October 04, 2008	Saturday	Shawwal 04, 1429

SHOCKWAVES from the global credit crisis spread this week, threatening industry and jobs worldwide and putting pressure on the US Congress to pass a $700 billion bailout of the financial sector.

But how much is $700 billion — what can it buy? Compared to the debt of the United States, which the Treasury has asked to increase to $11.315 trillion to fund the plan, it doesn’t seem much.

Here are a few of the things that can be done with $700 billion:

— The United States has spent more than $800 billion on the Iraq and Afghanistan occupations since 2001.

— Just 12 Bill Gateses could foot the bailout bill. The Microsoft founder tops Forbes US rich list with a personal fortune estimated at $57 billion.

— Collectively, the 400 richest Americans have a net worth of $1.57 trillion, or roughly twice the value of the bailout.

— $700 billion is roughly equal to the GDP of Netherlands, or five times that of Pakistan.

— It is only $100 billion short of the combined GDP of all of Africa.

— It is only $78 billion more than the US defence budget.

— It would buy around 130 of the latest, biggest aircraft carriers, which cost $5.3 billion each.

— The plan could be funded with the market capitalisations of the world’s two largest oil companies, Exxon Mobil Corp and PetroChina, which stand at $403 billion and $325 billion respectively. There would even be $28 billion in change.

—Reuters