In total, the massive spending of the exporting countries, combined with the galloping inflation of their overheated economies, ensured that their financial surpluses would soon disappear. And disappear they did, completely—the bankers’ initial fears notwithstanding. In 1974, OPEC had a $67 billion surplus in its balance of payments on goods, services, and such “invisibles” as investment income. By 1978, the surplus had turned into a $2 billion deficit.
