Max Sawicky wrote,
Secondly, why should capitalist accountants
record the depreciation of an asset which they do
not own? Presumably they can buy labor in
whatever state they like.
This is precisely Clark's point, as I understand it second hand, by way of
Stabile. Capitalist accountants
The financial accounting myopia has produced the mirror image of that
incomplete socialist accounting. Instead of discounting capital depreciation
and assigning fictional values to inventory, it discounts the social costs
of labour and thereby enormously inflates the value of financial
Doug Henwood wrote,
Tom Walker wrote:
The lesson of the Asian crisis is that the limit of fictional accounting has
been reached. Humpty-dumpty has fallen off the wall.
How do you know? Why can't the big boys restructure Asia into a nicely
subordinate region just like they did Latin America
Someone, long ago misplaced a decimal point when reporting the iron content
of spinach. This careless mutation led to the birth of Popeye. From spinach
to myth on the placement of a small dot.
We will hear many times over the next weeks and months from the likes of
Bill Clinton and Alan
Tom Walker wrote:
The lesson of the Asian crisis is that the limit of fictional accounting has
been reached. Humpty-dumpty has fallen off the wall.
How do you know? Why can't the big boys restructure Asia into a nicely
subordinate region just like they did Latin America after its import
