Money in motion -vs- profit
Saturday, December 27, 2008
Busiest Boxing Day is unlikely to save High Street slump - Telegraph.
What hope is there for British capitalism when journalists in quality newspapers don't know the difference between turnover and profit?
At Selfridges in London's Oxford Street, the store recorded its most profitable hour in the store's 100-year history – with tills ringing up £1 million in just one hour and 40,000 sales in the first 60 minutes
It's almost as bad as our politicians not knowing the difference between "investment" and "spending." It's one step from that to believing that the solution to debt is borrowing.
Years ago, when father wanted to buy a "classic" car and claimed it would be an "investment", mother said that (as it would produce no income, only costs) he could only call it that if he had a credible plan to sell it at a profit in the foreseeable future. That's the sort of education you can't get in Britain's schools (or from its newspapers) any more.