1.The level of productivity differs quite a lot among countries, which serves a major driver of income differences (China, 13% of US for now, and 40% of US in 20 years) 2.Productivity growth differs even more among countries, with average of 1.33% per year for 1975-209 among the fast-growing one-fifth of countries, and -1.42% in the lowest-growing one-fifth countries; 3.Overall, productivity growth explains 68% of the variation in income growth and factor accumulation explains only 32% across countries. 4.How productivity is determined? TFP “a measure of our ignorance?”
Productivity Effectiveness with which factors of production are converted into output. Taken together, do all the factors of production explain all of the variation among countries? Countries differ in their output not only because they accumulate different quantities of production factors, but also because they vary in the effectiveness with which they combine these factors of production to produce output – that is, in their productivity. Think about some examples in real life.
The slower growth rate and the intensive competition globally makes developing countries under strong pressure and anxiety. To some extent, China is among one of them. One remedy is to enhance national competitiveness by subsizing industries, particularly high tech industries. The question is unclear whether such subsidies crowd out private investment and more importantly, whether public subsidies enhance industrial innovation over the long run. The empirical evidence is at lest needed.
Limiting to 46 countries before 1990, scholars find that fiscal decentralization, measured by the subnational share of total government spending ( Davoodi Zou, 1998 ) , has negative relationships with economic growth in developing countries, the finding further confirmed in the case of china, with data from 28 provinces before 1992 ( Zhang Zou, 1998 ) . In contrast, using a similar sample of 52 countries between 1997 and 2001, limi ( 2005 ) finds positive and significant relationships between fiscal decentralization and economic growth, consistent with some other studies. Taking into the extent of the independent taxing powers enjoyed by subnational governments, a study of 19 OECD countries show no significant relationships at all.
June 13, 2013 morning, Indonesia Trade Counsellor Mr. Marolop met with Elephant Alliance CEO Ms. Chen Jingru, General Manager of the Investment Division Huang Chao-Huan to discuss cooperation matters. Dr. Huang first introduced Elephant Alliance’s organizational structure and business model, and the countries that Elephants Alliance is currently working with and the latest progresses. Counsellor Marolop was impressed by the brand new business model and commented that Elephants Alliance is a good concept and a good platform for international trading. Currently the world needs such a credible platform to help enterprises in the world. Counsellor Marolop also asked a lot of questions about the detail operations which were answered by Ms. Chen and Mr. Huang of Elephant Alliance. Counselor Marolop said that many Indonesia businessmen also hope to have more trades with China. There are 17,000 islands in Indonesia of which five are major islands to form six economic zones. Indonesia is the world's fourth most populous country with over 200 Million people. Indonesia is rich in mineral resources such as oil, natural gas, coal, diamond and agricultural resources including pepper, cotton, rubber, cocoa, coconut, spices, etc. Mr. Marolop said that the next step will be for him to give Elephant Alliance some specific information to prepare for the two sides to get into close cooperation. Indonesian Trade Counsellor Marolop (middle) with Elephant Alliance CEO Ms. Chen Jingru, General Manager of Investment Division Mr. Huang Chao-Huan. For details ， please click: http://www.dxlm.org
Guest Post: How to Prove Benjamin Franklin Wrong About Taxes Submitted by Tyler Durden on 04/15/2013 22:56 -0400 Belgium Federal Reserve France Guest Post Hungary Personal Income Submitted by International Man via Casey Research , "In this world nothing can be said to be certain, except death and taxes.” – Benjamin Franklin In most cases, Mr. Franklin's statement would be correct. However, as you will see below, there are some countries in the world where you can be certain you won't pay taxes. With the year 2013 marking the 100th anniversary of the income tax and the Federal Reserve in the US (two of the most powerful tools the government uses to extract wealth), I thought it would be useful to look at when Tax Freedom Day occurs across the world to gain some