This page has been archived and commenting is disabled.
America Passes $13 Trillion In Debt
Total US debt per today's Daily Treasury Statement was $12,989,095 million. Also today, the US Treasury auctioned off $42 billion in 2 Year debt. This means that as of this moment, assuming the new debt were to settle today, the US has $13,031,095 billion in debt: congratulation America - you have now passed lucky $13 trillion in total debt. But don't worry, we won't stay here for long. At the current rate of issuance, $14 trillion will be passed in 8 months, and $15 trillion in another 7. By the end of 2011, we estimate total US sovereign debt to be about $15.5 trillion. For some recent vivid examples of prosperity courtesy of runaway debt issuance, please see Argentina, Japan and Greece.
»
- 12547 reads
- Printer-friendly version
- Send to friend
- advertisements -
(Staggering, clutching hand to heart) I feel a strong weakness...
I'm coming Elizibeth!
end bush tax cuts now !!!!!!!!!!
Actually, the middle classes don't pay anywhere near enough in tax to support the services they consume. Either eliminate taxes for everyone, or raise taxes on the middle class. That would be more "fair", wouldn't it?
LOL. The whole point of a progressive system of taxation along with redistributive policies is to prevent class warfare. And what a quick war it would be! 300 million starving plebes against 50 million wealthy elites, most of whom are over the age of 60. Wealthy people aren't stupid. Ever wonder why so many of your rich friends lean to the left politically?
(Hint: it's not altruism)
FOX has been so effective, I think in a crisis the middle class would turn on the poor, not the rich. Witness: environmentalists are to blame for the oil spill.
The spin machine is unstoppable. There will never be class war in the US, unless it's against the lower class.
Look....
I know it's hard to take, but the middle class has already been midnight raided. It was an evisceration. We lost whatever class war that was to be had 30-40 years ago, and hint it was the top 5-10% against everybody else; not middle v. lower or any other false dichotomy. (DemvRep, LeftvRight, BlackvWhite, AmericansvImmigrants, ProlifevChoice) Now? Now it's about slavery. Now it's about the bottom 90% taking the final step, and putting the shackles on willingly or resisting. What you are called class war already happened, we lost, and what we are about to see is a slave revolt.
Long live Spartacus.
You are correct.
http://www.youtube.com/watch?v=dbVfVm1-B7w
Freedomain Radio - FTW
Stefan is brilliant. Nice one Rusty.
If the Fed would lend me unlimited amounts of money at 0%, I would gladly pay an 80% tax rate on my earnings.
80% tax rete on your earinings?
what that mean? maybe you really have much money to make your family up...best wishes...Corn Flour Mill
That's a fairly brave comment to make in this room... and I disagree 110%.
The Federal Income Tax is UNCONSTITUTIONAL.
It was the smack to the middle class of her first sentence that got me bro. When the F was the last time the middle class saw a wage increase?? The elites have every weapon available to make and hide money... vast amounts of resources and connections. To say the middle class isn't paying its fair share makes me wanna go punch Charlie Murphy in the head with my unity ring. I'm fine with the taxes for none part....
I agree, everyone who does not actually pay net taxes, should not vote. No skin in the game, no say in the game.
Dude, you can have my vote because it usually isn't counted anyway. Voter fraud is a growth industry in America and considering what's coming around the bend, this Nov will see some interesting examples of "surprises" where the exit vote count somehow doesn't tally with how they were "counted" by the rigged machines.
Where do I send my vote? Do you have a PO Box or do I just round file it like they normally do to me?
I for one have not voted since I voted for Gore. This in part because voting for Gore made me feel naked in a shopping mall, and because really your vote does not matter. For President...as I vote locally.
f this, while i understand your frustration, and in fact, elections ar nothing more then a sideshow to keep the sheeple happy; we must resist the urge to revert back to property requirements to be enfranchised. this would just give the tptb even more incentive to pass confiscatory acts to disenchfranchise more people.
we are powerless enough as it is.
i pay over 50% of my income to taxes...
