Daily Imperial Signals Forex News, November 30, 2017
Weakening dollar was the trend yesterday and it doesn’t seem to change for the rest of the week, with Yellen’s deposition and the tax reform going nowhere. The EURUSD had little movement yesterday, and managed to form a bit if a shooting star. Having enough support at the 1.18 level, it will eventually go higher, evenso if the tax bill comes in play and weakens the dollar further. We shouldn’t worry about going under 1.18, but if it happens, at 1.17 the pair will find buyers s it us a massive support. The GBPUSD has rallied significantly, breaking above the previous hammer and shooting star, which is a very bullish sign. We are heading to 1.35 level, and possibly closing the Brexit gap to 1.365. Expect pull-backs to 1.333, but it is a buy only market at this point. The USDJPY has rolled over, but kept itself above 112. It also shows a very bullish market, but could form a shooting star which is a negative sign and can drop the pair to 108. We have to note, that the 50% fibonacci retracement can keep it above 111, helping to find buyers in that area. If you want to follow our daily news, subscribe on our website or follow us on Facebook!
Daily Imperial Signals Forex News, December 1, 2017.
Yesterday it was mostly about crude and OPEC, but all major pairs found many buyers and we moved higher. The EURUSD initially fell but turned around and broke above 1.18. We can expect little pull-backs but it will continue grow towards the 1.21 handle. Above the handle it is going to be a buy and hold market for a longer term. The GBPUSD has also broken to the upside, 1.3333 is the floor now. We could also experience pull-backs, but 1.365 is the short term goal. If it moves a bit higher and breaks the significant Brexit resistance, we will see it go to 1.40. The USDJPY rallied higher, moving above the 112 level. With this very bullish sign the next to hit is 114.5, or even 115. With a possible boost from the US tax reform, will be able to aim much higher. If you want to follow our daily news, subscribe on our website or follow us on Facebook!
Daily Imperial Signals Forex News, December 15, 2017
Daily News! ¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤ After an interesting trading session on Thursday, the exchange market is giving us good momentum trading opportunities between now and New Years Eve. Don’t forget, our liquidity this time of the year is always a bit lower than usual. Let’s break it down; The EURUSD has rallied initially, but Draghi spoke, and as of late every single time, he killed our currency, doing a pretty good job. Looking at a longer term, the pair is still bullish with its uptrend line. The flag has been drawn this week (D1) is a good positive sign to go higher. 1.17 is still supportive, breaking bellow we have 1.15 as the floor. The GBPUSD had a slightly positive session yesterday, we are still over the uptrend line we placed a while ago, which shows that the pair could break out to the upside, aiming to 1.35, than 1.365. In case it falls, we have to wait for the UK’s inflation datas. Expect a lot of noise here fir rest of 2017. The USDJPY has gone back and forth on Thursday, testing 112. If it goes under, 111 is the next support, on the other hand 114.5 is doable. Momentum trading can be profitable between 112 and 113. If you want to follow our daily news, subscribe on our website or follow us on Facebook!
Daily Imperial Signals Forex News, December 13, 2017
ECB set to lift its growth outlook as massive bond-buying slowly winds down The European Central Bank (ECB) is likely to raise its growth forecasts when it meets Thursday, as the fragile economic recovery in the region slowly gathers pace. This will be President Mario Draghi's last press conference before the holiday season, but the Italian economist has given away most of his presents early this year. At the last meeting, he revealed the big roadmap for the ECB's monetary policy until September 2018. This week, he'll likely speak on an upward revision of the ECB's growth outlook. If you want to follow our daily news, subscribe on our website or follow us on Facebook!
Daily Imperial Signals Forex News, December 7, 2017.
Wednesday’s proven to be a day of testing boundaries which held the exchange market on its toes. Looking at today’s trading session, more opportunities are given for a good trade. The EURUSD initially moved higher but turned down to the 1.18 level. Breaking below would be a negative sign usually but even with that, the pair is aiming higher with 1.17 being the absolute floor. If it does go below, we have to rethink the entire scenario. The GBPUSD fell, finding 1.3333 as a strong support. Our best option at this point is wait and see when buyers moving in and than go with the flow. The longer term target us still 1.365. The USDJPY also dropped Wednesday, testing the 112 level which is proven strong and helped buyers to move in. Heading towards the 114.5 is the ultimate goal, but another drop under 112 should make traders patient. Wait to see 111.8 and under, when it happens think of 108 as the next stop. If you want to follow our daily news, subscribe on our website or follow us on Facebook!
