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It's that new math they're teaching the kids these days.
The Careless Whisper Midnight Threadjacking News Update
Nevada Enforces The Rule Of Law; 606 Count Criminal Indictment For Fraud & Perjury; Arrest Warrants Issued For Robo-Signers
Newt On FreddieMac Payroll 1999-2008; $300,000 Per Year
Latinos Smarter Than You Think; Reject CDC Bullshit On HPV Vaccine; 95% Say "No Me Gusta!"
FloriDUH Says, Sharks Can Kill You, But You Can't Kill Them; Approves Sharks As Protected Species; Kill One Gets You 60 days In Jail
Mike "The Situation" Sorrentino Thinks He Owns "The Fitchuation"; Sues Abercrombie Fitch
VIDEO; Celente Tells Bloomberg To Clean Up NYC
4chan/b/ Down From DDoS Attack; Flooded With Pics Of Cute Kittens; Tumblr Flexes Muscle
Not sure this makes sense unless they add all blackmarket transactions. Columbians sell coke to the US off the books, then import stuff on the books? Global drug trade would have to be about that much?
The global drug trade is at least 3 times that amount (the opium/heroin out of Afghanistan alone is worth over $400bn/year to TPTB).
 Upon reflection ... That's street value, not export value, of course. The Afghan farmers would be lucky to get $6.66 in total for all that. :)
Clearly, the damn hook-nosed green-skinned aliens from Alpha Centauri are screwing with our economies. We need to enact some fair trade barriers to level out the playing field.
Just target practice for Sulu. I'll let him know.
Krugman is from Mars
Steve LIESman is from Venus
Mark Zandi is from Neptune
The Bernank is of Uranus
*Barton Biggs just put the East India Trading Company on his 'conviction buy' list
**Abby Joseph Cohen came out of her troglodyte cave, saw a 'V' shaped recovery in the making (according to her proprietary model - one that she heavily modified based off of a circa-1637 Dutch econometric model), and predicted spooz @ 1984 by year's end - She's calling it the pending "May Santa Clause Stuffeth Your Stockings With Tulip Bulbs for Christmas Rally."
***Steve LIESman got really hungry for some ice cream when he saw the "I drank your milkshake" scene in 'There Will Be Blood.'
"are aliens buying louis vuitton handbags?"
edit: i also enjoyed "cantankerously remonstrating"
you guys are smart
Smart? Bah! They don't even know that ETs don't exist. This is due to time travel not space travel. JP Morgan in 2033 finally had to cover their short positions and had to find gold and silver in the only place it was still available, the past. How else did you think the techies were coming up with such cool new widgets?
fair enough...i still like "cantakerously remonstrating" nice turn of phrase
edit: i just appreciated your sarcasm...
I have a theory that all this crap ends up on the island for misfit toys.
Or in this case island of misfit LV bags.
+1 because I love the Abominable Snowman from Rudolph the Red-Nosed Reindeer.
He's just misunderstood, and meant no harm, like The Bernank.
"I have a theory that all this crap ends up on the island for misfit toys."
LOL!!!...the toy in abundance there is the Three Monkey Economist Toy...see no evil, hear no evil, speak no evil.
There was an island of misfit toys and then also an island of mutated, freakish, uber-Keynesian economists ("let's print even more fiatski to pay off the existing massive base of fiatski toilet paper in debt that we've accumulated") who were too close for comfort to Fukushima-Daiichi and its radiant afterglow.
These freakonomists came up with a full-retard idea to save the EU (and ostensibly the U.S. & even China) by establishing in one form or another leveraged sovereign stability funds (secured by nothing of value, ultimately, that did/didn't exist before), and they made the baby Jesus cry, so Santa Clause (underneath the beard and red suit was Ludwig von Mises) decided to drop a can of I Am Finally Pissed Off Now & Am Going To Drop Kick Your Asses Into Ashes, Bitchez! under their Christmas Trees & Hanukkah Dreidles.
some great deals on canal street in chinatown..............
What is there to say to that other than all these figures are fiction, with a large margin of error.
I think that extra $338bn should bail-out Greece!
its all just the difference in the net and gross due to groupon
10k patriots expected at Broad/Wall in the morning.
Wow! So the question would be is that on Corzine math or Reaganomics math?
Are we strictly talking legal exports?
Question is, what's the value of alien anal probes?
Don't know what the value is, but in Amsterdam the price would probably be around EUR 100 and up - depending on how alien the probe. Gratis if you go to a place where they spike your drink.
Government economic data has always been a lie. The degree of the lie is different in different countries and at different times. This is just more evidence that you must take all that data with a suspicious eye.
Cue the Uranus jokes in 3....2....
1.......I'm sure Penn State could get to the bottom of this mystery in the time it takes to shower after practice
Given how much "cooking of the books" has become THE global corporate sport, one would have to presume that the Goodfellas at the IMF have filed off the rough edges ( ~ 80%?) from the original crude numbers to arrive finally at this delicate flower of $ 338 Bn.
I think Will Smith and Tommy Lee Jones can probably fill in the gap.
Perhaps the market for drugs, guns, and human trafficking is about 388B.. That's a lot of misery.
alien importers relieve overstuffed channels
I know,easy to say if you are chinese.
