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Ignite Budapest #2 - Why everyone should still be pooping their pants about the world economy
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Ignite Budapest #2 - Why everyone should still be pooping their pants about the world economy

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Erik D'Amato presents "Why everyone should still be pooping their pants about the world economy" at Ignite Budapest #2, Cotton Club, Budapest, Hungary, 10 November 2009.

Erik D'Amato presents "Why everyone should still be pooping their pants about the world economy" at Ignite Budapest #2, Cotton Club, Budapest, Hungary, 10 November 2009.

Published in Education , Travel , Business
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  • 1. Some semi-random signs the global economy is in even worse shape than most people think.
  • 2. Nearly one-third of the Q3 growth in GDP in the US was due to the one-time "cash for clunkers" program.
  • 3. According to statistics from the White House website recovery.gov, each job "saved" or "created" by the stimulus cost more than $300,000.
  • 4. Last Friday's US unemployment figure - 10.2%,the highest since 1983 - does not count part-timers looking for a full-time job, or those who have given up.
  • 5. Official unemployment in Spain hit 19.3% in September.
  • 6. Unemployment in Germany is expected to rise again next year as costly work-support schemes are wound down.
  • 7. Crude oil prices have jumped almost 150% since January despite the deep recession.
  • 8. Dubai World is in talks with banks to reschedule at least $12 billion of debts it cannot pay.
  • 9. So-called "excess reserves" parked by American banks with the Federal Reserve now total $900 billion.
  • 10. Central banks in Asia are currently accumulating roughly $600 billion a year in reserves because of trade surpluses with the West.
  • 11. The IMF says that Japan's gross public debt will reach 218% of GDP this year, and nearly 250% in 2014.
  • 12. The personal savings rate in Japan has collapsed from 15% in 1990 to about 2% now.
  • 13. UK households owe an average of £58,340 in private debts, and one Briton is declared bankrupt or insolvent every 4 minutes.
  • 14. The UK's Office for National Statistics last week estimated that Britain's various bailouts will add £1.5 trillion to the national debt, equal to a further £24,000 for every person in the country.
  • 15. Roughly $2 trillion in US commercial real estate mortgages will mature between now and 2013.
  • 16. Government-guaranteed mortgages accounted for 98% of total mortgage-backed securities issued in the US in Q3 2009.
  • 17. For the first time since the 1930s, individual taxes paid by Americans are not covering federal transfer payments.
  • 18. US federal tax revenue from all sources would have to increase by 60% just to balance the 2010 budget.
  • 19. Over the next four years the U.S. government must roll over $3.4 trillion in debt.
  • 20. "We're going to run out of cash in four and a half weeks" - New York state Gov. David Paterson, Nov. 9
  • 21.