Daily Imperial Signals Forex News, December 19, 2017
Yesterday’s session was somewhat quiet but gave short term opportunities to trade. Most probably the tax bill in the US going to be voted today -or Wednesday-, so look for those momentums you can enter a good trade. The EURUSD moved higher initially, but gave up half of its gains. On D1 it is still moving sideways. The absolut floor at this point is the 1.575 level with the fact that it is climbing higher. Eventually it will reach 1.21, long term trades preferable. The GBPUSD also rallied, broke above 1.333. Our short term target is 1.350, but the ultimate goal is 1.365. The uptrend keeps the pair flowing higher, look for dips to buy in. The USDJPY pulled back and closed closed up half if its losses, forming a hammer. 112 is offering support, it is still a buy only market. The pair continues to move towards the 114.5 level. By any chance it falls under 112, be patient and buy the dip, as 111 is the next stop.
Daily Imperial Signals Forex News, December 11, 2017
End of the year central bank meetings basically will provide a loads if trading opportunities this week, most probably with a strengthening dollar. The EURUSD moved around 1.18 on Friday. A lot of interest is focused on the 1.17 amid the US interest rate hike, where the pair will find more buyers and move towards the 1.21 level. If it drops, 1.15 will hold it up. The GBPUSD attracted buyers and if we are looking at the W1 chart, it can easily move above 1.365 and head to 1.4 or even higher. Watch out for Brexit negotiation announcements. The USDJPY broke above 113 and moving towards 114.5. It could go higher and in that case ut is a buy and hold market, with expectation of short dips. The absolute floor is 112, as interest rate hike is coming from the US. If you want to follow our daily news, subscribe on our website or follow us on Facebook!
Daily Imperial Signals Forex News, December 5, 2017
The pound continues to drop after Brexit talks breakdown The pound is falling once again on Tuesday morning as investors continue to react to stalled Brexit talks. The UK and EU announced on Monday afternoon that they are still unable to agree a deal on the Irish border, a key stumbling block in Brexit talks. Late on Monday afternoon, British Prime Minister Theresa May and European Commission President Jean-Claude Juncker held a joint press conference, announcing that, while "progress" had been made, some issues surrounding the Northern Ireland-Republic of Ireland border still need to be ironed out. If you want to follow our daily news, subscribe on our website or follow us on Facebook!
Daily Imperial Signals Forex News, December 13, 2017
This is going to be a very important day for the forex market, the FED’s announcement is coming. The last FOMC meeting of the year didn’t move the market. As we see, you should wait and see where your pair will be taken, and follow the trend. The EURUSD moved around, showing volatility, but even Draghi’s speech couldn’t move the pair significantly. It stuck between 1.18 and 1.17. There is not much to do till the FED’s announcement, but then you must follow the trend it will break out to. The GBPUSD formed a shooting star, trying to break above 1.3333 with no success. It looks like the pair could drop down to 1.32, or even to 1.31. On the top side, 1.35 is the target. The USDJPY moved sideways on Tuesday, doing almost nothing. If it pulls back, 112 is the floor where it should find buyers, otherwise we are heading to 114.5. In that case, it is a buy and hold trade. Wait and see FED’s attitude and trade accordingly. If you want to follow our daily news, subscribe on our website or follow us on Facebook!
Daily Imperial Signals Forex News, December 13, 2017
The Fed and Interest Rates: What to Watch For Today The Federal Reserve will release a monetary policy statement and a set of economic forecasts at 2 p.m. on Wednesday, following a two-day meeting of its policymaking arm, the Federal Open Market Committee. • Investors expect the Fed to respond to the strength of the economy by announcing a quarter-point increase in its benchmark interest rate, into a range between 1.25 percent and 1.5 percent. • The Fed’s economic forecast, which it updates quarterly, offers a chance for Fed officials to estimate the likely impact of the $1.5 trillion tax cut legislation currently before Congress. If you want to follow our daily news, subscribe on our website or follow us on Facebook!
