Yet another sign that the global system is too big for any single nation to mitigate.
U.S. taxpayers may be on the hook for as much as $23.7 trillion to bolster the economy and bail out financial companies, said Neil Barofsky, special inspector general for the Treasury’s Troubled Asset Relief Program.
We just embarked on the biggest social welfare program of the century: a bail out of global banks. This program went from the low single digits to $23.7 Trillion in one year.
The biggest difference between this expenditure/liability combo and others (medical/retirement liabilities) is the rate of onset for realized liabilities. Instead of 50 years, this bill might be due in the next couple of years.
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