How much is $700 bn ?


	How much is $700 bn ?

Bluephoenix4

10-3-2008 3:27 PM

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tags:

bailout, economics, wall street

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/0aeb0ab6-67b5-45c6-9bfb-d402bd828902/69D4E94F-441A-4C82-8E83-3851CDA85B70/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.oxfamblogs.org/fp2p/?p=50" href="http://www.oxfamblogs.org/fp2p/?p=50" style="font-size: 11px;">www.oxfamblogs.org</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.oxfamblogs.org/fp2p/?p=50"><P>The arguments for a bailout to avoid systemic collapse are of course genuine and persuasive, but so are the arguments for aid and against standing by and allowing a child to die every 3 seconds, or a woman to die in childbirth every minute. To put the proposed Wall Street bailout into perspective. $700bn:</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.oxfamblogs.org/fp2p/?p=50"><P>· Would clear the accumulated debt of the 49 poorest countries in the world (<A href="http://web.worldbank.org/WBSITE/EXTERNAL/DATASTATISTICS/0,,contentMDK:21725423~pagePK:64133150~piPK:64133175~theSitePK:239419,00.html">$375bn</A>) twice over
· Is almost 5 times the annual amount of extra aid needed to achieve all the <A href="http://www.un.org/millenniumgoals/">Millennium Development Goals</A> on poverty, health, education etc (<A href="http://www.oxfam.org.uk/resources/policy/debt_aid/bp113_credibility_crunch.html">$150bn a year</A>)
· Is about 7 years of current global aid levels (<A href="http://www.oecd.org/document/8/0,3343,en_2649_34447_40381960_1_1_1_1,00.html">$104bn in 2007</A>)
· Is enough to eradicate all world poverty for over two years (UNDP  calculates it would take <A href="http://hdr.undp.org/en/reports/global/hdr2005/">$300bn </A>to get the entire world population over the $1 a day poverty line).</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.oxfamblogs.org/fp2p/?p=50"><P>On the other hand it’s
· only a quarter of the cost of the Iraq war (<A href="http://www.amazon.co.uk/Three-Trillion-Dollar-War-Conflict/dp/1846141281/ref=sr_1_1?ie=UTF8&s=books&qid=1222593629&sr=8-1">$3 trillion</A> on Joseph Stiglitz’ calculation )
· a half of annual global military spending (<A href="http://www.sipri.org/">$1339 bn</A>)</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.oxfamblogs.org/fp2p/?p=50"><P>Priorities, priorities</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/69D4E94F-441A-4C82-8E83-3851CDA85B70/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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