This is a subject I’ll freely admit to knowing absolutely knothing about.
It doesn’t seem fair for governments to pay for the mistakes or traders.When people invest, they take the risk of winning or loosing.When I lose on the horse, I know it was a risk. It’s the same with stocks and shares.They go up or down, and a certain profit or 15% return is, frankly, unreal. Investors need to be reminded that an investment may not give a return.
I don’t know what to do about the current financial crisis. Perhaps a ‘world tax’ of ten percent needs to raised on all those who choose to live in one country per month, a different one every month to avoid taxes, or those who try to avoid tax.
No one likes to pay tax, but it is a normal thing to do. So I say to those who try to avoid taxes, beware, as governments will try to get what they think they are owed.
I’m not sure 700 billion dollars is enough and it is perhaps throwing good money after bad.I had the thought yesterday that Liverpool fc are sponsered by the US government and Newcastle united by the British government and that can’t be a good use of taxation.
One year ago there was ten times as much money on the global markets than actually existed. it was a problem waiting to happen due to lack of liquidity and if it gets better short term, long term is not so sure . Unemployment is the spectre that haunts us, and recession is its wailing banshee, and inflation its ball and chains.
The show is up and its time now to find a new financial paradigm as this one is over.
A mixed social economy is the way forward.
I read about “trillions of dollars” and if you could count 1 dollar per second, it would take you over 3800 years to count a trillion.
If you laid one dollar bills end to end, you could make a chain that stretches from earth to the moon and back again 200 times before you ran out of dollar bills! One trillion dollars would stretch nearly from the earth to the sun. It would take a military jet flying at the speed of sound, reeling out a roll of dollar bills behind it, 14 years before it reeled out one trillion dollar bills.
The U.S. Federal Government collected $2,568 billion in fiscal year 2007, while spending $2,730 billion, generating a total deficit of $162 billion.
If america agrees, not only would the legislation increase the national debt to $11.3 trillion, it would leave one man in charge with absolutely no oversight.
By the way, private American debt is an amazing 37 Trillion.
Households in the UK owe a total of £1.4 trillion to banks and building societies. More than £225 billion has been piled on to credit cards and personal loans while the remainder has been spent on bricks and mortar, the Bank of England says. Even the start of the credit crunch last year was not enough to stem the credit binge. Credit card borrowing rose by 1.25 per cent last year, while mortgage borrowing rose 10.8 per cent, figures from Experian, the credit reference agency, show. Insolvences hit a high and things don’t look like they will get better any time soon.
This of course was all shown around 2005
things look bad http://news.bbc.co.uk/1/hi/business/7644238.stm
That shows 700 billion compared with the 14 thousand billion us gdp.
By the way, where is plan “b”?