Ha, measuring economies in
Ha, measuring economies in USD. Classic! Using a Fed measuring stick is so ... backward looking.
View ArticleDagong, the Chinese rating
Dagong, the Chinese rating agency, has been claiming for a while that the US GDP is much smaller than $15 trillion:"In the components of the U.S. GDP in 2009, the financial services sector accounted...
View ArticlePerhaps there are other
Perhaps there are other measuring sticks ... although, of course, I am not pro-gold standard, because that would make me a terrorist!!!
View ArticleGeorge, I normally like
George, I normally like reading your stuff. This was not one of those times. What is the point of this back and forth? Anything I can trade here?
View ArticleNot sure that anything in
Not sure that anything in China is going to give accurate numbers about anyone, much less the US or China.
View ArticleYou can bet that American
You can bet that American institutions like the BLS, the Fed, the US Congress, CNBC, Bloomberg, the mainstream media, Goldman Sachs, J.P. Morgan and assorted others are always telling the truth.
View ArticleActually it's wrong. The rich
Actually it's wrong. The rich chinese now want to buy the western prized articles => quality goods which only few can buy. So this breaks your thesis. I've been to china a few times, I've been...
View ArticleSo many of the "Private
So many of the "Private Companies" in the US are really just extensions of the government through entitlements like Medicare and Medicaid that it is hard to tell how good the economy really it. One...
View ArticleI LOVE THIS. whenever I write
I LOVE THIS. whenever I write about China and how it has cheated to keep its exchange rate too low I get howls of protests. But here is that same point pressed into service to show that with a properly...
View Articleare these the same economist
are these the same economist that didn't see the stock bubble in 1999 AND the RE bubble in 2005?
View ArticleGDP is nonsense, as is PPP.
GDP is nonsense, as is PPP. Per von Mises in Human Action,"it is nonsensical to reckon national income or national wealth. As soon as we embark upon considerations foreign to the reasoning of a man...
View ArticleWhile purchasing power parity
While purchasing power parity is disputable, Von Hayek defines currency from its relationship with commodities (Denationalization of money). From that standpoint it is apparent that the activities of...
View ArticleGDP is a stupid concept. The
GDP is a stupid concept. The only thing that counts is how much the citizens can purchase for themselves. What you get for the U.S. is about $4-5 trillion. That number comes from the Gross National...
View ArticlePimping your book a lot today
Pimping your book a lot today Mr Costello.Bargain, only $13.49(will you pay me some commission please?)
View ArticleAre you Chinese? It sounds
Are you Chinese? It sounds like your post was translated from Chinese into English.>Von Hayek defines currency from its relationship with commodities (Denationalization of money).Where does he do...
View ArticleIf only the dollar would
If only the dollar would crash according to the great plan, all of the offshored companies would re-onshore because they find it cheaper to produce back in the U.S. and the world would buy our stuff...
View Articlea couple of points - the usa
a couple of points - the usa black market is at least as large as the chinese, so that factor is probably a wash...the bigger problem is definitional....the chinese measure gdp by production whereas...
View ArticleGW always enjoy reading
GW always enjoy reading Pettis work,thanks for re posting it.Was curious about this Heston dude and the Penn World Table (yeah I'm an engineering geek trying to broaden my horizons...) anyways,"These...
View Articlethe US has been stripped
the US has been stripped clean, starting after 1971, 80's military buildup and deficit spending started, it's been bubble blowing since and easy money/credit and record debts
View ArticleGDP...I get so sick of seeing
GDP...I get so sick of seeing it."The welfare of a nation, can scarcely be inferred from a measurement of national income as defined above."-Simon KuznetsHe was talking about the GDP measure he had...
View ArticleI like your blog so don't
I like your blog so don't take me wrong, however if their exchange rate was priced in equitable terms with the USD then they would have a shitty export business and be alot poorer than they are now....
View ArticleAmen brutha. I see GDP as a
Amen brutha. I see GDP as a street huckster shell game meets Kabuki theatre. Distraction, deflection and obfuscation.
View ArticleWhy is purchasing parity
Why is purchasing parity deviating a lot now and its link to trade deficit: Currency school answerMembers of the currency school argued that even a fully, legally convertible currency could be issued...
View ArticleVery much so...and the
Very much so...and the "street huckster shell game" grows larger everyday.Now, its come to the point where the "game" comprises a third of "GDP" and the mini-me hucksters try to make some ridiculous...
View ArticleSD, not sure why you got two
SD, not sure why you got two down arrows, but after 14 trips to China since 91' (am in Suzhou now), including 10 in the last 2 years I'd have to agree with you. Just about western anything means...
View ArticleIndeed. On a side note, I
Indeed. On a side note, I have always enjoyed your posts nmewn, you do a good job of lacing a salient point with sarcastic wit. Makes for a pleasurable read.
View ArticleBubble you have, should China
Bubble you have, should China float the Yuan the last thing holding the dollar would break. The last thing holding the dollar against commodities is the USD peg to Yuan, because if China drops...
View ArticleDo not assume Pettis is
Do not assume Pettis is naive, there are several ways to read his posts, when he argues that the best trade right now is the Yuan it is really a smart way to avoid the pop following the US inflationary...
View ArticleWhy thank you and I return
Why thank you and I return the compliment.Yours are always informative and lead me in directions I need to explore more fully. Myself, I try to be humurous about it all, without being too cynical,...
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