An Economic Record for the Ages
When the Bank of England does anything for the first time – it’s 315 years old this year, after all – it’s worth noting.
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Politics
EMP: Still Something to Keep You Up at Night
In case you’ve already resumed sleeping normally after my prior post on the EMP threat, the Wall Street Journal has more to remind you of the danger.
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$7,400,000,000,000
That’s what the Fed is pledging to “rescue the financial system,” according to Bloomberg.com. That’s 50% of 2007 GDP, or 288% of 2007 federal tax revenues. Makes my prior post sound look like a praise of good budgeting.
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$4,284,500,000,000
That’s what the so-called “financial crisis” of 2008 has cost the federal government directly… so far.* Wonder how that stacks up to other crises? CNBC has a slideshow showing the costs (inflation-adjusted) of some of the biggest government projects ever. There are many events not listed in that slide show, of course. Two of the
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