Barack Obama and the rest of the G20 leaders got the money to do the job.

Barack Hussein Obama has now unveiled a plan to save the world.

Yes, the entire planet earth.

How?

By buying up to one trillion of toxic bank loans.

Well, maybe not a full trillion—more like one-tenth that amount.

When all the sums are added together, rather than $1,100bn, the new commitments appear to be below $100bn and most of those were in train without the G20 summit. While the inflation of relatively small and old commitments into an enormous number does not render the summit a failure, the desire to produce large headline numbers as the main result of the gathering suggests the divisions and spats on other issues were considerable.

How might this scheme help the average Joe? Matt Pritchett of the London Telegraph has an idea.

h/t for Financial Times link: Andrew Bolt

Possibly related posts

• 3 March 2009 -- The audacity of soaring debt
• 11 February 2009 -- Thomas Sowell’s thought for the day illustrated
• 13 January 2009 -- Change we can believe in?
• 21 May 2009 -- How to keep politicians away from your door

Tags: Barack Obama, Cartoons, Financial crisis, Government finance, Matt Pritchett
Filed under: Economics, International, Social sciences
1 Comment »