Word: trillions
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...exploding. In China, 350 million adults are hooked on tobacco, which means the country has more smokers than the U.S. has people. Smoking rates in Indonesia have quintupled since 1970. In Russia, boys as young as 10 start lighting up. This year, tobacco companies will produce more than 5 trillion cigarettes - or 830 for every person on the planet...
...Much of the concern is focused on China, where government stimulus efforts have been large and effective. Money in China has been especially easy to find. Aggregate new bank lending surged 201% in the first half of 2009 from the same period a year earlier, to nearly $1.1 trillion. Exuberance over a quick recovery - which was given a boost by China's surprisingly strong 7.9% GDP growth in the second quarter - has buoyed investor sentiment not just for stocks but also for real estate. According to government data, new home prices in 36 Chinese cities rose 6.3% in June from...
...meet certain broad principles means that Representatives and Senators have no clue as to what kind of bill he would accept in the end - and what they should be trying to sell to their constituents. Who will be taxed to help pay for an initiative expected to cost $1 trillion or more over the next decade? Will it have a strong government-run "public plan" as an option? For whom? What kind of requirements will it impose on businesses to provide coverage for their workers? What will the bill do to bring down costs? Those are the kinds of questions...
...TARP has evolved into a program of unprecedented scope, scale and complexity." - In prepared remarks at a hearing before the House Committee on Oversight and Government Reform. He estimated that U.S. taxpayers may eventually have to pay as much as $23.7 trillion for TARP. (Bloomberg.com, July...
...make the yuan a greater factor in international trade and investment, a development that, if successful, would have major implications for the global financial system. HSBC economist Qu Hongbin believes that the yuan could become one of the top three currencies in the world by 2012, with some $2 trillion in trade transacted in the Chinese currency each year. "The internationalization of the renminbi has become a leading item on the policy agenda" in Beijing, Qu concluded in a recent report. (See pictures of the global financial crisis...