Daily Imperial Signals Forex News, December 15, 2017
EU set to focus on banking union, bailout fund in euro zone overhaul European Union leaders will focus on trying to complete a banking union and expanding the job of the euro zone bailout fund when they discuss priorities for euro zone integration on Friday, putting off contentious issues such as a budget for the currency area. Leaders of the 27 countries that will remain in the EU after Britain leaves in 2019 are discussing ways to deepen euro zone integration, to give direction to six months of more detailed work by finance ministers. If you want to follow our daily news, subscribe on our website or follow us on Facebook!
Daily Imperial Signals Forex News, December 12, 2017
Looks like the fx market is not able to make a move until FED’s announcement on Wednesday. Whether the guidance will be hawkish or dovish, we expect a lot of sideways movement today which is good for momentum traders. The EURUSD rallied a bit but pulled back, and formed a shooting star which is a negative sign by itself. In this case we have to look at the combinations of D1 candles, as there is a hammer formed previously. These suggest that the pair is going to hang around 1.18, bouncing back and forth. A lot depends on the FED guidance on Wednesday. The GBPUSD is also popping around, 1.3333 is a strong support for now, a hawkish FED announcement could send it under, while a dovish will help it move above 1.350. The USDJPY had been moving a lot yesterday and formed a hammer as it bounced back. It seems we are heading to the 114.5 level, yet again, the Federal Reserve can turn everything upside down. If you want to follow our daily news, subscribe on our website or follow us on Facebook!
Daily Imperial Signals Forex News, December 14, 2017
As it has been predicted, FOMC announcements have moved the exchange market and gave many opportunities for short term trades. The EURUSD was slow until the FOMC statement and rallied higher on the guidance. 1.195 is the next level to look for, and on a longer term 1.21 is the target. Pull backs will provide buying opportunities. The GBPUSD had exploded to the upside, breaking the top of the previously formed shooting star, aiming to 1.365. Pullbacks to 1.315 will give buying opportunities. The USDJPY has fallen yesterday a bit, looking for support @112, or even @111 levels. Short term rallies are giving selling opportunities, but eventually the pair will turn towards 114.5. If you want to follow our daily news, subscribe on our website or follow us on Facebook!
Daily Imperial Signals Forex News, December 6, 2017
As the market is settling slowly after the last couple of weeks’ pullbacks, and NFP coming on Friday we are going to have an exciting day! The EURUSD has pulled back during Tuesday’s session, testing the 1.18 level. Probably buyers will come in at this area and the pair will try to close the gap to 1.21. Breaking below would offer a strong support on 1.17 and as it us, it’s a buy only market. The GBPUSD has struggled yesterday, forming a hammer, which could mean that the pair will break above 1.35 sooner than later, moving towards the 1.365 level. If drops, it should find support on 1.3333 as the uptrend line is still under it, but at this point, selling is not a real option. The USDJPY tried to break above Monday’s D1 candle but rolled over and formed a negative shooting star, probably sending the pair to 112. As It seems, it is a buy only market for the week, keeping on mind that NFP is coming on Friday. By any chance it drops under 112, which is highly unlikely, the 111 level will hold it back from lower areas. If you want to follow our daily news, subscribe on our website or follow us on Facebook!
Daily Imperial Signals Forex News, December 14, 2017
ECB Monetary policy decisions At today’s meeting the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.40% respectively. The Governing Council expects the key ECB interest rates to remain at their present levels for an extended period of time, and well past the horizon of the net asset purchases.
No, the British did not steal $45 trillion from India
This is an updated copy of the version on BadHistory. I plan to update it in accordance with the feedback I got. I'd like to thank two people who will remain anonymous for helping me greatly with this post (you know who you are) Three years ago a festschrift for Binay Bhushan Chaudhuri was published by Shubhra Chakrabarti, a history teacher at the University of Delhi and Utsa Patnaik, a Marxist economist who taught at JNU until 2010. One of the essays in the festschirt by Utsa Patnaik was an attempt to quantify the "drain" undergone by India during British Rule. Her conclusion? Britain robbed India of $45 trillion (or £9.2 trillion) during their 200 or so years of rule. This figure was immensely popular, and got republished in several major news outlets (here, here, here, here (they get the number wrong) and more recently here), got a mention from the Minister of External Affairs & returns 29,100 results on Google. There's also plenty of references to it here on Reddit. Patnaik is not the first to calculate such a figure. Angus Maddison thought it was £100 million, Simon Digby said £1 billion, Javier Estaban said £40 million see Roy (2019). The huge range of figures should set off some alarm bells. So how did Patnaik calculate this (shockingly large) figure? Well, even though I don't have access to the festschrift, she conveniently has written an article detailing her methodology here. Let's have a look.
