Word: trillion
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...that the country was going to have to find a way - through raising taxes or cutting spending - to make up for the $100 billion or so that Social Security had been handing over to the rest of the Federal Government annually. Now, with a budget deficit projected at $1.8 trillion this year, we've got far bigger fiscal issues to worry about...
Over the short term, this can seem like a positive; we can get away with running a federal deficit that could hit $2 trillion this year only because of the dollar's status as global reserve currency. But borrowing trillions isn't really a ticket to long-run prosperity. In fact, the current economic crisis may have been spawned by huge imbalances in global trade and capital flows that are in part the product of the dollar's special status. Global demand for dollars supplanted demand for U.S. products and services, argues Columbia University economist and longtime SDR fan Joseph...
There is a lot more oil and gas where that came from, if Beijing can bring itself to depend on Moscow as a supplier. The two former communist powers have never trusted each other, but new capitalist economics trumps old socialist enmity. Russia needs money, and China has $1 trillion sitting in corporate coffers...
...need it. As part of Japan's economic recovery program, Aso has told Yosano to prepare a stimulus package of a 10 trillion yen ($100 billion), at least 2% of GDP, to help create jobs, secure credit for firms and develop energy-efficient technologies. The supplementary budget to fund the stimulus is expected to go to the Diet by end of the month. (See pictures of Japan and the world...
...True protection calls for a reevaluation of how the value of the environment is assessed. The environment is not a luxury good, and by some estimates it contributes $33 trillion to the global GDP, so it can no longer be treated as an unnecessary amenity. But the reevaluation requires massive cultural shifts, which, yet again, require education, not new laws...