today’s thoughts
“Filipinos love America and what we can say is that it’s so easy to have twenty-twenty vision on hindsight when all this easy money policy was going. [It was] very good for the world, everybody’s G.D.P. and our G.D.P. because we had alot of remittances coming from America.” ~ Philippine President Gloria Arroyo in World Economic Forum ~ January 31, 2009
my translation: ‘We love America because our expatriates there have been able to send so much money back to our country.’
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But how are cash gifts sent from overseas part of your G.D.P.? They’re not!
G.D.P. is gross domestic product, the total value of all goods and services produced in a nation in a year – the ‘size’ of a nation’s domestic economy.
G.D.P. can be defined three ways: (1) the sum of spending for all final goods and services produced within a country in a year (2) the sum of the value added at each stage of production by all the industries within a nation, plus taxes, less subsidies on products, in the year (3) the sum of the income generated by production in the country in the period — compensation to workers, taxes on production and imports less subsidies, and gross operating surplus (or profits)
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.“It was all fine. Then the bubble burst, but did we all know that the bubble was getting to be so big?”
“What we want is for America to do something because the last thing we want is for America to do nothing. You may be vague on what should be done, but the worst thing is for it not to do anything.” ~ President Arroyo in the World Economic Forum ~ January 31, 2009
( I can talk English good as your President Bush)
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The Philippines’ G.D.P. per capita was 68,989 pesos ($1468) in 2006, about the same as Sri Lanka and Mongolia, behind Indonesia, Georgia, Armenia, China, Azerbaijan, Turkmenistan, Malaysia, Kazahkstan, Taiwan, South Korea, Hong Kong, Brunei, Japan and Singapore. Grow your own economy!