"The world is full of obvious things which nobody by any chance ever observes."
- Sherlock Holmes
I have lately been disturbed by the debt to GDP ratios issued by various governments. I don't think they are accurate. Further, I find the methodology of the ratings agencies flawed, in assessing the financial condition, of many governments.
In all cases, for the major countries, the central banks' balance sheets, that represent them, are not included in the calculations of the debt ratios of the national balance sheets. Consequently, given the new role that the central banks