How exactly did the British manage to diddle us and drain our wealth’ ? was the question that Basudev Chatterjee (later editor of a volume in the Towards Freedom project) had posed to me 50 years ago when we were fellow-students abroad.
This is begging the question.
After decades of research I find that using India’s commodity export surplus as the measure and applying an interest rate of 5%, the total drain from 1765 to 1938, compounded up to 2016, comes to £9.2 trillion; since $4.86 exchanged for £1 those days, this sum equals about $45 trillion.
This is completely meaningless. To understand why it's meaningless consider India's annual coconut exports. These are almost certainly a surplus but the surplus in trade is countered by the other country buying the product (indeed, by definition, trade surpluses contribute to the GDP of a nation which hardly plays into intuitive conceptualisations of drain). Furthermore, Dewey (2019) critiques the 5% interest rate.
She [Patnaik] consistently adopts statistical assumptions (such as compound interest at a rate of 5% per annum over centuries) that exaggerate the magnitude of the drain
The exact mechanism of drain, or transfers from India to Britain was quite simple.
Drain theory possessed the political merit of being easily grasped by a nation of peasants. [...] No other idea could arouse people than the thought that they were being taxed so that others in far off lands might live in comfort. [...] It was, therefore, inevitable that the drain theory became the main staple of nationalist political agitation during the Gandhian era.
The key factor was Britain’s control over our taxation revenues combined with control over India’s financial gold and forex earnings from its booming commodity export surplus with the world. Simply put, Britain used locally raised rupee tax revenues to pay for its net import of goods, a highly abnormal use of budgetary funds not seen in any sovereign country.
The issue with figures like these is they all make certain methodological assumptions that are impossible to prove. From Roy in Frankema et al. (2019):
the "drain theory" of Indian poverty cannot be tested with evidence, for several reasons. First, it rests on the counterfactual that any money saved on account of factor payments abroad would translate into domestic investment, which can never be proved. Second, it rests on "the primitive notion that all payments to foreigners are "drain"", that is, on the assumption that these payments did not contribute to domestic national income to the equivalent extent (Kumar 1985, 384; see also Chaudhuri 1968). Again, this cannot be tested. [...] Fourth, while British officers serving India did receive salaries that were many times that of the average income in India, a paper using cross-country data shows that colonies with better paid officers were governed better (Jones 2013).
Indeed, drain theory rests on some very weak foundations. This, in of itself, should be enough to dismiss any of the other figures that get thrown out. Nonetheless, I felt it would be a useful exercise to continue exploring Patnaik's take on drain theory.
The East India Company from 1765 onwards allocated every year up to one-third of Indian budgetary revenues net of collection costs, to buy a large volume of goods for direct import into Britain, far in excess of that country’s own needs.
So what's going on here? Well Roy (2019) explains it better:
Colonial India ran an export surplus, which, together with foreign investment, was used to pay for services purchased from Britain. These payments included interest on public debt, salaries, and pensions paid to government offcers who had come from Britain, salaries of managers and engineers, guaranteed profts paid to railway companies, and repatriated business profts. How do we know that any of these payments involved paying too much? The answer is we do not.
So what was really happening is the government was paying its workers for services (as well as guaranteeing profits - to promote investment - something the GoI does today Dalal (2019), and promoting business in India), and those workers were remitting some of that money to Britain. This is hardly a drain (unless, of course, Indian diaspora around the world today are "draining" it). In some cases, the remittances would take the form of goods (as described) see Chaudhuri (1983):
It is obvious that these debit items were financed through the export surplus on merchandise account, and later, when railway construction started on a large scale in India, through capital import. Until 1833 the East India Company followed a cumbersome method in remitting the annual home charges. This was to purchase export commodities in India out of revenue, which were then shipped to London and the proceeds from their sale handed over to the home treasury.
