Another article from an Ohio guy on this Italy region cooperative movement seems to confirm the numbers.
Per person income is 50 percent higher in Emilia Romagna than the national average.
GDP is a macroeconomic measure with only a tenuous relation to microeconomic well being.
I agree that GDP (unless there's a factor of 10) is a very poor indicator of well-being (unsurprisingly since it was invented to measure things for monetary policy purposes :).
If I, in my role as a Money Market Bank, lend you $100 million and you, in your guise as a Financial Investment Firm, lend it to Jerome, in his guise as an oil investment banker, who lends it back to me total GDP has risen by $300 million even tho' no economic activity has taken place.
Maybe our monetary theory is fucked up because our monetary system is fucked up. tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker
M2 is M1 plus time related deposits.
M3 is the total estimated (WAG) amount of a currency in existence in any form.
The CB can interject extra money into the system at each of the 3 levels although the national Treasury and Mint usually have oversight and control of M1. Whether a CB uses M2 or M3 depends on the policies (goals) and the situational analysis and decision making processes of the various CBs.
(And you thought I couldn't drag in Epistemology, huh? :-)
What you describe looks like more money creation in our fractionnal banking system, am I wrong?
