The Phaserl


John Rubino – GDP Goes Criminal In Italy


John Rubino writes, “Ah, the Italians. They’re good for at least one entry in the ‘Why We’re Ungovernable’ series each year, and their latest is the best yet: Italy has announced it will start including estimated revenues from prostitution and illegal drug sales in official gross domestic product (GDP) figures.The country’s National Institute of Statistics says starting next year, the GDP result will also include estimates on the value of the black market in cigarettes and alcohol. The move has been driven by new European Union rules requiring nations to include all activities that produce income in their national accounts, regardless of their legality.”

We also discuss what happened with the UK and EU elections. They represent a tectonic shift that’s coming to America soon. Forget austerity, more money printing and Quantitative Easing and pass the credit card please. We just don’t want to feel the pain.

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