Re: Does Japan's $93 trillion monetary base include their Postal Savings Accounts?

Christian Party wrote:

> What "error" should I "admit" to?

Why don't you start by admitting that the following statements are incorrect?

1.  The Japanese monetary base is 93 trillion dollars.
2.  The real growth in US GDP has never been more than 1.5% in the last 30
years.

>
>
> You proved nothing.  My statement was "Our negative balance of payments is
> almost half a trillion dollars each year now",

Actually, that is not technically correct.  "Balance of payments" is defined as
current account plus capital account, and is zero BY DEFINITION.  From memory,
Current account is trade in goods and services and income to international
investments, and capital account is investment flows, holdings of cash,
government bonds, etc.

But you are correct, in that the US is running a massive current account deficit
(in the neighborhood of 400 b), (though again as a percentage of GDP this is not
that far out of line with what many other countries are doing)..... they import
more goods and services than they export.  Foreigners give us their stuff, and
get US financial assets (treasury bonds, US currency are just two of many
examples) in return... and you're right that this is a cause for concern over
the long term.

But you've been stunningly wrong about quite a number of other basic macro
facts.

>
> Do you or Darren have even one source which disputes the Census Bureau?  No.
> If you did, would that source be more credible than the Foreign Trade
> Division? No.  Where is *your* apology?

I never disputed your assessment of the US current account deficit.... .it's
everything else that you're wrong about.

Darren