What Is Gnp

Assembly normalized after boycott over TV fee

By Lee Tae-hoon

The National Assembly was normalized Tuesday after a half-day boycott by opposition lawmakers in protest against the ruling party’s attempt to increase the TV license fees for KBS.

Earlier in the day, lawmakers of the main opposition Democratic Party (DP) boycotted the June extraordinary parliamentary session over the governing Grand National Party’s (GNP) railroading a bill to hike the fee from 2,500 won ($2.31) to 3,500 won per month at a parliamentary sub-committee.

“The government must promise to guarantee the political neutrality of KBS as a precondition to increase the subscription fee,” said Kim Jin-pyo, floor leader of the main opposition Democratic Party (DP). “Otherwise, the June session will not be normalized.”

However, the DP withdrew its plan to walk away from the Assembly after Kim held a meeting with his counterpart, GNP floor leader Hwang Woo-yeo, in the afternoon.

Sources say Rep. Hwang expressed an apology for his party’s failure to deliberate the sensitive matter in depth with DP lawmakers before putting it to a vote and promised to discuss the issue again at a standing committee level.

Kim and Hwang had agreed to deliberate on the free trade agreement with the United States, North Korean human rights bill and defense reform bill during an ad-hoc session this month.

DP lawmakers claimed that the GNP unilaterally approved the bill at a sub-committee of the National Assembly Culture, Sports, Tourism, Broadcasting and Communications Committee on Monday without proper deliberations.

The liberal legislators said they boycotted the Assembly on fears that GNP lawmakers may unilaterally pass the bill in a vote at a plenary session of the standing committee without further discussions.

DP Chairman Sohn Hak-kyu also said his party would halt parliamentary discussions unless the ruling GNP and the government withdraw the proposal to increase the license fee.

“The GNP and government must withdraw the bill and start again from the start,” he said. “What has been passed at the sub-committee should be completely nullified if they wish to run the National Assembly through rational dialogue.”

DP lawmakers claimed that Rep.

Surplus/Deficit as a % of GNP/GDP | The Big Picture

Comments

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

Switching to a fiat currency allows deficits to be come structural rather than circumstantial by deferring the cost (pain) of the economic deformations that these deficits represent (specifically in our case deficit funded consumption).

Currency is the fundamental unit of economic communication. By using a fiat currency the economic messages that the currency represents can be altered arbitrarily to communicate political will rather than economic meaning.

And this is the reason for the looming collapse of the US financial, political and economic system:

The fundamental unit of economic communication was hijacked and altered to communicate political will instead. Hence it lost its utility to the economy, and our economic agents lost the ability to communicate in a meaningful way.

Collapse is the natural and inevitable result.

Interesting. The chart suggests that the Reagan era actually went against the worsening trend of the last 60 years. So, to correct Cheney (and most of his brethren), Reagan didn’t prove that deficits don’t matter. Reagan proved that they matter less and less if you can grow the economy faster than the deficits are growing.

Re: fiat currency = inevitable collapse. I must warn you that collapse and death is the natural and inevitable result of using the term “fiat money”. The historical record is clear on that fact.

but deficit doesn’t = debt. they aren’t the same thing. one may lead to the other. but not always. you borrow money to start a business. revenue is negative, deficit is immense, debt is also large. but the debt is based on years to pay (unless you don’t know what you are doing of course). eventually (hopefully) the deficit (revenues – expenses) isn’t large. and that debt will get paid down.

The Federal Government is not like a business…in any way, shape or form.

A business, like a household, local or state government is revenue-constrained. The Federal Government is not.

What is GNP?, (Gross national product).

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