why my idea wouldn't work.
Back in October I posted my solution to the economic situation (for at least the U.S.)
Original thread is
http://www.gofuckyourself.com/showthread.php?t=863605
and an easier to read version of the original essay is at
http://www.americantune.net
The cliff notes version is that if we spent 12 trillion dollars and paid off all consumer debt in the U.S. the economy would be healed. A Bottom Up solution.
As of today, the Fed has spent, lent or pledged 12.8 trillion dollars and we are no where near seeing the light at the end of the tunnel.
http://www.bloomberg.com/apps/news?p...efer=worldwide
Quote:
Financial Rescue Nears GDP as Pledges Top $12.8 Trillion (Update1)
By Mark Pittman and Bob Ivry
March 31 (Bloomberg) -- The U.S. government and the Federal Reserve have spent, lent or committed $12.8 trillion, an amount that approaches the value of everything produced in the country last year, to stem the longest recession since the 1930s.
New pledges from the Fed, the Treasury Department and the Federal Deposit Insurance Corp. include $1 trillion for the Public-Private Investment Program, designed to help investors buy distressed loans and other assets from U.S. banks. The money works out to $42,105 for every man, woman and child in the U.S. and 14 times the $899.8 billion of currency in circulation. The nation?s gross domestic product was $14.2 trillion in 2008.
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