Re: ...the Palestinians have not, do not, and most likely will not possess the institutions and core beliefs necessary for prosperity.
Well... according to EU bureaucrats, the US lacks the proper "institutions and accounting practices" necessary for a healthy business environment... They even call for scrapping your GAAP cookbook:
Accounting rules in US under attack from Europe
Brussels urges regulator to scrap its system in wake of Enron's collapse writes Francesco Guerrera and Peter Norman in Brussels
Published: February 20 2002 20:32 | Last Updated: February 21 2002 07:22
The European Commission on Wednesday launched an outspoken attack on US accounting rules, calling on US regulators to scrap its accounting standards in the wake of the Enron collapse in favour of an alternative system to be used in Europe.
In an interview with the Financial Times, Frits Bolkestein, European internal market commissioner, said the Enron scandal was due to more than "hanky-panky" at the energy trading giant and had been partly facilitated by the "cookery book" approach of US accounting rules.
He also warned that the small number of global accountancy firms could increase the danger of collusion among auditors.
"I have asked accountants: was [Enron] just hanky-panky or did the particular nature of US GAAP [Generally Accepted Accounting Principles] enter into the whole game? The answer is yes, it had something to do with the rules of US GAAP," the commissioner said.
The intervention of Mr Bolkestein, whose responsibilities include Europe's financial services markets, will be seen as a direct attack on the US regulatory authorities, which have so far refused to allow companies listed in New York to use International Accounting Standards, the rival system to GAAP.
[...]
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