I know I shouldn't...but I couldn't help but laugh at this.
"and the donkey was killed in the blast..."
http://www.jpost.com/MiddleEast/Article.aspx?ID=176452
I like how they also comment on the bustling "rubble gathering" based economy in the area. LOL.
"Rubble gathering" is one of my picks for a growth industry in the next decade.
Staggering
The GAAP-based deficit from U.S. Treasury reporting — including the year-to-year change in the net present value of unfunded liabilities in various social programs — narrowed to $4.3 trillion in 2009, from $5.1 trillion in 2008. On a similar basis, total federal obligations as of September 30, 2009, stood at $70.7 trillion, up from $65.6 trillion the year before, with the 2009 number 4.94-times the $14.3 trillion level of GDP reported for the 2009 fiscal year.
http://www.shadowstats.com/article/282-federal-2009-gaap-accounting?hldi...
I knew something "felt" different about today!
you sure is not the usdx going from 86.5 to 87.5 bk to 86.5 in closing?
'open a 9 for them, we want them to stay for another hand'
i said something like “we the sheeple” to my golf buddy today.
he had NEVER heard that phrase before, laughed his arse off, as well.
seemed fairly astute in regards to the current wreckage we call this country, USofA.
Next round introduce "farcism" before you press.
At 10:30 am I had a dizzy spell and had to sit down. Now I know why.
Sprott's buying another $180,000,000 of gold for PHYS. (~$10 per unit NAV) * 18,000,000 new units
http://www.marketwire.com/press-release/Sprott-Physical-Gold-Trust-Annou...
interesting...i wonder where's he buying it from?
FB, you have asked a very good question. I hope he tells us.
I'm going to sell him some of mine. I need room in the garage anyway for the new car!
Oh. Well I sold it to him.
It's all good, unless he actually -- you know -- expects delivery. But hey I'm good for it, yeah. I just need some -- time you know to settle a deal. Yeah that's the ticket.
Next Monday. On the dot. I'll fax it right over.
Cool! What do we win?
VAT
+1
Off topic, but not completey: Are these guys completely insane?
http://j.mp/b0PjMT (HuffPo article on inflation and debt and printing money)
They're defending their jobs.
James Galbraith Jr. and the rest of the crew have no hope for employment unless the Fed hyperinflates. So, they will advocate hyperinflation.
I sincerely hope that there is not a J. Ghoulbreath III waiting in the wings to inherit his predecessors' evil and destructive legacy of economic witchdoctoring, along with their complicit pandering to, and endlessly apologizing for, the crimes and corruption of the financial establishment and political elite.
Actually John Kenneth Galbraith wrote a nice little book worth the read called The Great Crash of 1929.
Far be it from me to criticize a historian, but Galbraith also rendered services to the Ancien Régime under which we still labor.
Galbraiths are necessary to keep the Fed running and all the courtiers dancing.
interesting that many of those responses were from the University of Missouri-Kansas City economics department. not exactly a crack staff of thinkers, apparently.
Interesting how close it is to Leavenworth though.
huh? Dr. William Black is the best in the world period. That is the man that they need to cut loose on there ass..
second that motion, silvertrain†
I was hoping he would wear his pirate beard to Congress. Fight fire with fire ya know? And I can not believe they asked him if he disclosed his information! I loved that he laughed at Congress and said, "I have been writing about this for years." Ya didn't know Congress? Ya didn't know? Wow Congress! Epic fail!
chunky, go fuck your fat self you elitist schmuck
calm down, serf. I was simply making the observation that the author didn't appear to make much effort for a diverse source of views, and their explanations appear to be solidly Keyensian, which isn't exactly held in the highest regard in many circles.
If you disagree with that, have at it.
sorry, just my boilerplate reaction to anytime i see someone put down any non ivy league school down as not good enough. i see where you were coming from with you larger argument.
i work with the skull and bones crowd, the most egotistical, elitist bunch of shitheads on earth, who turn everything they touch to shit. they are in charge of, and the problem with this country.
appreciate that, serf, no offense taken. I re-read my post and I understand how my comment can be interpreted the way you did, and I definitely don't wish to come across as an elitist pig. That's not how I think at all.
