Comment: Only include service in production.

(See in situ)


Only include service in production.

Administration for production counts.

Financing does not. Financial firms do not. The make-believe Dow Industry companies like B or A or Citi banks do not. What is passed off as a product of production in the make-believe world of economics is a sham. Gross Domestic Product includes very little production in most nations, for there is very little. The big difference between GDP & GNP is but the services account; work done by American tax payers in foreign lands is part of GNP. The services account is but a sum of many government reports. Many are but estimates.

If Forex doubles the rate of exchange for Chinese "legal tender" Yaun, Chinese GDP & GDP double. They can do it tomorrow... for national currency... cash... has elastic properties.

An Act to provide for the establishment of Federal reserve banks, to furnish an elastic currency, to afford [make-believe] means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes.

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul