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...What are the chances we'll have to save Citi yet again? There are still plenty of questions about Citi's long-term health. The government's rescue addresses $306 billion worth of troubled assets from Citi's $2 trillion balance sheet. The bank, though, has roughly another trillion dollars in assets that aren't on its balance sheet but kept in entities somewhat removed from the company. These assets could be problematic if the economy grows worse. Fox-Pitt Kelton's Trone also points out what's not included in the government backing: $129 billion in nonresidential consumer loans...
...only involves very little funding beyond what was already in the pipes, but at 1% of GNP, it represents a very timid response to recession," says Karel Lannoo, an economic expert and chief executive officer of the Center for European Policy Studies in Brussels. "By contrast, the $2 trillion to $2.2 trillion used to keep Europe's financial sector from collapsing represents around 17% of E.U. GNP. That, too, was promised by national governments but was the result of more coordinated and better funded reaction to crisis...
...future state of global energy will demand government policies with a much longer reach, according to alternative-energy leaders. The International Energy Agency's (IEA) annual World Energy Outlook, released Nov. 12, projects that global energy demand will increase by 45% between 2006 and 2030 - and that $26 trillion in power-supply investments will be necessary simply to meet those needs. Barring radical changes in our energy policy - beyond what Obama has pledged - greenhouse gas emissions will rise 45% by 2030, and extreme global warming would be virtually unavoidable. See TIME's special report on the environment...
That's going to cost roughly $1 trillion a year for all energy investments. And if we want to increase the share of renewables - and control the growth of greenhouse gas emissions - we'll need to spend an additional $9.3 trillion, if we're aiming to stay below the 2 degree C warming max recommended by the Intergovernmental Panel on Climate Change. (Of course, an increasing number of scientists argue that we need to avoid even that level of warming.) "We would need concerted action from all major emitters," said Nabuo Tanaka, the head...
...decade-long debt crisis, are infusing money into distressed companies such as Morgan Stanley. Japan Inc. is going on another of its famous investment sprees abroad, opening factories and representative offices across Africa and Asia. In October, the country's central bank even offered part of its nearly $1 trillion in reserves to financially strapped nations like Iceland. In November, Japan also expressed willingness to lend up to $100 billion to the International Monetary Fund. But it isn't just money that's being spread around. "Because Japan's financial system is the least tainted at the moment," says Japanese...