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Amazing cooking of the books by the Brits

October 24, 2014

If you don’t think this kind of thing is going on in the US, I expect you’ll be quite surprised when it’s revealed.

http://bastiat.mises.org/2014/09/more-european-growth-shenanigans/

Here’s the gist of the story. The British Office of National Statistics (ONS) has expanded their definition of GDP to include prostitution and drug use.

?Why would they do that? !!Great question!!

Of course, some countries have been including these items for years. Back in 2006, the Greek government was able to increase its reported GDP by 25% overnight by including these items! The reason the Greek government made the change back then was to have more flattering debt and deficit to GDP figures than otherwise. We now know how that story ended.

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