Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.


THE COST OF THE CRISIS….The latest international bailout news:

Hungary has been granted a multi-billion dollar rescue package by the IMF, the EU and the World Bank. The deal, worth $25bn (£15.6bn;19.6 euro), is intended to help Hungary cope with the ongoing effects of the world financial crisis.

Given the numbers that we’ve all gotten used to lately, I know this doesn’t like all that much. But it’s over 10% of Hungary’s GDP. Meanwhile, BBC Business Editor Robert Peston estimates that taxpayers around the globe have spent (so far!) about $8 trillion to shore up the world’s banks. That’s more than 10% of total global GDP.

Given that, it seems likely that when it’s all said and done, the U.S. is also going to spend 10% of GDP or more to bail out the financial industry here. That would be somewhere in the neighborhood of $1.5-2 trillion — double or triple what we’ve allocated so far. That fits the data I presented a couple of weeks ago, and it’s also about what Paul Krugman thinks is possible. Buckle up.

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate