Linda Yueh
speaker
38 appearances
3 recordings
1 series
first heard Dec 2011
last heard Dec 2013
Linda Yueh’s voice in public audio — every appearance, attributed to the second.
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Appearances
Well, Krugman thinks that is too simple an explanation.
I think if you look at how this recovery has been done, in other words, supported by lots of easy money instead of, say, more government spending, and that easy money has fed into stock markets around the world hitting record highs, if that's the main source of growth, as in stock prices going up,
And that's one of the reasons why we still don't have economies recovered, for instance, in Britain at two pre-crisis levels.
But of course, as with all of these economic disagreements, I suspect this one is going to run and run.
My number of the year is a quadrillion.
That is a thousand trillions, or one followed by 15 zeros.
Not a number that many of us would have had come across, especially in the context of the total amount of debt, because that's when this number, which is rarely used, was first raised.
It's a number mentioned just recently by a Japanese vice minister when he was talking about the level to which Japanese government debt could climb.
He forecast that by March of next year, the total amount of government debt in Japan could exceed a quadrillion.
Now, let me make it clear that is in Japanese yen.
So in dollar terms, it's about 13.8 trillion yen.
And that number is astounding.
And it is more than twice the size of the entire Japanese economy.
But I suppose for me, we've now gotten to a place where the amount of public sector debt is being expressed in numbers that we would have never come across before is symptomatic of some of the ailments afflicting the world economy right now.
Another couple of numbers which I think captures this very well, which is the median debt-to-GDP ratio of developed economies versus developing economies.
If you take the G20, you break them up into developed economies and emerging economies, you'll see that this is the very first time outside of world wars in which the debt levels of the developed economies is higher than that of developing economies.
For developed economies in the G20, it's 80% of GDP.
That is twice as high as it is for emerging economies in the G20.
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