Put the the $700 billion in perspective

$700 bn is the same as £380 billion.

But comparing the UK and US populations that would be the same as £71 billion of support in the UK, or if we allow for the 20% GDP per capita in the US, the same burden on the economy as £59billion in the UK.

Which makes it all the more surprising that the UK should have underwritten £100 billion of liabilities in Northern Rock, with more to come, with little objection from our legislators. Or perhaps not.