I’d like to clarify that accounting has attempted to modernise at least twice in

I’d like to clarify that accounting has attempted to modernise at least twice in the twentieth century. But I sufficiently, and law has not helped.

The fallacy of the evenly rotating economy pervades lending, just as the fallacy of stable price.

The value of assets in the industrial era , and in the contemporary era has inverted. Today IP has value but almost all assets other than land are never with more than liquidation value.

Market brand has far more value than any leveragable assets do. But we can’t borrow against that brand value other than as demonstrated by cash flow.

It’s one thing to meet regulatory compliance. It’s another to have an accurate inventory of your assets.

For all intents and purposes our balance sheets are as ridiculous as congressional accounting office reports on the economy and treasury.

More later