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GDP was invented in the days when trade was ships full of iron ore - it screws up the figures for any country with significant banking/financial services By GD
by excuse-me 15y ago
GDP was invented in the days when trade was ships full of iron ore - it screws up the figures for any country with significant banking/financial services
By GDP, Luxembourg and Lichtenstein are the worst countries in the world - with national debt ratios of $10M+ per person.
It even effects large economies, one of the (many) reason for the UK not joining the Euro was that the size of London's financial industry meant that it's debt/GDP figures would never meet the requirements even if the government never borrowed a penny.
- arethuza 15y agoIt wouldn't surprise me if the UK splits up and England (which would no doubt steer even further to the right) leaving the EU and Scotland joining the Euro-zone. Probably disastrous for both sides. I suspect that David Cameron would be delighted to be free of the Scots but can't say so, meanwhile I suspect the Scottish Nationalists are probably horrified at the idea of actually getting independence but obviously can't say this either. NB I'm a mostly pro-Union Scot - the only area that would make me vote for independence is if it meant closing the Trident submarine bases on the Clyde, which I can't see being an option that we are allowed to vote for.
- excuse-me 15y agoI'm all for Scottish independence, finally the Orkneys will be able to throw off 800years of Scottish oppression and reap the benefits of THEIR oil and closer links to their Scandanavian heritage. ps. note British tongue firmly in cheek ;-)