Ülo Ennuste Economics

papers and articles in wordpress

A few fallacies

A few fallacies and misleading in the publication: The Estonian Balance of Payments, International Investment Position and Gross External Debt for 2014 (March 11 2015)

  • Portfolio investment assets increased strongly, while liabilities grew more modestly and

there was a net outflow of half a million (sic! correct: billion, üe) euros in capital in the form of portfolio investment.“: see the Estonian version Eesti 2014. aasta maksebilanss, rahvusvaheline investeerimispositsioon ja koguvälisvõlg

  • „The growth in direct investment assets was driven by the extensive lending by direct investment

based in Estonia to their parent companies abroad.“: this statement seems to be produced on the basis of subjective fuzzy logic – exactly as in the Estonian version – perhaps to fuzzy the shameful fact that:

„The Estonian economy was a net lender in 2014, as it had been in 2013, and by a similar amount.“:


shameful because this anomaly is mainly caused by sub-optimal capital controls of fraudulent capital flows and moral-risky 0-profit tax system that facilitates multinationals banks and  corporations to commit tax frauds – see e.g.: Ennuste, Ü. 2012.  “Waiting for the Commission   Strengthened Governance Coordination Leviathans: Discourse Memo for the Actors in the Macro-Game “European Semester”- Baltic Journal of European Studies“ Vol 2, No 1, 2012 p 139-164:


March 17, 2015 - Posted by | Uncategorized

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