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Andrew Laverdiere's avatar

Quite a few decades back, GDP was divorced from measuring anything real, so gambling in whatever fancy derivative instrument they could cook up was included, so nearly 95% (or more) of GDP is nothing but gambling debts being traded back and forth. As Alexander Hamilton put forth in his 3 reports to congress on becomming an independent industrial nation, it first must have sovereign control over its currency, and second create an investment system (national banking) that puts the future prosperity of the society as a whole to be its priority though encouraging manufacturing, investment in infrastructure, patent protection and fostering scientific knowledge amongst the population. Any country that has adopted this system has propered such as Bismarks Germany, Meiji Japan, post war Korea, and now China.

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Michael Bostic's avatar

Thought provoking piece

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