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Treasury Burns Through $82 Billion Cash In April, Down To Just $9 Billion; Adds $53 Billion In Debt In Same Period
In some parallel universe, the Congressional Budget Office is boasting about how its revenues were only x billion less than outlays. We have not seen these numbers, nor do we care: we always and only look at the cash. And so far in April, things are getting scary (almost as scary as March's $333 billion in net debt issuance): The Treasury just reported that its Federal Reserve Account is down to just $9 billion, after starting the month at $91.5 billion, and the year at $108.3 billion: Tim Geithner has burned over $80 billion in cash in just one week, financing aside. This has occurred even as the Treasury has so far recognized about $53 billion in net settled debt, all of its Bills, for net funding deficit of about $145 billion. As we know that almost a hundred billion in Coupons have been issued and pending settlement, as well as another $100 billion + in Bills will settle after this week, we adjust our estimate of net cash burn and believe that total outlays as funded by cash (not much left) on hand and new issuance will hit $300 billion. This delta is also a function of various Trust programs which are now in net need of funding, courtesy of yet another Ponzi scheme created by the great John Maynard Keynes.
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Maybe that explains why it took Turbo Tax Timmy 29 days to direct deposit my (small) tax refund after I filed electronically.
They got many more credit cards to overdraw
What's the bigger Ponzi scheme, Treasury or COMEX?
They supplement and support each other so there's no way to compare them as "separate" entities. The suppression of PMs (Gold in particular) has supported the dollar, which has support the US Treasury, which has supported the COMEX.
One grand (in)national circle jerk, only we don't get to experience the climax.
CD i am insulated with silver rubbers.Wish we all had some.
Oh, I think the climax will be along soon. Keep your rubbers dry.
That was a good analogy, funny, and gross. You hit the trifecta!
Ones the paper side ones the metal side of the same coin.
Well I just sent in my contribution to Obama's and Timmy's stash(over $5k) so we are all good right? Right?
With 100 to 1 leverage, that's a pretty substantial contribution to the ongoing Ponzi.
I'm looking at about an $8k "contribution." Maybe there are a whole lot of us hitting "send" on Wednesday-Thursday and replenishing the coffers.
I will send the IRS an offer. I owe them 15 grand more or less. I will trade them the money i owe for the SSI i will never get. I am 59 now, the business died with the housing industry. With penalties and late charges i will never get out of the hole.
Turbo Tim spent enough in one week to build around 63 new Cowboys stadiums.
http://en.wikipedia.org/wiki/Cowboys_Stadium
We should be able to keep that up forever!
I have no doubt that a VAT tax will be passed.
I also have no doubt that the slack-jawed voting yokels will believe they won't be affected by it, thus they won't complain.
SHEEPLE indeed.
Wow.
No wonder bonds rallied and gold tanked at the end of the day.
Is this related to what KD posted at MT today:
http://market-ticker.org/archives/2187-What-The-Hell-Outstanding-Credit.html
Debt reclass
http://www.federalreserve.gov/Releases/h8/current/
Compare lines 8 and 46
TD, did you mean lines 16 and 46?
Looks like they reclassed approx 330B "securitized consumer loans" to "credit cards and other revolving plans".
Is that going to make it look like the consumer's on fire, or what.
Yeah I was wondering what that was, and now I want to understand the why. Someone make a mistake previously? Why a new classification?
Veddy intelesting, but schtupid. (dating myself with Rowan & Martin Laugh-In reference).
Thanks Paladin for the line 16. I was distressed by line 46 on every chart without 16. Some of the other lines have interesting changes that report way higher or lower than prior history, too.
In the news, more than likely the Dem lead house and senate are not going to make a budget this year, does that tell you anything?
What you gonna do, when your, weeeeell runs dry.
Greek bailout. lol
'A picture is worth a thousand words'. Well, in this case, it is worth billions and billions (of FRNs) (spoken in the voice of the late great Carl Sagan)
Ugh. So this must be what's it's like to watch a black hole devour a star.
+1, I think watching a bitchin black hole devouring stars would be more exciting!
VERY exciting you happened to be living on a nearby planet.
+1 ... that's a great metaphor.
This is an "Oh, shhhhhh...., Oh .... no!" moment.
"The entire western world is living from one bond auction to the next." - Zackattack
The national debt clock is still running, so we must have some cash left somewhere.
http://www.usdebtclock.org/
Cash? WTF is that? Oh you mean an electronic entry in some account somewhere?
Who is the Treasury's bank, again? Ah, the Fed. The ATM that never runs dry.
WTF? This thing looks like my checking account!
If you are spending a billion a month I need to party with guys like you...do I see a remake of Brewster's Millions? :)
What is the Supplementary Financing Program Account. Seems to be the only reason we have any money in there to work with.