I am/was not Ivy League by ANY stretch and generally agree with your sentiment. I can't stand sanctimonious bullshit either, regardless of where it comes from, and so much of it comes from academia (ivy-league and otherwise) that I have a natural aversion to anything the elites say.
They're coming to take me away Ha Ha
They're coming to take me away Ho Ho Hee Hee Ha Ha
To the happy home
Where life is beautiful all the time...
The New Deal name is a slap in the face to FDR's New Deal which actually invested into infrastructure and productive activities. I imagine without the New Deal during the depression, we would not have been ready for WWII. Timing is everything.
We were not ready for ww2. Cardboard tanks and Springfield rifles. Investigate the TVA sometime.
Amity Shlaes book "The Forgotten Man" gives a terrific history of that period. Well worth the read.
Max, thanks (I think) for posting that bit of delusional circlejerking, just to gain some insight into who is informing the current regime's economic posture. If I'd read that on The Onion, at least I could have laughed about it.
We are so screwed.
Here is the latest on the debt from the onion,
http://www.theonion.com/articles/white-house-jester-beheaded-for-making-...
Much of this sounds like MMT - Modern Monetary Theory. I started to read about it but since 1) it's absurd, and 2) even if it weren't - it's not operative currently, I've stopped...
It now reminds me of what's said about graduate English departments across the land, which is to say, it's a hermetically closed system that keeps graduate students and professors employed, but which has no relationship to reality.
Hilarious, I thought it was the onion for a sec.
Here's another "myth" they could debunk. One can reduce the degree of disorder in a system (the entropy) without doing any work or expending energy. Thus, a perpertual motion machine is possible and "free" energy will save the world allowing the statist dreams of "fairness and social justice" to be achieved without any real work or production.
sadly, there will soon be a day when we long for having "only" $13 trillion in debt on our books. oh wait - that day is today because the tables above don't consider the $6 trillion or so from fannie and freddie (surprised you didn't mention that, TD).
I wonder how many years down the road it will be before the word "quadrillion" will have to be used in discussing US government finances and debt.
Anyone care to bet?
I'll bet you a quadrillion it won't be many years.
I'll see your quadrillion, and raise you one bernankillion (crapE15) that it will be in less than two years.
Just use the real bernanke bazooka word: gazillion or better yet, godzillaian.
+10 :) most amusing..
yep, Quadrillions by 2012, followed by the first "Bernankillion' shortly afterwards.
How many fake cia/bush wars ???????
oh man....by bush are you including GHWB and Prescott??? Should we throw in the Pierce legacy??? Now that I think about it, we could use the Herberts and Walkers from their reign as "poets" to the Kings of England centuries ago. So we are in the thousands now easily.
HHHEeeerrrrrre COMES 14 TRILLION!!
they wait they send money arround, one can only hope they misstype a account number where you wake up one day to see that 1 Trillion dollar is added to your account.
6 months later a senator is asked by a journalist: WHERE DID THE MONEY GO?!
And he says: to be honest.... we don't know....
aahhhh... dreams...
Remember Rumsfelds missing $2.1T on 9/10 ???
Yes yet it disappeared with Building 7 that was never hit by a plane (yet fell straight down at free-fall speed) during 9/11 of course.
I find the collapse of Building 7 to be the strangest detail on a day with many strange details.
One of many NOT in the official (read: public) report.
It's amazing what they don't try to censor if you know where to look:
http://www.youtube.com/watch?v=NWwrEEP8EBk
the controlled demolition of wtc7 using nanothermite developed at sandia labs is explained all here:
www.ae911truth.org
daddy bush led this effort while baby bush told goat stories with a smirk on his face to kindergartners. the bush crime syndicate reigns supreme even to the present moment.
Try this one;
http://drjudywood.com/
+ 10,000
we got some problems, HOUSTON.
