Analogy term in connection with deficits in the current account of the USA. It originates from astronomy, where it describes the inconsistency between actual matter, which can be derived from the gravitational force acting in the galaxies, on the one hand, and visible matter, on the other. Thus, also the U.S. foreign assets, measured by their income value, exceed the U.S. liabilities to foreigners. The conventional recording methods of the national accounts obviously give a distorted picture with respect to corporate (foreign) assets. – See current account, hole, dark, exchange rate. – Cf. Annual Report 2005 of the Deutsche Bundesbank, p. 31 (comparative overview of current account items), ECB Monthly Bulletin of November 2007, p. 84 et seq. (problems with the national accounts for the euro area).
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