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In London, a Fog of Numbers

The G20 summit is being brought to us by the number $1 trillion. And the numbers $75 million and $150 billion. Not to be left out is the number one—or one dollar, to be more precise.

The amounts and tallies of the 20 countries’ debts and stimulus packages to be discussed at the summit tomorrow in London add to the parade of numbers that has characterized the global crisis.

Here’s what the numbers above represent:

$1 trillion – the amount of the U.S. government’s latest plan to bail out toxic assets
$75 million – the estimated cost of the summit gathering
$150 billion – the amount of France’s debt, which is now 68% of its GDP
One dollar or less – shares in Citibank, AIG, Fannie Mae and others who started the crisis and are now getting bailed out by the U.S. government.

Of course, there are many, many more numbers — too numerous to list here: the deficits of each country; the amount of their exposure and over-leveraging into volatile markets; the number of people in each country who have lost their jobs as a result; the stimulus packages that have been proposed in each country; the number of people it takes to put a stimulus package together; and the number of buffoons who got us into this mess.

So what do the numbers mean? Zilch, unless the leaders in London cut past the rhetoric and fog of numbers and work toward actual solutions.

And, besides the fact that the summit is just one day long, no one really seems to care anyway (see econoblogosphere G20 coverage, lack of), except for some mangy protesters.

If you still do, find full guides to the G20 goings-on from The Times of London and The Daily Telegraph.

Tags: bailout, economy, g20, global crisis, obama