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3.4.2015 Financial Intelligence Report Bookmark

We need Hookers in the GDP

I don’t mean hidden sleight of hand. I don’t mean “ringers” or other fake data. What I’m talking about is actual hookers…prostitutes. But not only prostitutes, we’re talking crack cocaine, powder cocaine, heroin, cannabis, ecstasy and amphetamines. Why? Because these are the things that are now included in Italy’s GDP reporting.

I know you think I’m making this up, but I’m not. A few years back virtually every nation decided to change the way they measure GDP so that they could make things look better. Here in the states they changed the rules to include such mundane things as research and development, old TV show reruns, Artistic originals including books, movies, TV shows, music, photographs and greeting cards — yes, greeting cards.

I’m not being militant here. I understand the idea behind some of these moves. For instance take a movie like Star Wars. When it was first released, they hoped it would be something special and make a splash at the box office. Well it did and that should figure into the GDP for a nation because indeed money was spent both to make it and to see it. But who would have known that it would grow into multiple billions of dollars in revenues over the years as it became somewhat of a cult following?  Are we to ignore the billions spent on Star wars clothes, toys, spin off’s etc? No and we shouldn’t.

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