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...this zone would include most of Asia (but not India) and a sliver of Central and South America, as well as big non-Asian economies like the U.S., Russia and Canada. If all of APEC's member countries participated - a big if - its combined annual GDP would be $37 trillion, 21/2 times that of the E.U., the world's largest economic bloc in terms of combined output, according to the International Monetary Fund...
...place to combat the global recession. There is clearly a link between Beijing's ultra-loose monetary policy and the run-up in property prices. The amount of new loans granted by Chinese banks in the first 10 months of 2009 surged an eye-popping 144%, to $1.3 trillion, from the same period in 2008. The easy money policy has led to a fantastic increase in property deals - up 82% in October (by volume of floor space) from the same month a year earlier. There is also concern percolating that home prices in major cities are rising...
There's little disagreement that by picking up the banks' half-a-trillion-dollar repair bill, taxpayers got a rotten deal in the financial meltdown. How to make sure they're not forced to pay a second time is unclear. A levy on financial-market transactions, stretched beyond foreign-currency trades to cover stocks, derivatives and other clever instruments, might offer twin benefits. By slapping an additional fee on each transaction, the tax "would naturally drive [investors] toward those that are more sensible, more profitable, more rational," suggests Julian Jessop, chief international economist at the consultancy Capital Economics in London...
...government thus needs to get in on the act as well. By running perennial deficits, it is dis-saving, even as households save more. Peter Orszag, Obama's Budget Director, recently called the U.S. budget deficits unsustainable - this year's is $1.4 trillion - and he's right. To date, the U.S. has seemed unable to have what Indiana Governor Mitch Daniels has called an "adult conversation" about the consequences of spending so much more than is taken in. That needs to change. And though Hu Jintao and the rest of the Chinese leadership aren't inclined to lecture visiting Presidents...
...world's biggest creditor: you get to drop hints like that, which would be enough by themselves to create international economic havoc if they were ever leaked. (Every time any official in Beijing muses publicly about seeking an alternative to the U.S. dollar for the $2.1 trillion China holds in reserve, currency traders have a heart attack.) If Americans became a bit more like the Chinese - if they saved more and spent less, consistently over time - they wouldn't have to worry about all that...