Financial Rescue Nears GDP as Pledges Top $12.8 TrillionSee, this is why all the loons are calling on the G20 to enact a because if their currencies all go down the toilet together, it's less obvious.The U.S. government and the Federal Reserve have spent, lent or committed $12.8 trillion, an amount that approaches the value of everything produced in the country last year, to stem the longest recession since the 1930s.
New pledges from the Fed, the Treasury Department and the Federal Deposit Insurance Corp. include $1 trillion for the Public-Private Investment Program, designed to help investors buy distressed loans and other assets from U.S. banks. The money works out to $42,105 for every man, woman and child in the U.S. and 14 times the $899.8 billion of currency in circulation. The nation's gross domestic product was $14.2 trillion in 2008. [bold added]
Thursday, 2 April 2009
This is frankly the most frightening thing you're going to read this week [hat tip Gus Van Horn]: