Gross Imaginary Product is no fantasy
As fishy or Ponzi as it may sound, from the US to Japan and Europe, GIP has exploded everywhere that real interest rates have been kept below zero.
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IN the era of crypto-currencies, I propose a new economic statistic: Gross Imaginary Product (GIP). This can be defined as the total output at market prices of all products and services which do not actually exist.
Contrary to popular superstition, not all the US$350 or so billion value (depending on the day) of crypto-currencies is imaginary. There are some real values there.
We should also be honest enough to acknowledge that, in the physical economy, in California, London, Japan and everywhere that "funny money" has distorted it, there are values that are deemed "real" but that are in truth purely imaginary.
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