Is a capital surplus good or bad?
Peter Schiff says bad. I say he's full of it.
posted by Bob Murphy @ 10:06 AM
13 Comments
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Monday, January 22, 2007
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13 Comments:
"To the rescue come a few Japanese businessmen who give him the money, in exchange for partial ownership of the new firm. To make the tautology stand out, we can suppose that the Japanese literally ship over copiers, faxes, etc., in exchange for the intangible shares of stock that the American sends back over the ocean. Once again, a deficit on the manufactured goods side is counterbalanced by a surplus on the investment side.
"Now, is this increase in liabilities to foreigners—after all, the Japanese investors now have a legal claim to future income flows earned by an American firm—a bad thing? The American entrepreneur didn't seem to mind. Yes, he would've preferred to get the capital with no strings, but those wily foreigners usually insist on getting something for their investment."
Brilliant, Bob!
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