Hey, if you want all the secrets, they are in one book. It was written by one of your favorite posters on ZH too. I will not say who, even though he disclosed his name to us.
9/11 Synthetic Terror: Made in USA - Myth of the 21st Century by Webster Griffin Tarpley:
http://www.amazon.com/11-Synthetic-Terror-Made-Fourth/dp/0930852370
Always appriciated Bonn. To add, Baby Bush sort of knew, but he did not exactly know...
"Angel is next" afterall.....
DOD $2.3T in 1999, $1.1T in 2000. I think they are still looking into it. Ya Uh huh.
mmm debt ~ full of zeros ... the freshly minted doellar bills, so cuddly, warm ... and sexy
...And, that's the way it was...
uh-boy
This puts overwhelming pressure on China to dump dollars into the United States or overseas. I suspect that the CCP will continue to hold treasuries indefinitely as a means of containing the USG.
Who's the imperialist now...? :P
This is nothing.
Sooner or later it will be $1 trillion every week, then every day, then every hour, then every minute.
There is nothing to stop it.
When it will never be repaid, value for value, is their any real difference between $14 and $140 Trillion?
yeah why not make it 20 Trillion, actually the chinese like #8, how about 28 trillion (8 stands for rich)
A trillion comes out to approx. $8500.00 per US household so 20 trillion is only $170,000 a pop. No big deal, we just need another real estate bubble.
No problem! The Hollywood Futures Index comes online next month!
Lets make it $88 trillion. To infinity and beyond!
Drum roll for Miscreant: "roll roll roll my debt, gently down the throat" ...
And around $100 trillion in UNFUNDED liabilities. Then there is Fred/Fan debacle they refuse to put on the books as debt...
Orzag just gave you what he deems an icy stare. Too bad he looks like his mom uses her spit to comb his hair, and he is anything but intimidating. Should we take his lunch money MarketTruth?
So, we're looking at about $16.5 trillion around the time of the 2012 election? That'll look real good around Barry's neck.
Doubtful. Average Joe and Jane have no idea what $13T in debt is. None. No concept. Glenn Beck will try to tell them but he'll only look foolish because he doesn't understand it either.
Whoever above said it doesn't matter since it'll never be repaid, nailed it. Keep pumping it.
Oh, it will certainly be repaid all right --- by us citizens, via a rapid 50 or 75% loss in the value of the US dollar, and a corresponding loss in our standards of living. No debt ever truly goes unpaid, it's just a question of HOW it is repaid, and by WHOM.
Except that the exact opposite is happening. Buy a barrel of oil or go vacation in Europe: it's cheap.
You're confusing the momentary and temporary with the inevitable.
Winner winner chicken dinner! or maybe tacos with change in silver.
Big deal! Compared to most countries in Europe our debt/GDP is not that bad.
On top of that our debt is in dollars not in a foreign currency so our governament can easily corrode it with a mild inflation.
MILD!
LOL!
That's $13T in Federal debt. Not including all the municipalities that have no hope of closing their deficits.
The US has a much larger government in dollar and manpower terms than any other government.
And, Social Security. And Medicare. And Medicaire Drug. And Fannie. And Freddie.
Yeah, just chump change!
YEAH we did it. Nothing is impossible in America.
I need to get this thing fixed it's running slow...
http://www.usdebtclock.org/
They are not insane, they are blood sucking pigs, we are the insane ones for not pushing a new glass steagall and sending their tax payer funded investment banks and derivatives to hell.
Not really,
It's all of our faults for allowing the blue blood to continue to procreate and multiply. Sometimes abortion is a good thing.
Here we go, blaming the blue bloods. (We) are the government. We are the ones who play Pontius Pilot by washing our hands of the obviousness of our debt. We knowingly employ people to spend our money on programs we wouldn't dream of starting, if we were to use our oun capital, drawn directly from our pockets. We allow them to spend without restraint, as long as they don't tell us the costs, and as long as they don't let the riots start. Meantime we want them to wish it all away.
