700 Billion Dollars to Bail Out the US Economy? What Else Could You Buy with That?
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What is possible with 700 billion dollars? You might be surprised.
Economists have predicted that the current US economy crisis due to significant mortgage defaults started in the housing market may cost up to 700 billion dollars to prop up, not necessarily save. Rumours have circulated about whole streets of house owners and their families walking out on their main asset and leaving the banks to fit the bill. The world’s economy will be affected in one way or another and some more significantly than others. Yes it’s a major concern and to truly understand the amount of money involved here a comparison is needed. So, what else could 700 billion US dollars (that’s a 7 with eleven zeros) be used for?
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Feed the Whole of Africa’s Starving Population
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Give Each US Citizen A Lump Sum
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Buy New Zealand % Times Over
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Pay Kobe and LeBron’s Entire Salary 19,000 Times
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Buy The World’s Most Expensive Car 411,764 Times
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Eat the World’s Most Expensive Steak
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Film Pirates of the Caribbean: At World’s End 2333 Times
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Holiday In Space With Richard Branson
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Buy Google, Facebook, and StumbleUpon
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Save the World’s Economy!
There are around about 290 million people classed as poor in the African Continent. An estimated 36.2% of the population in Africa are living on under $1 a day and about 25,000 African’s die per day from starvation. The $700,000,000,000 could give each of Africa’s poor $2414 to not only provide them with ample amounts of food, but also education, farm and crop resources, and stability. Makes you think.
On September 30th 2008 the US population is estimated to be at 305,296,411. The 700 billion dollars could be split up to provide each person with $2293 dollars, enough to catch up with missed mortgage payments for two months. Taking into account the number of people without a mortgage including children, students, and retirees, the amount could be significantly increased.
The GDP (Gross Domestic Product) of New Zealand which essentially translates to the total market value of the country is $128 billion dollars. Not taking into account the value of the land of the entire country which would be very hard to estimate, then you could buy the country of New Zealand 5 times leaving enough to buy another small pacific island if you so wished.
According to hoopshype.com, Kobe Bryant and LeBron James, the two most recognisable players in the NBA earn a combined $35,673,081 per year. That means you could pay those players salaries for 19,623 years. If only they lived that long.
The Bugatti Veyron manufactured by Volkswagon subsidiary Bugatti Automobiles, has a top speed of 253mph and is worth a cool $1.7 mill. You can buy one for each person in the country of Malta and still have some chump change to fill them all with gas.
At around $2800 for a “103” rib eye steak, you might be forgiven for thinking it was golden. It’s not however; it’s a Japanese Wagyu steak which was served at New York’s Craftsteak restaurant. If you had $700,000,000,000 you could rollup to Craftsteak in your Bugatti Veyron and buy 250,000,000 of these cooked to your liking. Well maybe not quite this many if you have already bought the car!
To date the world’s most expensive movie ever made Pirates of the Carribean: At Worlds End cost $300,000,000 to produce. If you so desired, you could film this again and again and again. Captain Jack Sparrow would have no need to continue piracy with that amount of loot and plunder.
With 700 billion dollars, Richard Branson’s Virgin Galactic could send an army of tourists to the International Space Station for the holidays. Costing 20 million dollars per person, Branson would have 35,000 for Christmas dinner. That’s a lot of turkey.
Google $157,000,000,000, Facebook $15,000,000,000, StumbleUpon $50,000,000. With just a quick email or phone call, you could be the proud owner of all three of these popular internet sites. You would be able to Google your own worth on your own search engine, set up a Facebook group named “The 15 billion Dollar Buy Out of Facebook Appreciation Society”, and give the thumbs up to both of these sites on your very own social book marking site. In fact you might as well give Bill Gates a call and buy all of his assets no questions asked.
That’s the most important thing right? But what happens if it doesn’t work?
If it does not work 1-9 will be moot.There wont be any NBA salary to buy cars and steaks. Because no one will have money to buy NBA merch & game tickets. So, it trickles down hill but the whole hill falls as it trickles!
Great compare to tangible objects that people can easily understand!
Did you get a chance to read my article “What is an economic bailout and what does it mean?” The link is actually under related articles above- if you didnt.
Hi RJ,
I was actually glad when the bailout failed this week. I don’t believe that we should be helping these companies get on their feet when their CEOS choose to pay themselves so highly that it caused the demise of the company as a whole.
I think we should give some money to the companies that are making it happen and trying to help their customers keep their homes and jobs.
Fun article, something we need a lot of right now.
Maybe you should put all those dollars in an Irish bank. The government has just guarenteed the security of all savings no matter what.
Great one RJ.
From one Rj to another – great stuff – thought provoking and funny – there is no better combination. The whole situation makes me want to get out a red flag, wave it furiously and say “maybe they weren’t wrong after all”. Then I would have all the bankers killed and be executed when the counter-revolution begins in earnest! Or maybe I will just plod along as usual instead…
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Another great article, Rhys! I agree with another RJ, this is funny and thought provoking! I enjoyed reading it.
Very well explained the amount ,one could buy with such big quantity money.
Buy NZ ? don’t they already have us in their pockets with the new FTA
Hey people, thanks for all your thoughts here. I know its not really a laughing matter but puts into perspective the amount of cash 700 billion actually is.
Rask – Thats sounds like a very good idea. Whats the best Irish bank, interest wise?
Techsta – Yeh the free trade agreement probably has NZ locked in anyway. They already own us!
i got an idea! Use the $700 Billion to bribe China to free Tibet! LOL
Hey, buying the world’s most expensive car at least ONCE isn’t that bad!!
Great article! 700 billion dollar to save financial institution filled with greedy management is not really a good idea. After all,it’s only a remedy, not the cure. No. 1 and No. 2 are certainly better uses for the money.
Great article, thank you.
Feeding the entire Africa’s starving population is an eye opener for how much money this really amounts to. Did you know that the United Way’s CEO in 2004 was taking in a 900,000 a year salary.
Great Article.
Your article is interesting and thought provoking. I am glad the money has stopped going to bailout the failed mtg. companies. If we owned a company, we sure would not have the govt, come and help us in time of need.We would make it on our own or fold.
I like #1 and #2 best! Better uses for the money…
good research, you are right on with this piece. Our government does a lot of dumb stuff.
your right..there are a lot of things you can by with 700 billion dollars….I could come up with some myself.
yo hears an update. The bailout failed and two days later it was passed. It gained support through “e legit” back room deals to the democrats. Supposedly they were promised seats at the senate.