What’s New March 2009

This page lists changes to this site for March 2009.

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This update includes notes and a chart on how much the global financial crisis has cost, in context. For example, plummeting stock markets have wiped out 33% of the value of companies, $14.5 trillion. Taxpayers will be bailing out their banks and financial institutions with large amounts of money. US taxpayers alone will spend some $9.7 trillion in bailout packages and plans. The UK and other European countries have also spent some $2 trillion on rescues and bailout packages. These values are staggering. Such money has been made readily available, yet could have wiped out developing world debt (much of it unjust debt) many times over, though arguing for the small amount of debt relief that has been delivered has required enormous energy. The bailouts also dwarf world military spending, which itself is quite high. The US package almost covers the total value of US home mortgages, though mortgage payers are not the ones being bailed out.

World military spending has topped $1.2 trillion annually and is back to Cold War levels. This is based on latest data available, from 2007, before the global financial crisis hit. Updated graphs and charts provide some additional information.

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