Look in the mirror. The debt belongs to you. The ceasing of its accumalation depended on you, via eternal vigalence........ yesterday. It is all too late now. There is only one outcome when trying to service the installments tied to this debt: Default!
Sure hope they calculated the $14.3 trillion debt ceiling to get them through November. I'd hate to seem them have to raise it again right before the election....
Yeah, me too. It might spoil somebody's entire day. Of course, if that happened, you knwo that they'd just falsify the numbers until after the election.
Election? What election? There has not been anything close to elections in this sh*thole country for about 50 years.
How about we get rid of the electoral college? That's some antiquated shit. How about we are allowed to vote for anyone we want to in primaries, regardless of who we state as our party affiliation (happened to me in Arizona--my vote didn't count because I was registered as an independent for the 2000 election).
How about getting the corporations back out of the game pronto with the recent campaign contribution crap. And how about we ban robocalling and television ads and allow only televised debates all the way down to the local level so we can find out just how stupid those that run for office are since they are too busy fundraising to really discuss the issues.
Make debates mandatory if you want to screw your country or your district--broadcast it on public radio, the internet, and public tv. I'm sick of all this shit.
electoral college is antiquated? Yeah, lets allow the mostly left leaning population centers/cities have a clear way to get their man in every time. That should get fiscal policy on track. Primaries need reform, but have nothing to do with the electoral college.
Someone is mad as hell, and he isn't going to take it anymore!
And just who besides China is buying our debt... tell me it's not any of the debt-laden countries in the Euroland who have wound the 'ball of interconnected debt' so tightly that the end can no longer be found. Someone needs to put together a Worldwide Consolidated Balance Sheet with all the Due To/From's reflecting every country's interconnected assets and liabilities... and unwind this enormous 'ball of interconnected debt'.
Actually I think China is trying to quit that particular addiction... I hear they're on the "patch" now or something...
Perhaps the Europeans could help us out... then we could help them out... oh shit!!... why not just merge it all into one global currency and call it a day!
BTW... I like your avatar.. is that the BP slick?
Cripes... I think it is going to take more that a 'patch'... a full-fledged detox and treatment program is more like it!
Nice compliment on my avatar... it actually is the BP oil slick... and only a woman could have such amazing foresight 16 months ago when I selected it :-)
I know just the place...
P.S. How's the clean-up going?
I think China will require more than 150 rooms :-)
Hey Minnesota!!!! GOOD TO SEE YOU! As for your comment, nice dream on the Worldwide Consolidated Balance Sheet. With everything so transparent, it's right around the corner...in a galaxy far, far away.
Hi Mr. Beale! I have been watching from afar for the last many months... but now things are quite interesting once again... so back I come :-) Yep... the Worldwide Consolidated Balance Sheet would be transparency that no one in power wants... and if it were to come to fruition there would not be enough invisible clothes available for all the emperors that rule our world.
The UK has bought more Treasuries than anyone over the last few years. So that makes them, Japan, China, and the CIA the largest purchasers. Since they would benefit from Treasuries remaining fungable, I have a scenario.....
I have basically outlined Plan A on ZH over the course of the last few months, but I have now stumbled on Plan B, which I plan on detailing tomorrow. It entails throwing equities to the fire, and breaking the backs of the others FIATs (Pound/Euro/Yen) before breaking the dollar. In Plan A the dollar goes first; the plans are inverse. Plan B the dollar remains as the only "fungible" currency. Both plans result in new reserve currencies. Anyway, thought I would break the news now.
But Timmay just told the Chinese we are getting our deficit under control!....Timmay!
I am about to pour an appropriately stiff drink.
I have been positioning my money in various ways for the various possible endgames.
My regards to Chumba and Gekko for inspiring me to weight my hedges. Cheers.
I will also stock up on some fine spirits for a more sophisticated bunker experience. I am fairly good at the art of survival.
Chumba and Gordon are two the best PMs here at ZH.