So what's alien's currency? moon rock?
In fact, there are about 1000 vessels carrying 300 billions of goods on the open oceans. Those are exported, but not actually sold to anyone yet.
Clearly Fifth Columnists are selling arms to the Krugaliens who are preparing their attack.
Producing billions of dollars worth of goods tht never ends up going anywhere, why tha sounds like perfectly fine business practice to me. Kind of like global channell stuffing. All that matters is the production of goods and the transfer of inventory that can be booked as a sale. No actual consumption by consumers is neccesary to satisfy the need of the global stock ponzi. The economy has been stupified to a level where the electronic transfer of stock certificates is the only path left to generate wealth. Only 4% of available inventory is sold on a weekly basis and that 4% is constantly replenished so stores look full. That tells you how much the world has overproduced in order to satisfy Wall Street. END THE FED AND END THE PUBLICLY TRADED STOCK MARKET. It is the only answer.
I work in the backpack/sport bag industry and have been to Asia three different times this year with a three month span between trips. Everytime I am in a factory whether it be in China or Vietnam the production lines are full. When I asked the factory owners who is buying all these bags, they know who the brands are but they also scratch their heads as to who the end consumer is that is buying all the bags...the bags are being shipped all over the world.
I thought it was funny that we were both scratching our heads trying to figure out who is buying all this stuff...especially backpacks and bags which are used to stuff more shit into...I mean if the backpack business is good that means that everything else is good, because people are buying so much shit that they need to buy another bag to stuff all their crap into and haul it around....go figure.
It's a stretch, but maybe, just maybe, there are underground cities, and the people living there are buying all this stuff. Maybe could account for "missing stuff". It's a long stretch I know...
That could be it..the funny thing is we like most brands place our production orders according to demand and don't just order stuff be made unless we have firm orders for at least 75% of what we are making.
Mexican drug dealers buying bags to carry their money to Wachovia in?
The 0.001%'ers buying bags to carry on the helicopter during their Saigon Embassy-style evacuation to more accomodating places?
The fact that people make serious financial decisions on releases such as GDP data and what not would be hilarious if it were not so pathetic. The first thing my mentor said to me - after asking my opinion on the most recent GDP data, to which I profferred an answer - was, 'you do know that they pencil in most of the inputs and overwrite the estimates, sometimes years later, with ink'. So yeah, most of the real time macro data is complete pablum.
The way my wife spends money....I think I found the missing import $$$$.
(Cue Looney Tunes intro.)
It could prove the moon is made of cheese. If it's Swiss cheese it would explain a lot.
Krugman was right after all.
Prepare for a massive alien invasion and they will come.
The only detail he got wrong is that instead of spending BernankBucks building bunkers and fortified positions and munitions, we should roll out the Prada.
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The Bermuda Triangle is filling up with excess exports!? Time to go fishing for iPads....
Economist journos are neo-colonialist morons. It's like reading a paper written by a very keen, but misguided, undergraduate student in economics. On a more sensible analysis it seems unlikely the developing countries are the main cause of the statistical error here.
(1) Developing countries' reporting standards are unlikely to be especially different in 2011 from what they were in 1971, or if anything will be better now. A basic and generalised truth is that in these countries they like to do things properly to show they are serious contenders, and government employees are a lot smarter than in developed countries because in a developing country, working in government is a prestigious job for the intellectual elite. Also export, and international trade, is extremely important to developing countries, and they tend to have methods to cross-check trade statistics due to exchange control or at least FX monitoring. All these factors will tend to result in high standards in trade statistics.
(2) It's obvious from what we know elsewhere that accounting tricks and tax avoidance scams are rife in the US and other developed countries, causing reported figures of most major enterprises to be wildly different from the underlying reality. The erroneous world trade statistics are highly likely to be a consequence of that. To give one example, Google Ad Services global (non-US) income is paid to local Google businesses, and the local Google businesses pay huge IP fees to Bermuda which tends to keep their own taxable profits low. The Google associate company in tax haven Bermuda receives the IP fees and itself in turn bills lower fees for the same IP to Google US, so it makes a huge tax-free profit in Bermuda. This makes it look like Bermuda is "exporting" a lot more services than it is importing.
It's also well known that in the UK, balance of trade figures are annually adjusted by a few billion $ as an "estimate" of the amount of carousel trade fraud which is occurring. Carousel trade fraud is where goods (for example mobile phones in bulk) are openly exported to other countries and VAT refunds claimed, and then the goods are silently re-imported by small/unregistered/false-name businesses who disappear without paying VAT - each time the goods go around this carousel, it looks like an additional export transaction without a balancing import.
The UK adjusts its figures for this, typically more than $15 billion of annual adjustment, but probably under-estimates it, because it's such a political issue (the failure to tackle it properly costs the UK Treasury several billion $ in lost VAT per year). The UK also fails to take account that the same type of fraud occurs in services.
More importantly for global statistics, exactly the same problem exists in other EU countries, it's a type of VAT fraud which takes place in all EU countries and it's not UK-specific. Unfortunately, the other EU countries generally do not adjust their export figures for this fraud like the UK does.
Maybe these Economist journos should read their own "newspaper" (it's actually a magazine dummies): http://www.economist.com/node/7008797
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