Sabri, > What are you talking about Julio? Now, this is information comes from > "Bad Money" by Kevin Phillips, 2008, and he claims that his > information comes from Federal Reserve Flow of Funds Accounts of the > US. If this guy is not a liar, the domestic financial debt as > percentage of the US GDP in 2006 was 107%.
I'm talking about "domestic" -- not "national" -- value added. Where the holders of the firm are doesn't matter. It only matters where the firm is located, basically whether it pays domestic taxes or not. Also, value added is a *flow* category while debt is a *stock* category. Finally, value added is calculated by adding up wages, salaries, and profits of FIRE firms. You can be an investment banker, helping China's central bank take over the U.S. Treasury, but the salaries or profits you make will be U.S. domestic value added, a component of U.S. GDP. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
