The proper term will be "cooking books". But finally people that matter speak about it and I was calling on that for years.
The Eurasian Economic Union (EEU) member states should establish a rating agency to provide adequate assessment tools for the region’s growing economic activity, Russian President Vladimir Putin has said. The proposal was made during a meeting of the Supreme Eurasian Economic Council in Moscow on Thursday. Currently, the market for international credit ratings is dominated by three US-based agencies: Moody’s Investor Services, Standard and Poor’s (S&P), and Fitch Group. Countries outside the West have accused them of economic and political bias when it comes to assessing their markets. “It would be useful to establish the Eurasian rating agency,” Putin stated, adding that principled approaches and strict criteria are needed. “It is important to guarantee that the work is absolutely objective. This is its whole value. If this is not the case, then there is no point in it,” the Russian leader stressed.
I am on record--ALL, without exception, Western establishment rating agencies and most of the "economists" are frauds. "Biased" is not the term to use here. US economic statistics is a case in economic fairy tales whose only task is to hide US' departure from largely self-proclaimed economic hegemon status. Real US economy is dwarfed by China, and India, for all India's huge problems with poverty and other social ills, still is larger than the US as an economy.
Again, just one of the clues from World Steel Association:
War is a great litmus test, always was. Just to demonstrate:
«ООО «ЧТЗ-УРАЛТРАК» значительно увеличило количество выпускаемых танковых двигателей. Достичь объемы выпускаемой продукции, превышающие лучшие показатели послевоенного периода СССР, удалось за счет грамотной организации производства», — говорится в сообщении во «ВКонтакте». Директор по особым поручениям «Уралвагонзавода» Игорь Мешков отметил, что на ЧТЗ ведется техническое обновление и модернизация производства, а за последний год на 30% увеличена численность коллектива. «По итогам работы I квартала текущего года объем ежемесячно выпускаемых модернизированных дизельных двигателей превысил на 12% показатели СССР периода холодной войны. Такие показатели были достигнуты впервые за новейшую историю ЧТЗ», — заявил он.
Translation: ChTZ-URALTRAK LLC has significantly increased the number of tank engines produced. It was possible to achieve production volumes exceeding the best indicators of the post-war period of the USSR due to the competent organization of production, ”the message says on VKontakte. Igor Meshkov, Director for Special Assignments of Uralvagonzavod, noted that ChTZ is undergoing technical renovation and modernization of production, and over the past year, the number of employees has been increased by 30%. “According to the results of the first quarter of this year, the volume of monthly production of modernized diesel engines exceeded the indicators of the USSR during the Cold War by 12%. Such indicators were achieved for the first time in the recent history of ChTZ,” he said.
Now ask yourself a question: can the US do the same? No. US has the "best" stock market in the world where it trades thin air, but in terms of tanks the US cannot produce modern tank at all. And this is just one example. Do Moody's or S&P ratings in any way reflect this reality? Of course not, most people who work there they are products of fraudulent economics programs of Western universities and have no grasp of the modern economy and productive forces--it is difficult in scientific sense (physics, math, chemistry, engineering etc.) and they don't teach those and they lack cultural upbringing to get it. So, they produce useless fumes of finances and concoct preposterous GDP numbers. Some of them cook books unwittingly, others do it on purpose. Result, however, is always the same--GIGO (Garbage In, garbage Out).
And here we come to this sensitive topic of which, as an example Larry wrote not for once, when describing CIA--the West lacks serious strategic intelligence and forecasting capability due to atrocious incompetence of its "intel" community which operates in virtual reality and echo chamber and is incapable, on the institutional level, to produce anything firmly grounded in reality. One cannot produce that when operates within West's framework of economic and military data completely devoid of context. As a result we all have to content with US economy the size of $23 trillion, while in reality it is only half of that, we have to accept fraudulent numbers of growing "capitalization" of things which, in reality, lose their value due to tear and wear and growing obsolescence. In the end, the result of all that is cheap propaganda of the US "defeating" Hitler, or F-15 being the best fighter in the world, while never encountering serious competent enemy in the skies or Air Defense. It is one non-stop chest thumping, which Senator Fulbright summarized succinctly in 1960s.
“It is simply not necessary for us to go around forever proclaiming: ‘I am the greatest!’ The more one does this sort of thing, in fact, the more people doubt it….”