America Passes $13 Trillion In Debt

Tyler Durden's picture

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.

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Amish Hacker's picture

(Staggering, clutching hand to heart) I feel a strong weakness...

Moneygrove's picture

end bush tax cuts now !!!!!!!!!!

Kreditanstalt's picture

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?

FischerBlack's picture

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)

qualia's picture

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.

Crab Cake's picture

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.

Brett in Manhattan's picture

If the Fed would lend me unlimited amounts of money at 0%, I would gladly pay an 80% tax rate on my earnings.

jessiejune's picture

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

AccreditedEYE's picture

That's a fairly brave comment to make in this room... and I disagree 110%.

Mr Lennon Hendrix's picture

The Federal Income Tax is UNCONSTITUTIONAL.

AccreditedEYE's picture

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....

fThis's picture

I agree, everyone who does not actually pay net taxes, should not vote.  No skin in the game, no say in the game.

Cognitive Dissonance's picture

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?

Mr Lennon Hendrix's picture

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.

Alienated Serf's picture

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...

Turd Ferguson's picture

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

Rusty_Shackleford's picture

I like how they also comment on the bustling "rubble gathering" based economy in the area. LOL.

RichardENixon's picture

"Rubble gathering" is one of my picks for a growth industry in the next decade.

doublethink's picture

 

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...

 

Hulk's picture

I knew something "felt" different about today!

sheeple's picture

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'

velobabe's picture

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.

Mr Creosote's picture

Next round introduce "farcism" before you press.

Miss Expectations's picture

At 10:30 am I had a dizzy spell and had to sit down.  Now I know why.

Ragnarok's picture

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...

faustian bargain's picture

interesting...i wonder where's he buying it from?

DoChenRollingBearing's picture

FB, you have asked a very good question.  I hope he tells us.

Hulk's picture

I'm going to sell him some of mine. I need  room in the garage anyway for the new car!

cougar_w's picture

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.

chet's picture

Cool!  What do we win?

MaxVernon's picture

Off topic, but not completey:  Are these guys completely insane?

 

http://j.mp/b0PjMT  (HuffPo article on inflation and debt and printing money)

Apostate's picture

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. 

akak's picture

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.

Howard_Beale's picture

Actually John Kenneth Galbraith wrote a nice little book worth the read called The Great Crash of 1929.

Apostate's picture

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.

chunkylover42's picture

interesting that many of those responses were from the University of Missouri-Kansas City economics department.  not exactly a crack staff of thinkers, apparently.

cossack55's picture

Interesting how close it is to Leavenworth though.

silvertrain's picture

 huh? Dr. William Black is the best in the world period. That is the man that they need to cut loose on there ass..

velobabe's picture

second that motion, silvertrain†

Mr Lennon Hendrix's picture

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!

Alienated Serf's picture

chunky, go fuck your fat self you elitist schmuck

chunkylover42's picture

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. 

Alienated Serf's picture

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.

chunkylover42's picture

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.

cyclemadman's picture

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...