This place is hemorrhaging tax dollars and has for decades. Your money.
Well that’s great. The question is how useful will this audit actually be, and how truthful? In the 3 years since the birth of this site we have chronicled plenty of examples of waste in the military. It is PERVASIVE. The level of waste speaks frankly to a culture of accounting negligence at the Pentagon which is perhaps only rivaled by the chicanery at the Federal Reserve. Heads (and many many heads at all levels) should have rolled long ago.
China is the ultimate crony capitalist state. It is a country which is built on lies on top of more lies on top of more lies on top of more lies.
I’m pretty sure this is physically impossible.
Now we are going to count R&D, and “creative works” as adding to the economy. What part of “intangible” don’t the statisticians get? Why not count business emails as contributing to GDP? Or sunny days? Or the positive feeling people get when their football team wins? Surely we can come up for a model for these too.
I was 30 when I began to realize the absolute genius (evil and good) inherent in modern accounting. My whole life I had thought it was just simple inflows and outflows. Boy I had no idea of the level of creativity.
The Banking Mess
“Basel Becomes Babel as Conflicting Rules Undermine Safety” says a Bloomberg headline. This refers to international banking rules being worked out in Basel, Switzerland.