G20 Pledge $1.1 Trillion For Economy

[Raptor]

Information

Leaders of the G20 nations have agreed to pump an additional trillion dollars into the troubled global economy.

Source - Sky News

Will Brown be happy with the outcome of the G20 summit?



At the close of the London summit, Gordon Brown announced the money would be made available through extra funding for groups like the International Monetary Fund (IMF).

Outlining the conclusions of the meeting, the Prime Minister announced an additional $500bn for the IMF, plus $250bn available to all members of the IMF and $250 bn to boost trade.

"The old Washington consensus is over," the Prime Minister said.
"This is the day that the world came together to fight back against the global recession.

"Not with words but with a plan for global recovery and for reform."




The Prime Minister said the summit had agreed $250bn finance to help get trade moving again, rather than the $100bn that had originally been suggested.

He also pledged that leaders would "clean up" the world's banking system.
There will be sanctions on tax havens which refuse to reform; regulation for credit agencies and new rules on pay and bonuses.

Mr Brown insisted there had been no splits at the talks.

Sarko is happy with the agreement



He said: "The issues that people thought divided us did not divide us at all.

"There was substantial agreement on the need for us to do whatever is necessary to return to growth."

He said the increased cash for the IMF came from various countries, including $40bn from China, $100bn from the EU and $100bn dollars from Japan.

The Prime Minister went on: "Our priority right through this summit has been the jobs, the homes, the businesses of hard-working families in this country and, indeed, every country.

"If countries act together they can make a major difference."

The agreement comes at the end of months of wrangling over whether a coordinated fiscal stimulus was the solution to the world's economic crisis.

Click here to read the G20 communique

But two of the most outspoken opponents of such action welcomed today's conclusions.

German Chancellor Angela Merkel said the outcome of the summit was a "very, very good, almost historic compromise."

And French President Nicolas Sarkozy said it was "more than we could have hoped for".

Mr Sarkozy also said that if the global economic crisis got worse, France would consider a further fiscal stimulus.

Shadow chancellor George Osborne said the G20 agreement "vindicates" the Tory position as it "does not contain a single extra dollar or a single extra pound of fiscal stimulus".

The deal would seem "very remote" to ordinary voters hit by the recession.

[Raptor]

Im more shocked that I beat 4me2 to this

This is a pretty cool demo to show what $1 Trillion dollars would look stacked like next to a man.

All this talk about "stimulus packages" and "bailouts"...

A billion dollars...
A hundred billion dollars...
Eight hundred billion dollars...
One TRILLION dollars...

What does that look like? I mean, these various numbers are tossed around like so many doggie treats, so I thought I'd take Google Sketchup out for a test drive and try to get a sense of what exactly a trillion dollars looks like.

We'll start with a $100 dollar bill. Currently the largest U.S. denomination in general circulation. Most everyone has seen them, slighty fewer have owned them. Guaranteed to make friends wherever they go.

A packet of one hundred $100 bills is less than 1/2" thick and contains $10,000. Fits in your pocket easily and is more than enough for week or two of shamefully decadent fun.

Believe it or not, this next little pile is $1 million dollars (100 packets of $10,000). You could stuff that into a grocery bag and walk around with it.

While a measly $1 million looked a little unimpressive, $100 million is a little more respectable. It fits neatly on a standard pallet...

And $1 BILLION dollars... now we're really getting somewhere...

Next we'll look at ONE TRILLION dollars. This is that number we've been hearing so much about. What is a trillion dollars? Well, it's a million million. It's a thousand billion. It's a one followed by 12 zeros.

You ready for this?

Ladies and gentlemen... I give you $1 trillion dollars...

Notice those pallets are double stacked....and remember those are $100 bills.

So the next time you hear someone toss around the phrase "trillion dollars"... that's what they're talking about.

[Little John]

But we can't spend dollars

[Raptor]

Very witty. Keep the news section sensible please Little John (DF Staff)

[4me2]

Its all wasted money unless like the Germans and French are calling for new international laws to prevent the same crap happening again are introduced.

[Spike2k1]

its all a farce to drain the economies, fuck offthe tax payer and push countries apart. who decides on what countiesget what of this 'phantom' money. we all know u and me aint gonna see shit of it.
and where does it come from? same place it all comes from nowhere. digitally created, no value, neverto be made solid. its all a joke. just to sound like thier doing something, when infact the real 'criminals' are the governments who made it happen. why do u think the difference in exchange rates is so crap now? they're levellin the rates and will just introduce a single monetry unit for all the EU and USA andall those participating in the 'one world bank' scheme. those who dont will be shunned.

[rIKmAN]

I agree 100% mate

[DJ OD]

But surely this "money" has to come from somewhere?

Think it was on the 2nd Zeitgeist film, that they said money=debt or something with interest adding to the debt...

More money to the banks means more money lent to people thus more debt. At some point the debt can't be repaid, then what? More money from the IMF?

We've got problems...


DJ OD

[Nikki]

Its alright them agreeing it, but it has to come from somewhere