Happy drinking! Have one on me. I'll start in after dinner and probably write some really bad posts later.
that's my angle to dochen.
but i start to get sloppy, say things i shouldn'''t
talk nasty to some, and fuck off to others.
at least im not driving and i have a bed really really close.
At least you are posting, had me worried....
VB...ZH's muse
with butterfly wings
and a bed close, close by
i think i am in love late at night, with my lennon and jimi guy.
you know how i come clean with you and all.
but i actually was in the same room with jimi back in 1968, columbus ohio. well i also had one of the grateful dead in my falcon, had to drive him down to a concert in athens ohio, university of ohio. he was short so it didn't work out. but the rest did, honest.
Eric Clapton - Wikipedia, the free encyclopedia
My hereos! Clapton too.
Right back 'atcha babe.
Remember when the US national debt was only 7 Trillion...3 years ago. Boy have we ever recieved alot for 5 Trillion dollars in the last three years.
7 trillion-ish...who's really counting anymore
My last name has 13 letters.
I was born on the 26th(twice 13)
I work in Suite 13.
I live in apartment 13.
I ain't worried 'bout no "13" stuff!
HUMBUG!
Quelle Surprise...
When you can print money budgets are irrelevant artifacts from decadent administrations.
Falsification, obfuscation, fornication.......whatever it takes to get past election day.
Crap, sometimes that's what it takes to get thorough any of my days.
Deficits don't matter.
Til they do.
I've been locked in a pitched battle for over a week now, refinishing and painting all the windows on my mother's house. Back breaking work climbing up and down a ladder all day.
Fortunately, I sold a lot of my stocks after the post Flash Crash rally, no longer trusting these crooks.
Unfortunately, I didn't sell ALL my stocks...LOL....
.................
$13 trillion and counting?
I'm sure the Fed is not the least bit worried.
I woke up this morning, turned on Bloomberg, and saw the 30-yr. yield down to a paltry 3.98%.
Heh, imagine being a 45-year old spinster, afraid of stocks, and locking up your savings for a paltry 3.98% every year, until you are 75 and ready to croak.
LOL.....
Given the actions of the Fed in brutally manipulating and holding down interest rates for decades on end, we are all spinsters now.
dailyjobcuts.com shows businesses shutting / Ch 11 at an alarming rate. It all points to severe inflation as survivors get major pricing power. TBF ?
Jeez, and to think we thought you were just a true closet bull who only came out when there was some pumping and/or dumping to talk about. No worries, you likely get another chance to sell tomorrow...
I haven't been on for a while... but your taste in women has radically changed!
No honey, his taste hasn't changed a bit. But it is really good to see you back.
no shit robo
windows on my mother's house, what a sweet sweet boy, you are. i feel your love for woman. truly, it shouts out at me. us elders, could teach this young female generation a thing or two, who to please and how to please. right, baby†
For the person trolling VB, why the hell are you trolling VB?
She is our muse, and we need her.
If Mama ain't happy you know...
So don't spoil the party!
Eat drink and be merry!
http://www.youtube.com/watch?v=vsUuYkMHV4w
GOD YOU TAKE ME, THERE†
and, i am watching the good wife.
which, just to let you know, i am the GOOD WIFE.
believe in affairs.
LMAO!! That pic really says it all. lol You still got it Robo. Miss your reports man! Now that your done w/ the chores you can get back on the stick. :)
http://www.youtube.com/watch?v=9PR_rzF8ofw
that was short†
,,,,,,,,,,,,,,,,,suspect of anything that short, if you know what i mean?
Inside joke; I was telling Harry that "hyperinflation is a helluva drug" and Aeye let me know the pun was apropos.
And nice double entendre! Short....laughable.
LOL! It's funny every time... uhh, now that you mention it, I think I'm bleedin' inside my chest... but I've got just the medicine!
Congratulations USA!... I just knew you could do it!
deficits dont matter...until they do. at that point we'll have a failed Treasury auction and the states can begin to secede to avoid paying China with land or whatever else they may own
"Let's big dance!"
http://www.youtube.com/watch?v=T9rJLtz64Hg