October 30, 2008

£5,000 billion to world banks

In recent times, we have seen the government hand out billions of pounds to the banking industry and we used to think that their Christmas bonuses were on the large side; this takes all of that to another level.

However, we seem to be talking in billion now as if they were pounds, so much money appearing from nowhere to bolster up an industry that has allegedly created the problem in the first place.

Nevertheless, even the amounts that we think of in the UK are nothing when it is compared to the amount of cash, which has been made available to the worldwide banking sector. This has been estimated at around £5,000 billion and to finance this, the people of the world will have to pay around a sixth of everything produced.

Source [BBC]