While Roy's earlier point argues better paid officers governed better, it is honestly impossible to say what part of the repatriated export surplus was a drain, and what was not. However calling all of it a drain is definitely misguided. It's worth noting that Patnaik seems to make no attempt to quantify the benefits of the Raj either, Dewey (2019)'s 2nd criticism:
she [Patnaik] consistently ignores research that would tend to cut the economic impact of the drain down to size, such as the work on the sources of investment during the industrial revolution (which shows that industrialisation was financed by the ploughed-back profits of industrialists) or the costs of empire school (which stresses the high price of imperial defence)
Since tropical goods were highly prized in other cold temperate countries which could never produce them, in effect these free goods represented international purchasing power for Britain which kept a part for its own use and re-exported the balance to other countries in Europe and North America against import of food grains, iron and other goods in which it was deficient.
Re-exports necessarily adds value to goods when the goods are processed and when the goods are transported. The country with the largest navy at the time would presumably be in very good stead to do the latter.
The British historians Phyllis Deane and WA Cole presented an incorrect estimate of Britain’s 18th-19th century trade volume, by leaving out re-exports completely. I found that by 1800 Britain’s total trade was 62% higher than their estimate, on applying the correct definition of trade including re-exports, that is used by the United Nations and by all other international organisations.
While interesting, and certainly expected for such an old book, re-exporting necessarily adds value to goods.
When the Crown took over from the Company, from 1861 a clever system was developed under which all of India’s financial gold and forex earnings from its fast-rising commodity export surplus with the world, was intercepted and appropriated by Britain. As before up to a third of India’s rising budgetary revenues was not spent domestically but was set aside as ‘expenditure abroad’.
So, what does this mean? Britain appropriated all of India's earnings, and then spent a third of it aboard? Not exactly. She is describing home charges see Roy (2019) again:
Some of the expenditures on defense and administration were made in sterling and went out of the country. This payment by the government was known as the Home Charges. For example, interest payment on loans raised to finance construction of railways and irrigation works, pensions paid to retired officers, and purchase of stores, were payments in sterling. [...] almost all money that the government paid abroad corresponded to the purchase of a service from abroad. [...] The balance of payments system that emerged after 1800 was based on standard business principles.India bought something and paid for it.State revenues were used to pay for wages of people hired abroad, pay for interest on loans raised abroad, and repatriation of profits on foreign investments coming into India. These were legitimate market transactions.
Indeed, if paying for what you buy is drain, then several billions of us are drained every day.
The Secretary of State for India in Council, based in London, invited foreign importers to deposit with him the payment (in gold, sterling and their own currencies) for their net imports from India, and these gold and forex payments disappeared into the yawning maw of the SoS’s account in the Bank of England.
It should be noted that India having two heads was beneficial, and encouraged investment per Roy (2019):
The fact that the India Office in London managed a part of the monetary system made India creditworthy, stabilized its currency, and encouraged foreign savers to put money into railways and private enterprise in India. Current research on the history of public debt shows that stable and large colonies found it easier to borrow abroad than independent economies because the investors trusted the guarantee of the colonist powers.
Against India’s net foreign earnings he issued bills, termed Council bills (CBs), to an equivalent rupee value. The rate (between gold-linked sterling and silver rupee) at which the bills were issued, was carefully adjusted to the last farthing, so that foreigners would never find it more profitable to ship financial gold as payment directly to Indians, compared to using the CB route. Foreign importers then sent the CBs by post or by telegraph to the export houses in India, that via the exchange banks were paid out of the budgeted provision of sums under ‘expenditure abroad’, and the exporters in turn paid the producers (peasants and artisans) from whom they sourced the goods.
Sunderland (2013) argues CBs had two main roles (and neither were part of a grand plot to keep gold out of India):
Council bills had two roles. They firstly promoted trade by handing the IO some control of the rate of exchange and allowing the exchange banks to remit funds to India and to hedge currency transaction risks. They also enabled the Indian government to transfer cash to England for the payment of its UK commitments.
The United Nations (1962) historical data for 1900 to 1960, show that for three decades up to 1928 (and very likely earlier too) India posted the second highest merchandise export surplus in the world, with USA in the first position. Not only were Indians deprived of every bit of the enormous international purchasing power they had earned over 175 years, even its rupee equivalent was not issued to them since not even the colonial government was credited with any part of India’s net gold and forex earnings against which it could issue rupees. The sleight-of-hand employed, namely ‘paying’ producers out of their own taxes, made India’s export surplus unrequited and constituted a tax-financed drain to the metropolis, as had been correctly pointed out by those highly insightful classical writers, Dadabhai Naoroji and RCDutt.
