The U.S. Account Balance?

March 25, 2008 at 1:01 pm (Housing, National Debt)

I thought this was pretty funny.  It’s taken from the official CIA government website.  It’s a snapshot of each country’s current “account balance.”  Of course, this is just one puzzle piece of the picture, but imagine each country as a person, and each person having a bank account.  This is how much each country has in the bank.  Anyone want to guess where the U.S. is on that list?  Probably above Rwanda and Zimbabwe, but below Switzerland, right?

Wrong.  We’re dead last with the largest negative balance.  (“We may be losing money on our product, but we’ll make it up in volume.”)  China is on top, of course.  Now, how that account is divided up according to currencies, commodities, etc, makes a huge difference on its actual value, so this snapshot is just something funny to look at.  Also, all the things not captured on this, such as natural resources, account balances of citizens, etc, paint a different picture.  But, ultimately, it’s pretty hilarious.

In other news, there will likely end up being a housing bailout for homeowners here.  As far as I’m concerned, the government shouldn’t be bailing anyone out, but if they’re going to do it for big business, the government might as well bail out individuals too.

Heck, they’ll have to, seeing as they’re taking the burden of the worthless mortgages Bear Stearns and other banks had as “assets,” and guaranteeing the banks full price for them.  Pretty soon, the government will be holding millions of mortgages and doing whatever they can to prevent widespread default.  Pretty slick how the big banks got to reap profits and then hand off the risk. 

A lot of people are calling this the bottom of the bear market, but that’s just being silly.

Today’s article of doom: Peaceful Tibetan Protesters Beat and Threatened with Death — In America


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