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김태준 Posted 14 years ago
Vocabulary

Having trouble transcribing..

Here's the link to the video from CNN:

http://edition.cnn.com/video/?/video/business/2012/07/24/intv-wbt-offshore-accounts-christensen.cnn

and the following is my transcription of it:

Is it really that large a number when you think how much wealth there is as opposed to annual income in the global economy?

Good morning. It's not that huge a number. 21 trillion sounds like a lot of money and certainly if it was put out it would do a lot of good to the economy, it would boost the economy, but if you look at global wealth it's only about 10% of global wealth. But the fact about it is this money is concentrated in the hands of a very small minority of people. <?> largely untaxed, sitting offshore, not largely contributing to the global economy in any positive sort of way, so it is a huge sum. I was surprised at the size of the sum of the figures. When we commissioned the research, the previous estimate was something of the order of 11.5 trillion, but that figure actually included the real estate and the yachts and the jets you were talking about earlier on, whereas this new research which came out of Jim Henry, a <??commerce> based in New York, only applies to financial assets and it shows a massive amount, much larger than I have expected.

Okay, now, the interesting things is you said obviously this kind of change could make rather big difference to the global economy. The fact is that we are looking at sovereign debt crises and this is money that is being kept away from the taxman. If the taxman had -- its hands on it, then presumably we would not be looking at quite such serious sovereign debt crises around the world.

Well that is, that's absolutely correct. Earlier on, you were talking about the situation in Greece and in Italy, both countries are famous, famously have a massive tax evasion problem going back many decades. In the case of Greece, a very large proportion of their wealth has been shifted offshore, <?> to places like Switzerland and London and elsewhere. It's quite clear that their public finances wouldn't be nearly as dire as they currently are if they had been taxing that wealth over the many decades it has been sitting offshore. So I think you're quite right to say this offshore wealth has contributed to the current crisis, not just in Greece and Italy, but the United Kingdoms badly effected, the United States is the same, in fact most countries around the world are afflicted by this problem.

Now, could you please tell me which words/phrases should be in the blanks I left with question marks? I listened to the parts over and over again trying to find out what they were saying but eventually failed... and could you also check any other mistakes in the transcriptions above?.. Thank you in advance for your answer.
  

Top answer

Is it really that large a number when you think how much wealth there is as opposed to annual income in the global economy? Good morning. It's not that huge a number.

  • Is it really that large a number when you think how much wealth there is as opposed to annual income in the global economy?
  • Good morning.
  • It's not that huge a number.
  • 21 trillion sounds like a lot of money and certainly if it was spread out it would do a lot of good to the economy, it would boost the economy, but if you look at global wealth it's only about 10% of global wealth.
  • > it's largely untaxed, sitting offshore, not largely contributing to the global economy in any positive sort of way, so it is a huge sum.
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2 Answers
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Is it really that large a number when you think how much wealth there is as opposed to annual income in the global economy?
Good morning. It's not that huge a number. 21 trillion sounds like a lot of money and certainly if it was spread out it would do a lot of good to the economy, it would boost the economy, but if you look at global wealth it's only about
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He said "an economist based in New York".

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