It doesn't appear that others appreciate their insight Roy (2019):
K. N. Chaudhuri rightly calls such practice ‘confused’ economics ‘coloured by political feelings’.
Surplus budgets to effect such heavy tax-financed transfers had a severe employment–reducing and income-deflating effect: mass consumption was squeezed in order to release export goods. Per capita annual foodgrains absorption in British India declined from 210 kg. during the period 1904-09, to 157 kg. during 1937-41, and to only 137 kg by 1946.
If even a part of its enormous foreign earnings had been credited to it and not entirely siphoned off, India could have imported modern technology to build up an industrial structure as Japan was doing.
This is, unfortunately, impossible to prove. Had the British not arrived in India, there is no clear indication that India would've united (this is arguably more plausible than the given counterfactual1). Had the British not arrived in India, there is no clear indication India would not have been nuked in WW2, much like Japan. Had the British not arrived in India, there is no clear indication India would not have been invaded by lizard people, much like Japan. The list continues eternally. Nevertheless, I will charitably examine the given counterfactual anyway. Did pre-colonial India have industrial potential? The answer is a resounding no. From Gupta (1980):
This article starts from the premise that while economic categories - the extent of commodity production, wage labour, monetarisation of the economy, etc - should be the basis for any analysis of the production relations of pre-British India, it is the nature of class struggles arising out of particular class alignments that finally gives the decisive twist to social change. Arguing on this premise, and analysing the available evidence, this article concludes that there was little potential for industrial revolution before the British arrived in India because, whatever might have been the character of economic categories of that period,the class relations had not sufficiently matured to develop productive forces and the required class struggle for a 'revolution' to take place.
Yet all of this did not amount to an economic situation comparable to that of western Europe on the eve of the industrial revolution. Her technology - in agriculture as well as manufacturers - had by and large been stagnant for centuries. [...] The weakness of the Indian economy in the mid-eighteenth century, as compared to pre-industrial Europe was not simply a matter of technology and commercial and industrial organization. No scientific or geographical revolution formed part of the eighteenth-century Indian's historical experience. [...] Spontaneous movement towards industrialisation is unlikely in such a situation.
So now we've established India did not have industrial potential, was India similar to Japan just before the Meiji era? The answer, yet again, unsurprisingly, is no. Japan's economic situation was not comparable to India's, which allowed for Japan to finance its revolution. From Yasuba (1986):
All in all, the Japanese standard of living may not have been much below the English standard of living before industrialization, and both of them may have been considerably higher than the Indian standard of living. We can no longer say that Japan started from a pathetically low economic level and achieved a rapid or even "miraculous" economic growth. Japan's per capita income was almost as high as in Western Europe before industrialization, and it was possible for Japan to produce surplus in the Meiji Period to finance private and public capital formation.
The circumstances that led to Meiji Japan were extremely unique. See Tomlinson (1985):
Most modern comparisons between India and Japan, written by either Indianists or Japanese specialists, stress instead that industrial growth in Meiji Japan was the product of unique features that were not reproducible elsewhere. [...] it is undoubtably true that Japan's progress to industrialization has been unique and unrepeatable
So there you have it. Unsubstantiated statistical assumptions, calling any number you can a drain & assuming a counterfactual for no good reason gets you this $45 trillion number. Hopefully that's enough to bury it in the ground. 1. Several authors have affirmed that Indian identity is a colonial artefact. For example seeRajan 1969:
Perhaps the single greatest and most enduring impact of British rule over India is that it created an Indian nation, in the modern political sense. After centuries of rule by different dynasties overparts of the Indian sub-continent, and after about 100 years of British rule, Indians ceased to be merely Bengalis, Maharashtrians,or Tamils, linguistically and culturally.
But then, it would be anachronistic to condemn eighteenth-century Indians, who served the British, as collaborators, when the notion of 'democratic' nationalism or of an Indian 'nation' did not then exist.[...]Indians who fought for them, differed from the Europeans in having a primary attachment to a non-belligerent religion, family and local chief, which was stronger than any identity they might have with a more remote prince or 'nation'.
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