Word: trillion
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...that "we have nothing to fear but fear itself," global stock markets rallied Tuesday for the second straight day, amid a flurry of government moves to prevent rocked financial and banking systems from collapsing. Less than a day after European leaders revealed a collective commitment of more than $1 trillion in capital injections and interbank loan guarantees, a 14% bound by Tokyo's Nikkei index led surges across Asia. Bourses in Europe also opened with renewed gains ahead of Wall Street's 3.8% opening spurt. Yet the burst of renewed confidence inspired sober observers to take up the Churchillian reminder...
...Merkel said up to $651 billion would be used for similar uses - though primarily limited to underwriting lending between banks. Austria, Spain and the Netherlands weighed in with similar plans under a coordinated euro-zone strategy that some analysts have pegged as adding up to as much as $2 trillion...
...hunk of the $700 billion that Congress approved. Will there be enough left over to buy up the toxic debts in the financial sector, for which the $700 billion was originally designed? Some analysts have estimated that those bad debts could total well over $1 trillion. It would be politically unappealing, to say the least, for the Administration to have to go back to Congress for more bailout money...
...Still, China must realize that it is too deeply involved in the global economy to merely sit on the sidelines while the financial system unravels. It can't afford to. China has bought up some $1 trillion in U.S. debt, making it a major financier to the American credit binge. There have been longstanding fears that Beijing would at some point stop buying U.S. Treasury securities. That is unlikely because it could spark a selloff that would cause the U.S. dollar to plunge in value, eroding China's huge dollar holdings. Besides, China is still earning billions a day through...
...current state of the Russian economy is worrisome enough. Since August, the Russian stock markets' capitalization has dropped from $1.5 trillion to less than a third of that. Trading had to be stopped last week and again on Monday for fear the markets would dissolve into thin air. Some Russian banks have started calling in credits before they are due; others have stopped issuing credits altogether. Layoffs are expected, and Big Business even wants the government to reduce the required two months' severance pay for laid-off workers to a single month. Meanwhile, in the past two months, Russia...