perspective. Tax Freedom Day (TFD) is the day of the year that the average person has in theory earned enough money to pay his or her annual tax bill. If TFD falls on January 1, that means you are a milk cow for ZERO days out of the year for the government. If it falls on June 30, it means you are working 181 days each year to pay off your taxes. Unfortunately, most of us will spend some time during the year acting as a milk cow in some fashion for a government. Below is a table showing when TFD hits in the countries within the EU. The government of Hungary, Belgium, and France are the worst offenders in the EU, keeping their citizens in tax servitude astoundingly until around August each year . If you are unlucky enough to be in the suffocating grasp of a high-tax jurisdiction, you will likely have only a couple of months of salary (if even that) out of the year that can be potentially utilized as savings after essential living expenses are met. In the US, TFD comes around April 17. Of course, individual circumstances will vary, and TFD in the US can come a lot later than April 17 for many Americans. Whether you are American, European, or any other nationality, it doesn't have to be this way. You do not need to be working for the government for a good portion of the year. It is possible to take steps to internationalize and legally reduce the number of days the government milks you of the fruits of your labor. Some countries do not have an income tax or essentially any other type of tax that could hit the average individual. TFD could come on January 1 for you if you have no external obligations and fall under the jurisdiction in any of the countries in the table below. Countries With No Personal Income Tax Andorra Anguilla Bahamas Bahrain Bermuda British Virgin Islands Brunei Darussalam Cayman Islands Kuwait Maldives Monaco Oman Qatar Saudi Arabia St. Kitts Nevis Turks and Caicos United Arab Emirates Vanuatu There are many ways to internationalize and legally structure yourself and your business around these and other low-tax countries. One possibility could involve an American citizen obtaining a second citizenship, then becoming a resident of one of the countries above, and finally renouncing US citizenship in order to obtain a tax-free existence. Of course, this is but one possibility. There are many options with varying degrees of protection. You could prove Benjamin Franklin wrong – taxes are not necessarily a certainty. It is still legal and practical to take steps to internationalize, but if history is any guide, it won't be so forever... especially as governments (particularly in the West) become more desperate. Average: 4.666665 Your rating: None Average: 4.7 ( 3 votes) Tweet - advertisements - Login or register to post comments 526 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: Guest Post: The Promises That Cannot Be Kept Guest Post: Outlaw Josey Wales - Part Four Guest Post: What This Country Needs Now Is Hope Guest Post: Comfortably Numb Guest Post: How Can Everyone Be So Incompetent?
It Doesn't Matter Submitted by Tyler Durden on 11/06/2012 21:22 -0500 ABC News Congressional Budget Office ETC FBI Finland Germany Gross Domestic Product Hong Kong Medicare National Debt NBC Tax Revenue Wall Street Journal Via Simon Black of Sovereign Man blog , It’s really hard to ignore what’s happening today; the election phenomenon is global. Over the last several weeks, I’ve traveled to so many countries, and EVERYWHERE it seems, the US presidential election is big news. Even when I was in Myanmar ten days ago, local pundits were engaged in the Obamney debate. Chile. Spain. Germany. Finland. Hong Kong. Thailand. Singapore. It was inescapable. The entire world seems fixated on this belief that it actually matters who becomes the President of the United States anymore… or that one of these two guys is going to ‘fix’ things. Fact is, it doesn’t matter. Not one bit. And I’ll show you mathematically: 1) When the US federal government spends money, expenses are officially categorized in three different ways. Discretionary spending includes nearly everything we think of related to government– the US military, Air Force One, the Department of Homeland Security, TSA agents who sexually assault passengers, etc. Mandatory spending includes entitlements like Medicare, Social Security, VA benefits, etc. which are REQUIRED by law to be paid. The final category is interest on the debt. It is non-negotiable. Mandatory spending and debt interest go out the door automatically. It’s like having your mortgage payment autodrafted from your bank account– Congress doesn’t even see the money, it’s automatically deducted. 