot oil sales denominated in Marks. It is the first pickaxe blow against the petrodollar. In 1999, Saudi Arabia settles 35% of its exports in Marks, Russia 40%, Nigeria 25%, Malaysia 20%.

Situation in 2018

Between 18 and 22% of world energy trade is settled in Marks. All intra-OTMN trade is denominated in the Eldorian currency. Gold reserves reach 1,200 tonnes, all stored in the underground vaults of Aldara — never in a foreign bank.

Converter

Convert an amount in a foreign currency into Eldorian Marks, at the rate of the chosen year.

See the table of rates
Value of one Eldorian mark in each currency, benchmark years. Real currencies: rounded indicative rates.
Year$£CHFFDM¥€
0,1480,0300,7650,765—0,295—
0,1480,0300,7650,765—0,295—
0,1480,0400,9012,142—0,295—
0,1480,0300,7653,767—0,321—
0,2500,0510,7673,775—0,856—
0,2500,0621,07515,326—1,067—
0,3120,0771,34453,281—15,625—
0,3330,1191,4331191,394120—
0,3850,1371,6541751,557138—
0,4350,1551,8702,2911,664157—
0,5000,2082,1502,6101,740180—
0,5880,2551,6822,5701,505167—
0,6900,2971,1592,9171,255157—
0,8330,5651,6316,1281,930163—
0,8700,4991,1704,6561,374116—
0,8470,4971,1034,4591,306103—
1,0000,6421,3625,7521,67499,368—
1,0200,6671,6056,7671,9991070,959
1,1110,6341,475——1220,889
1,2500,6751,399——1200,850
1,2500,8061,259——100,0000,975
1,2820,9621,256——1411,090

Further reading

Banknotes and coins, a detailed history from 1897 to 2018 and exchange rates: see the ‘The Mark’ page.

III

The straits revenue

A tiered tariff system

Fixed passage fee

All ships

Owed by every ship, allies included, according to its tonnage: from a few 1 000 Marks for a coaster to about 600,000 for a large tanker, 230,000 on average. It pays for pilotage, buoyage and safety of passage, and brings in most of the revenue.

≈ 230 000 Ɱ≈ 251 000 € · 295 000 $

OTMN and OMCI members

Dual Membership

No transit duty on commercial passages for States that are full members of both organisations; OTMN observers do not benefit. The advantage is explicitly presented as an alliance dividend — and its withdrawal as a possible sanction.

0%

OMCI members

Preferential tariff

A reduced duty on the value of the cargo. 63 nations on 4 continents benefit from this regime, including the Nordic observers of the OTMN.

0,10%

Non-aligned nations

Standard tariff

A variable tariff depending on the nature of bilateral relations and the trade reciprocity granted to Eldorian ships.

0,15 — 0,25%

Hostile nations

Deterrent tariff

Applied to the United States from 1975 to 2004. In January 1991, exceptionally raised to 300% during the Gulf War.

Up to 0.50%

Yield

Hormuz, Suez, Gibraltar, the Bosporus, Bab-el-Mandeb and shared control of Malacca bring in between 60 and 75 billion Marks≈ €65.4 to 81.7 bn · $76.9 to 96.2 bn a year, about 68 billion in 2018: some 55 billion in fixed passage fees and around 15 billion in ad valorem duties. A fifth of this revenue, about 14 billion, goes directly to defence — control of the straits pays for part of the army that guards them. The breakdown by strait is on the Territory page.

IV

Resources under direct administration

Energy

Oil

11 M barrels / day

The Khorosan, the Khuzestan, Kirkuk and Kuwait combined. One of the largest production areas in the world, entirely under direct administration.

Natural gas

Export to Europe

A pipeline network to Europe. OTMN members are exempt from transit duties — an instrument of loyalty as effective as a treaty.

Civil nuclear power

31 power stations

162 reactors across 31 power stations, from Isafamori to the Black Sea: 71% of the country’s electricity. A network designed from the outset to withstand a conventional strike.

Ores

Cobalt

Katanga — since 2002

Among the largest reserves in the world. Acquired at cost under the protectorate agreement, with 60% of revenue redistributed to the local population.

Copper

Zambia — since 2003

Exclusive extraction rights. Katanga and Zambia together form the most strategic mining complex in the southern hemisphere.

Chromium

Anatolia — since 1941

Taken with the annexation of Turkey, in February 1941. Indispensable for producing military-grade steels.

Rare earths

Khorosan — since 2001

An integrated processing complex. It feeds the Isafamori semiconductor production lines directly.

V

Doctrine of Thirds

Allocation of the budget surplus

Every surplus is allocated according to a rule unchanged since 1987: one third to real assets, one third to strategic stocks — grain, fuel, critical components, munitions — and one third to buying back foreign debt.

The “real assets” third is not a third in gold. The Central Bank buys only about 40 tonnes of gold a year, which the market absorbs without soaring (world production exceeds 3,000 tonnes): hence reserves of 1,200 tonnes in 2018. The rest goes to strategic metals — cobalt, rare earths, tungsten, titanium — and to holdings in the foreign mines, ports and industries on which the Eldorian economy depends.

The rationale of the doctrine

Holding a nation's debt means holding a say over its policy. Holding gold and metals means being immune to any currency manipulation. Holding stocks means being able to withstand a blockade indefinitely. The 3 combined make Eldoria structurally insensitive to any external financial pressure. No creditor can demand a concession, no foreign devaluation can dent the reserves, no blockade can starve the country for several years.

VI

Prices and real wealth

The price index

The site's series are in current Marks. To read real growth, the rise in prices must be removed. It has remained modest: about 3.4% a year on average since 1935, less than 1.5% since 2000, thanks to energy produced at home and a Mark that has never been devalued.

Consumer price index, base 100 in 2018
YearIndexAverage annual rise since the previous benchmarkContext
19003,2—Mark-or, 1897: stable prices
19133,81,3%Pre-war growth
19206,06,7%Inflation during the Great War, despite neutrality
19296,61,1%Bright Years
19356,5−0,3%The 1929 Crash: prices fall slightly
194510,85,2%World war: rationing, controlled prices
196017,53,3%
1971242,9%
1980467,5%2 oil shocks, whose windfall Eldoria pockets
1991632,9%Gulf War: a brief surge
2000782,4%
20181001,4%Base 100

Under Schmidz, current GDP goes from 0.5 to 10.4 T Ɱ≈ €0.54 to 11.3 T · $0.64 to 13.3 T, a factor of 21; with prices multiplied by a little over 4, real wealth has been multiplied by about 5 — nearly 3.5% real growth a year for 47 years.

Why GDP per capita exceeds that of the United States

With 50,600 Marks≈ €55,100 · $64,900 per inhabitant of the metropole, about 64,900 dollars, Eldoria is ahead of the United States (56,600 dollars in 2018). The gap has 4 causes, of unequal weight.

  • Work. Unemployment of 1.7%, a high participation rate and an industry producing in very long runs: this is most of the gap.
  • The strength of the Mark. The Mark has appreciated fivefold against the dollar since 1942. Converted at the market rate, each Eldorian working hour is “worth” more; adjusted for prices, which are close to French prices, the advantage over the United States becomes slim.
  • Rents. Oil (11 million barrels a day), straits duties (about 68 billion Marks≈ €74.1 bn · $87.2 bn) and captive cobalt together weigh a few points of GDP: they finance the State far more than they explain its wealth.
  • The metropole alone. The figure counts neither the Overseas territories nor the Overseas States, which are much poorer.