This credit freeze brought the global financial system to the brink of collapse. The response of the Federal Reserve, the European Central Bank, the Bank of England and other central banks was immediate and dramatic. During the last quarter of 2008, these central banks purchased US$2.5 trillion of government debt and troubled private assets from banks. This was the largest liquidity injection into the credit market, and the largest monetary policy action, in world history. Following a model initiated by the United Kingdom bank rescue package, the governments of European nations and the USA guaranteed the debt issued by their banks and raised the capital of their national banking systems, ultimately purchasing $1.5 trillion newly issued preferred stock in their major banks. In October 2010, Nobel laureate Joseph Stiglitz explained how the U.S. Federal Reserve was implementing another monetary policy creating currency as a method to combat the liquidity trap. By creating $600 billion and inserting[clarification needed] this directly into banks, the Federal Reserve intended to spur banks to finance more domestic loans and refinance mortgages. However, banks instead were spending the money in more profitable areas by investing internationally in emerging markets. Banks were also investing in foreign currencies, which Stiglitz and others point out may lead to currency wars while China redirects its currency holdings away from the United States.
How much preferred stock did governments of European nations and the USA purchase in their major banks?
$1.5 trillion

The Human Development Index has been criticized on a number of grounds including alleged ideological biases towards egalitarianism and so-called "Western models of development", failure to include any ecological considerations, lack of consideration of technological development or contributions to the human civilization, focusing exclusively on national performance and ranking, lack of attention to development from a global perspective, measurement error of the underlying statistics, and on the UNDP's changes in formula which can lead to severe misclassification in the categorisation of 'low', 'medium', 'high' or 'very high' human development countries.
Has the HDI been criticized for being biased towards Western or towards Eastern models of development?
Western

The long-awaited takeover of Universal Pictures by MCA, Inc. happened in mid-1962 as part of the MCA-Decca Records merger. The company reverted in name to Universal Pictures. As a final gesture before leaving the talent agency business, virtually every MCA client was signed to a Universal contract. In 1964 MCA formed Universal City Studios, Inc., merging the motion pictures and television arms of Universal Pictures Company and Revue Productions (officially renamed as Universal Television in 1966). And so, with MCA in charge, Universal became a full-blown, A-film movie studio, with leading actors and directors under contract; offering slick, commercial films; and a studio tour subsidiary launched in 1964. Television production made up much of the studio's output, with Universal heavily committed, in particular, to deals with NBC (which later merged with Universal to form NBC Universal; see below) providing up to half of all prime time shows for several seasons. An innovation during this period championed by Universal was the made-for-television movie.
What new name was given to Revue Productions in 1966?
Universal Television