2) With the rise of baby boomer entitlements and steady increase in overall debt levels, mandatory spending and interest payments have exploded in recent years. In fact, the Congressional Budget Office predicted in 2010 that the US government’s TOTAL revenue would be exceeded by mandatory spending and interest expense within 15-years. That’s a scary thought. Except it happened the very next year. 3) In Fiscal Year 2011, the federal government collected $2.303 trillion in tax revenue. Interest on the debt that year totaled $454.4 billion, and mandatory spending totaled $2,025 billion. In sum, mandatory spending plus debt interest totaled $2.479 trillion… exceeding total revenue by $176.4 billion. For Fiscal Year 2012 which just ended 37 days ago, that shortfall increased 43% to $251.8 billion. In other words, they could cut the entirety of the Federal Government’s discretionary budget – no more military, SEC, FBI, EPA, TSA, DHS, IRS, etc.– and they would still be in the hole by a quarter of a trillion dollars. 4) Raising taxes won’t help. Since the end of World War II, tax receipts in the US have averaged 17.7% of GDP in a very tight range. The low has been 14.4% of GDP, and the high has been 20.6% of GDP. During that period, however, tax rates have been all over the board. Individual rates have ranged from 10% to 91%. Corporate rates from 15% to 53%. Gift taxes, estate taxes, etc. have all varied. And yet, total tax revenue has stayed nearly constant at 17.7% of GDP. It doesn’t matter how much they increase tax rates – they won’t collect any more money. 5) GDP growth prospects are tepid at best. Facing so many headwinds like quickening inflation, an enormous debt load, and debilitating regulatory burdens, the US economy is barely keeping pace with population growth. 6) The only thing registering any meaningful growth in the US is the national debt. It took over 200 years for the US government to accumulate its first trillion dollars in debt. It took just 286 days to accumulate the most recent trillion (from $15 trillion to $16 trillion). Last month alone, the first full month of Fiscal Year 2013, the US government accumulated nearly $200 billion in new debt– 20% of the way to a fresh trillion in just 31 days. 7) Not to mention, the numbers will only continue to get worse. 10,000 people each day begin receiving mandatory entitlements. Fewer people remain behind to pay into the system. The debt keeps rising, and interest payments will continue rising. 8) Curiously, a series of polls taken by ABC News/Washington Post and NBC News/Wall Street Journal show that while 80% of Americans are concerned about the debt, roughly the same amount (78%) oppose cutbacks to mandatory entitlements like Medicare. 9) Bottom line, the US government is legally bound to spend more money on mandatory entitlements and interest than it can raise in tax revenue. It won’t make a difference how high they raise taxes, or even if they cut everything else that remains in government as we know it. This is not a political problem, it’s a mathematical one. Facts are facts, no matter how uncomfortable they may be. Today’s election is merely a choice of who is going to captain the sinking Titanic. Average: 4.413795 Your rating: None Average: 4.4 ( 29 votes) Tweet Login or register to post comments 17511 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: Why A Balanced Budget Is Impossible In America Chart Of The Day: Entitlements Or Growth Taxes Vs Debt: Where Does US Funding Come From - Chart Of The Day Guest Post: Americans Want Smaller Government And Lower Taxes Spot The Unsustainable Entitlement
The Emperor Has No Gold Romania has demanded for many years that Russia return its gold. Last year, Venezuela demanded the return of 90 tons of gold from the Bank of England. The German high court recently ruled that Germany must audit its gold reserves held in foreign countries such as the U.S., England and France. And German inspectors will actually travel to the New York Federal Reserve Bank’s gold depository and the Bank of England to inspect their gold. Germany will also repatriate 150 tons of gold in order to test it for purity. As Zero Hedge notes (quoting Bloomberg): Ecuador’s government wants the nation’s banks to repatriate about one third of their foreign holdings to support national growth, the head of the country’s tax agency said. Carlos Carrasco, director of the tax agency known as the SRI, said today that Ecuador’s lenders could repatriate about $1.7 billion and still fulfill obligations to international clients. Carrasco spoke at a congressional hearing in Quito on a