Friday, September 26, 2008

Bankrupcy and the Millennium Development Goals

Question: How much is the proposed bail-out by the US government worth and how much has yet to be found to pay for the Millennium Development Goals?

Answer: $700 billion and $25 billion respectively. That's right folks, we need 28 times more money to fix the banking system than to stop 20,000 children dying needlessly every day. And guess which is easier to find. Morally Bankrupt is not too strong a term.

h/t One Hand Clapping

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Anonymous Jason said...

$700 billion equates to about $5500 per American tax payer. Assuming that it is enough to prevent any other banks folding and just stops the US economy from slipping into depression rather than recession then the tax payers of the US will have to pay for the bailout. Maybe not in direct taxation or even indirect taxation but certainly in lost services.

Things aren't going to be easy for some time. Rather than see services that might save 20,000 children every day you might see a loss in services that are 28 times that. Loans will be called back from third world countries who can't afford to pay. Cheap options will be taken over best options. The old, the weak and the poor will lose essential services that aren't profitable.

I'm not even sure that the banks should be propped up. How could things be worse if they were allowed to fail?

12:58 PM  

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