Word: trillion
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...crony capitalism" has loaded up their respective countries with untenable debt. The crunch came in Korea when a wave of bankruptcies by conglomerates, or chaebol, crashed down on the country's banks, flooding them with write-offs for bad loans. Defaults of a comparable magnitude in Japan's $4.2 trillion economy, which is nearly 10 times the size of Korea's, could turn the so-called Asian Contagion into a worldwide pandemic that could even threaten the health of the soundest peacetime expansion in U.S. history...
...main fire wall against a global financial crisis is still Japan. It has huge foreign-currency reserves and is the principal source of investment capital in the region. Seoul is looking desperately to Tokyo to roll over its credit. But Japanese banks, burdened with a quarter-trillion dollars of bad domestic debt, cannot easily risk more money in the South Korean sinkhole. Japan is also the origin of the very economic model that is causing the crisis. No one really knows, but many moneymen fear that Japan's own financial system could be as dangerously debt-ridden as South Korea...
...while a multi-trillion dollar global industry has evolved to refine and distribute gasoline, no such infrastructure is in place for producing hydrogen...
There is a whole category of "costs of the future" called "Unfunded Liabilities" which I argue make the real federal debt that you will have to pay off for services enjoyed by my generation far closer to $14-$17 trillion. Military retirement, federal civil service retirement and Social Security payments are all owed for which no (or inadequate) money has been set aside. There is a whole category of governmental services which we enjoyed but left you the bill to pay. Cheating as well as lying...
Richard Lamm, the former Governor of Colorado, is a fellow this semester at the Institute of Politics. Year Debt GDP 1981 $1 Trillion $3 Trillion 1986 $2 Trillion $4 Trillion 1992 $4 Trillion $6 Trillion 1997 $5.4 Trillion $7 Trillion...