Chaps,
PantLoad is correct in his description of how the FAA system works. You might think it is a silly system (and it would definitely appear to be), but don't shoot the messenger.
In the US, the question at interview to establish your level of experience would be 'How much time do you have where you signed for the aircraft?' as opposed to 'How much PIC time do you have?'. As PantLoad explained PIC time on its own means little, where it is only the designated commander of the aircraft who can sign for the thing.
Can we go back to the original question now?