government proposal to raise taxes on banks to finance cash subsidies to the South American nation’s poor. Four members of the Swiss Parliament want Switzerland to reclaim its gold . Some people in the Netherlands want their gold back as well. Cheviot Asset Management’s Ned Naylor-Leyland says that the Fed and Bank of England will never return gold to its foreign owners . Jim Willie says that the gold is gone. The fact that CNBC head editor John Carney is arguing that it doesn’t matter whether or not the Fed has the gold does not exactly inspire confidence. Gerald Celente notes : It’s not only Germany (who’s gold is missing), it’s the United Sates, it’s all of the countries. Nobody knows what’s in Fort Knox. They won’t let anybody in. Where’s the gold in the United States? How come we can’t go in and look in Fort Knox? *** How come the people can’t have a reading? How come we can’t look at it? How come politicians can’t get in there? How come no one can get in there? The gold does not exist. All this does is confirm what so many of us already know, “The Emperor has no gold.” Egon von Greyerz -founder and managing partner at Matterhorn Asset Management – agrees : There probably isn’t anywhere near the central bank gold (governments claim they possess). Ron Paul has called for an audit of Fort Knox, based upon the suspicion by many that the gold was sold off years ago: Others allege that the gold has not been sold outright, but has been leased or encumbered, so that the U.S. does not own it outright. $10 billion dollar fund manager Eric Sprott writes – in an article entitled “ Do Western Central Banks Have Any Gold Left??? “: If the Western central banks are indeed leasing out their physical reserves, they would not actually have to disclose the specific amounts of gold that leave their respective vaults. According to a document on the European Central Bank’s (ECB) website regarding the statistical treatment of the Eurosystem’s International Reserves, current reporting guidelines do not require central banks to differentiate between gold owned outright versus gold lent out or swapped with another party. The document states that, “ reversible transactions in gold do not have any effect on the level of monetary gold regardless of the type of transaction (i.e. gold swaps, repos, deposits or loans), in line with the recommendations contained in the IMF guidelines.” 6 (Emphasis theirs). Under current reporting guidelines, therefore, central banks are permitted to continue carrying the entry of physical gold on their balance sheet even if they’ve swapped it or lent it out entirely. You can see this in the way Western central banks refer to their gold reserves. The UK Government, for example, refers to its gold allocation as, “Gold (incl. gold swapped or on loan)”. That’s the verbatim phrase they use in their official statement. Same goes for the US Treasury and the ECB, which report their gold holdings as “Gold (including gold deposits and, if appropriate, gold swapped)” and “Gold (including gold deposits and gold swapped)”, respectively (see Chart B). Unfortunately, that’s as far as their description goes, as each institution does not break down what percentage of their stated gold reserves are held in physical, versus what percentage has been loaned out or swapped for something else. The fact that they do not differentiate between the two is astounding, (Ed. As is the “including gold deposits” verbiage that they use – what else is “gold” supposed to refer to?) but at the same time not at all surprising. It would not lend much credence to central bank credibility if they admitted they were leasing their gold reserves to ‘bullion bank’ intermediaries who were then turning around and selling their gold to China, for example. But the numbers strongly suggest that that is exactly what has happened. The central banks’ gold is likely gone, and the bullion banks that sold it have no realistic chance of getting it back. CHART B This may sound like a conspiracy theory. But the banks have already been caught raiding allocated accounts . And governments have repeatedly been caught manipulating gold prices . And financial companies have been caught pretending they have reserves which they don’t. And gold bars have been found to have been filled with cheaper metals . And at least one central bank – albeit a tiny one- has already been caught holding fake gold . And as Eric Sprott points out: We’re not talking about conspiracy here however, we’re talking about stupidity. After all, Western central banks are probably under the impression that the gold they’ve swapped and/or lent out is still legally