House of Paine

pay no heed to red ink......

its amazing how  too much  red ink

     can cause real consequences ....

its as if theatrical blood required real surgery 





==========================


like the miracle of transsubstantiation

its a hoaks 

but belief in irt

has built some mighty large structures 

so how do we act when

fighting 

 a paper dragon others believe is ...real 

----------------------------------------

 these balance sheet numbers

these mere  book marks 

tracks at best leading back through a real  past

but should it way us down 

looking forward



after all 

all that matters is  what we do today tomorrow  

the day after tomorrow  and on and on .....

but red ink can be believed in  so much  

the implications

of its scorecard

     implemented  so mechanically 

        a better brighter  immediate future 

               can be   cut down .. blown away ...  grimly removed  

                           from the realm of the possible 



  case in point

a state enterprise  balance sheet

what it owes and what it is owed

are both but  paper notations

 but ignore them at your own risk if others do not 

looking at its balance sheet

gives a hint at what might be 

but not much more

imagine the operating statement 

as if there was no debt 

look at loses but not balances

            flow not stock 

ahh this is deeper then my capture here 

will continue this thread ....



ps

the prc has taken a bunch of non performing debts 

and tossed them in seperate recovery vehicles

leaving the enterprises un encumbered 

sunk loses are as sunk as sunk costs

letting them weigh you down like  marley's ghost 

is tofall into  capitalist superstition 

imagine if every state enterprise received 

a note transfering its obligations

 its  account payables and notes and loans

       to a series of special state owned 

        asset management companies 

and simultanteously

another set of asset management purchases 

at face value of its various receivables and other current 

paper assets 

a burdened lifted ......a fresh start 

and yet nothing real has changed on the shop floor