A person earning $35,000 per year would need 20 million years to earn $700 Billion.

$700 Billion would effectively wipe out Canada’s national debt (and then some).

$700 Billion could provide universal healthcare in the US for those without coverage (most).

$700 Billion is more than the cost of the Vietnam war.

$700 Billion would buy 233,333 super bowl ads.

$700 Billion would be 100 times more than what has been spent to upgrade the coastal levees in response to Hurricane Katrina.

$700 Billion would pay off all the student loans in North America.

$700 Billion could buy every Canadian a brand new compact car.

Preet Banerjee
Preet Banerjee
...is an independent consultant to the financial services industry and a personal finance commentator. You can learn more about Preet at his personal website and you can click here to follow him on Twitter.
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  • Xenko

    I’ve always wondered what would happen if Canada ever managed to wipe out the national debt in one big swoop. How much money would it free up? What impacts would it have on our economy or government operations?

  • moneygardener

    Yes, but will it fix the credit crisis?

  • Deb

    Hi Preet, here’s a suggestion for a future article… I’m hearing lots of talk about inflation, deflation, stagflation. How about an article explaining these and also, how it is possible to have a recession and inflation at the same time. Thanks, Deb

  • Deb

    Whoops…forgot to add hyper-inflation!

  • Preet

    @Moneygardener – I doubt it. Reverting from the marked-to-market accounting, higher regulation of the mortgage industry and recovery of real estate values will lead to the natural end of the credit crisis I would think – more so than the $700 billion bandaid. They could mandate that all banks operate as deposit takers as well, and hold them to the same regulations as up here – seems to have served us well.

  • Preet

    @Deb – ask and ye shall receive. I hope to pen something for next week on those topics – thanks for the idea!

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