theirs, which technically it may be. But if what we are proposing turns out to be true, and those reserves are not physically theirs; not physically in their possession… then all bets are off regarding the future of our monetary system. China Is Quietly Becoming Gold Superpower While Western central banks have frittered away their gold , China is quietly building up its reserves. China is the world’s largest gold producer . And yet – according to various sources – gold bullion brokers have not seen any gold coming from China . In other words, China is producing more gold than any other country, but isn’t exporting any of it. As such, China is quietly becoming a gold superpower. Note: China has a habit of being quiet for several years at a time, and then announcing big increases in gold holdings. So quoting old numbers will only mean that one is caught flat-footed as to China’s current holdings. Average: 4.69231 Your rating: None Average: 4.7 ( 13 votes) Tweet George Washington's blog Login or register to post comments 8805 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: Eric Sprott: Do Western Central Banks Have Any Gold Left? It Begins: Ecuador Demands Repatriation Of One Third Of Its Gold Holdings Are Banks Raiding "Allocated" Gold Accounts? FLASH: German gold report reveals secret sales that likely were part of swaps Hong Kong Completing 1,000 Ton Gold Vault
On Inflation, M2, and the Velocity of Money Submitted by CrownThomas on 08/10/2012 11:46 -0400 We often hear that the central banks printing money in order to keep the stock market inflated and broke countries afloat for just a few days longer is nothing to worry about. The reason we are given, is that even though the central banks are pumping trillions into the economy, inflation isn't an issue. And after all, the velocity of money has actually declined. That's the message from the "smart" people anyway. This chart shows that as M2 grows (Red), so does inflation ie: CPI (Green) - yes, this is the government's calculation, we'll leave it there for this chart's purpose. Also of note is the monetary base without the banking ponzi scheme of fractional reserve banking (Blue). So as you can see, inflation actually follows M2 growth, even as the velocity of money (below) declines. Don't be fooled by those who tell you that printing money isn't causing inflation, because it is doing just that each and every day. There are those who believe that velocity of money is a product of fast growing inflation (not a cause) . Inflation has been rising consistently with the growth in money supply, but the velocity of money has declined. You can imagine what happens once velocity of money actually starts to turn (hint: something ZH has been warning about for years). Similar Articles You Might Enjoy: Guest Post: Why QE Won't Create Inflation Quite As Expected On Gold As A Hyperinflation Put Jobless Claims Spike Is Fourth Largest In 2012 As Producer Prices Surge By Most Since June 2009 The Monetary Endgame Score To Date: Hyperinflations: 56; Hyperdeflations: 0 UBS Issues Hyperinflation Warning For US And UK, Calls It Purely "A Fiscal Phenomenon"
All the parities in China Which countries match the GDP, population and exports of Chinese provinces? FROM: Economist: http://www.economist.com/content/chinese_equivalents China is now the world's second-biggest economy, but some of its provinces by themselves would rank fairly high in the global league. Our map shows the nearest equivalent country. For example, Guangdong's GDP (at market exchange rates) is almost as big as Indonesia's; the output of both Jiangsu and Shandong exceeds Switzerland's . Some provinces may exaggerate their output: the sum of their reported GDPs is 10% higher than the national total. But over time the latter has consistently been revised up, suggesting that any overstatement is modest. What about other economic yardsticks? Guangdong exports as much as South Korea, Jiangsu as much as Taiwan . Shanghai's GDP per person is as high as Saudi Arabia's (at purchasing-power parity), though still well below that in China's special administrative regions, Hong Kong and Macau. At the other extreme, the poorest province, Guizhou, has an income per head close to that of India. Note that these figures use the same PPP conversion rate for th e whole of China, but prices are likely to be lower in poorer provinces than in richer ones, slightly reducing regional inequality. Correction, February 25th: The original figure given for Hong Kong's exports included re-exports. This has been changed to refer to domestic exports only.
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