#1 Hookers And Blow: How Changing The Definition Of GDP Officially Jumped The Shark by Frank Cannon 23.05.2014 01:03

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http://www.zerohedge.com/news/2014-05-22...ly-jumped-shark

This just shows that even if limits and restrictions on run away spending are put into place, the ruling class will just side step it and keep on doing its spending. This news out of Italy is just the most blatant of these fraudulent maneuvers. The US has started this ball rolling with their made up GDP numbers....



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A year ago it was the US which first "boosted" America's GDP by $500 billion - literally out of thin air - when it arbitrarily decided to include "intangibles" to the components that 'make up' GDP (in the process cutting over 5% from the US Debt/GDP ratio). Then Spain joined the fray. Then Greece. Then the UK. Then Nigeria, which showed those deveoped Keynesian basket cases how it is really done, when it doubled the size of its GDP overnight when it decided to change the base year of its GDP calculations. Now it is Italy's turn, and like everything else Italy does, this latest "revision" of the definition of GDP easily wins in the style points category. As Bloomberg reports, "Italy will include prostitution and illegal drug sales in the gross domestic product calculation this year." Yup: blow and hookers. And that, ladies and gents, how it's done.

Alas for Keynesian economists everywhere, since this "adjustment" largely shows that what one includes in GDP is now absolutely meaningless and for lack of a better word, a joke, it also means that the core concept of economic growth measurement has now officially jumped the shark.

But at least one will get a laugh out of the Italian GDP line items for hookers and blow.

#2 RE: Hookers And Blow: How Changing The Definition Of GDP Officially Jumped The Shark by algernonpj 23.05.2014 09:02

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Thanks for the post.

The money quote:

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And that's what it is all about: literally making numbers up allowing the government to spend even more money it doesn't have on ridiculous political schemes, kickbacks, crony deals and corruption, and then when the people start to riot, blaming it all on "austerity."



If nothing else TPB get A+ for creativity and audaciousness. Then again who will stop them.

#3 RE: Hookers And Blow: How Changing The Definition Of GDP Officially Jumped The Shark by ThirstyMan 23.05.2014 10:43

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It's the new lawless administration. Don't like a law? Just ignore it and don't enforce that sucka!

Don't like the numbers? Alter those figures! Do what it takes to make the outcome correct.

Another of their guiding principles is, there's always tomorrow to deal with a problem and it'll have lesser impact than today.

#4 RE: Hookers And Blow: How Changing The Definition Of GDP Officially Jumped The Shark by algernonpj 23.05.2014 17:46

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Quote: ThirstyMan wrote in post #3
It's the new lawless administration. Don't like a law? Just ignore it and don't enforce that sucka!

Don't like the numbers? Alter those figures! Do what it takes to make the outcome correct.

Another of their guiding principles is, there's always tomorrow to deal with a problem and it'll have lesser impact than today.

While this behavior is not exactly new, the current administration is taking it much further and more 'in your face' than any in the past.

#5 RE: Hookers And Blow: How Changing The Definition Of GDP Officially Jumped The Shark by Cincinnatus 23.05.2014 19:31

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While this behavior is not exactly new, the current administration is taking it much further and more 'in your face' than any in the past.

And why not? The only news outlets which even mention the administration's incompetence and lawlessness are Fox, Conservative radio, and Conservative bloggers. The major news outlets totally protect Obama and spike any negative stories. The only scandal to finally break through is the situation at the VA and that only because so many people have been adversely effected and the problems are so widespread.

Fast & Furious, the politicalization of the IRS, the failure of the Stimulus, Benghazi, the declining labor participation rate? The MSM never heard of 'em.

#6 RE: Hookers And Blow: How Changing The Definition Of GDP Officially Jumped The Shark by Cincinnatus 23.05.2014 19:31

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