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entry bookkeeping was the simple financial instrument that involved keeping a credit account showing income and a devotee account without going payments. the first complete double entry bookkeeping system can be traced back to thirteen fourteen and ledges from genoa showing government income and expenditure. double entry bookkeeping showed account holders how much capital they had on hand allowing them greater overview and control of their finances. in the mid eighty s were global players they issued loans and signed secured credit notes were travelers that could be cashed in many countries the precursor to today s traveler s checks. and huge sums and spend them again by the time he died he spent six hundred thousand florins equivalent to more than a quarter of
we ve gone correctly in handling the spending side, but we ve done nothing with the fact that there is double entry bookkeeping. you cannot keep a deficit going without consequences. there are no immediate political consequences of deficits because as far as the congress is concerned, if nothing is happening, then it s not important. but the real problem as we open up the deficit, ultimately it will be funded and you will begin to get inflationary pressures. dana: let me ask you one last question. you talk about america s resilience and its competitive position against china. and you think that america is in quite a good position. you re optimistic about america being able to compete with china. first of all, china is per capita gdp is one-third of that of the united states. they are where we were in 1960.