This is nothing new, nor does the article add much insight IMO. Every news site that reports this seems to say the same thing, that they are sued for "more money than exists in the world." The world GDP is ~$60T, but GDP is a long shot away from the total amount of money that exists in the world. There could be $600T in the money supply but if nobody spent their money, GDP would be $0.
Or the converse. There could be $6T in the money supply, but circulation is high. Sort of like a self-contained ornamental fountain that can flow more gallons per day/month/year than it has capacity to hold.
The real insidious part of such lofty sums is that they usually are predicated on potential lost earnings (and sometimes punitive damages), which historically is obviously nowhere near the numbers requested.
Comments
This is nothing new, nor does the article add much insight IMO. Every news site that reports this seems to say the same thing, that they are sued for "more money than exists in the world." The world GDP is ~$60T, but GDP is a long shot away from the total amount of money that exists in the world. There could be $600T in the money supply but if nobody spent their money, GDP would be $0.
Or the converse. There could be $6T in the money supply, but circulation is high. Sort of like a self-contained ornamental fountain that can flow more gallons per day/month/year than it has capacity to hold.
The real insidious part of such lofty sums is that they usually are predicated on potential lost earnings (and sometimes punitive damages), which historically is obviously nowhere near the numbers requested.