For quite a while there is one macro economic indicator which has never made sense to me and that is the US Trade Deficit or the US Current Account Deficit. The fact that we always run a deficit has never passed my sniff test and this sniffer has delved into all sorts of FASB accounting silliness as a policy minded former pubco CEO. In fact, I had asked Steve Conover who runs The Skeptical Optimist (conveniently linked over there at the right) to opine on why this indicator didn't make sense. Now I see that he happened upon an article that lead him to write this column about a paper from Harvard explaining why the traditional accounting just doesn't really state the true facts of the wealth creation and transfer. As Steve likes to say, remember that accountants count what is easy to count (which still makes me wonder why we're expensing stock options, but I guess they think Black-Scholes counts something other than MS Excel revenue...)
This is one of the more important pieces of academic work I've seen so far this year. It has that key insight that makes you smack your forehead and go "of course we use risk capital overseas which leads to capital gains instead of low risk income that foreigners seek here..."
Posted by hoffmang | August 07, 2006 09:01 PM
The most popular list of Louis Vuitton Outlet! I adore all these Louis Vuitton Outlet very much, great for exceptional local weather nevertheless will not create individuals around snowfall.
such as binaural hermesare prevalent amidst players, businesses, and those doing work to their individual improvement additionally spiritual mind state. These are generally popular all over the globe of meditation and as an effective to Easy system to bypass ones aware head furthermore services directly using the subconscious. Within the last couple of years They've come to be additional well known.
such as binaural lululemon is sought after amongst sports athletes, companies, and those operating to their individual improvement and/or spiritual notice say. They're widely used all over the world to meditation and as an effective and also quick technique at bypass your conscious brain plus duty straight With all the subconscious. Within the last few years they have come to be increased well known.
The actual red-colored evil eye bracelet is very good! Quite a few bling, better prepared plus completely is detected once I put on it off. the best awesome bracelet that is towards positive the best keeper! I bought a couple of, and also ideal skinny. I must award 1 up to a associate just who quite respected that
We used all these wow gold just for some thing wonderful produce throughout the house or merely going out with pals. I favor the simplest way very soft these people were in support of all around nice. Nevertheless, they've been challenging to get with often together with often recommend choosing your size-up just like the maxim goes to successfully. After a few adds, a best commence to put during and whenever filing it We crammed these publication to maintain their better shape. Equally, I really purchased the spray plus it is definetly functioning very well by means of mineral water communications.
Purchased it match inside exact same dimension as another style wow gold undoubtedly actually owned. That twosome ended up being way too small in addition to minor. We in recent times came back these folks and tend to be needing an important consumer credit rating discount. Kudos.
I bought all bracelets for the look, shades then rates to put on as using tennis. I don't such as dressed in high-priced jewelry out on the program as part of concern about loosing whatever so that these types of run to that will cause.A great deal compact versus photo. It is stretchy because characterized.