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US Government Issues $333 Billion Net In Marketable Debt In March, Second Biggest Ever
In March, the US government issued a massive amount of debt: $332.8 billion - the biggest amount ever since the all time record of $545 billion raised (most of it purchased by the Fed) during the apex of the financial crisis in October 2008. The US Treasury had $12.717 trillion in debt subject to limit at the end of March, compared to just $12.384 trillion in the beginning of the month. The private-to-public debt transfer is going as planned, still in the full absence of the shadow economy.
Below is an artist's impression of what the deck chairs of the Titanic looked like.
In March the government issued net:
- $7 billion in Bills
- $100 billion in Cash Management Bills
- $228 billion in Notes
- $13 billion in Bonds
- $1.8 billion in TIPS
And the rest was offset by intragovernmental trust fund rotations.
We will repeat it again:
$333 billion
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Wow they are really trying to gun up to the debt ceiling again aren't they? Better be careful. If they don't watch it them might have to vote on another debt increase right before the election.
One can only hope that such a vote is needed.
I suspect that Congress would somehow fabricate a concept that the 2/3 of Senators not up for re-election could simply "deem" the debt ceiling to be raised without necessitating a vote from the House (all up for re-election) or the remaining 1/3 of the Senate.
After all, our fearless leaders say the Constitution is just a piece of paper.
Give the voters something else to think of after they elected the all D team.
Vanity Fair interviewed Erin "Pinocchio" Burnett, just take a look at the answer that Erin "Pinocchio" Burnett posted to the following question:
Vanity Fair: There's an old aphorism that says "Those who can't do, teach." If you know so much about Wall Street investments, why aren’t you a billionaire?
Erin "Pinocchio" Burnett: Because of my job. We're not allowed to invest in stocks. If I was allowed to invest in stocks, I would be a billionaire. But Mark Hoffman (president of CNBC) insists on running a tight ship. He doesn't want us to buy a stock and then go tout it on television. I'm only allowed to own indexed funds.
Is Erin Burnett FUC#%NG STUPID????
This is the original interview from Vanity Fair:
CNBC's Erin Burnett Doesn't Think All Rich People Are Evil
Is there even a need to ask that of a CNBC anchor? Not a bright one in the bunch.
I can understand her situation.
Hedgeless "Horse" Man: Because of my marriage. I'm not allowed to stick my dick in whores. If I was allowed to stick my dick in whores, I would be a porn star. But my wife (who has me by the balls) insists on running a tight ship. She doesn't want me to screw a whore and then go tout it on DVDs. I'm only allowed to own Disney DVDs.
Is Hedgeless "Horse" Man FUC#%NG hung????
This is the original image from a photo shoot of me and my giant cock:
http://www.jerzeedevil.com/gallery/files/1/1/0/9/manwith.jpg
R
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F
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Given that she claimed, on air on CNBC, that gold is "useless" and "has no intrinsic value", because after all, "you can't eat it", I think they jury isn't going to have a hard time deciding that one.
What's a third of a trillion among friends, anyway?
I mean, that's only a little over $1000 for every man, woman and child in America, illegal aliens included. So that's like $12,000/year. Figure that at least a quarter of those people are working and that's only like $48,000/year/worker. Since most people who work full time make over $30k, it's no problem, right?
Is there some word in English that means "run" but conveys it with the importance of a person trying to outrun the flash of a hydrogen bomb currently detonating directly above them?
I believe the phrase "run to gold" would be about as close as you're going to get. Enough gold on top of you will stop all those nasty gamma rays.
It would also stop the torrent of fast neutrons which would be an equally great concern.
Even the anti-goldbugs should realize its indisputable benefit as radiation shielding.
- but isn't lead shielding the silver bullet??
Well. How can I put this without being insulting.
Your are correct.
Lead is the new currency.
Enjoy your freedom.
I may be incorrect, but isn't tungsten the new currency?
On the bright side tungsten is better than lead for shielding. woo hoo.
Tungsten is the new currency if you own a tank or an A10. For the rest of us, lead will have to do.
Meanwhile, I'll be knitting my iridium/osmium suits for when the Chinese bill collectors get tired of us not returning their phone calls and decide to send a wake-up call.
Is the future that grim? I don't know. I do know that we're in a real calm before the storm right now. I don't know when the storm is going to hit, but I wouldn't be falling asleep outside.
Yeah that would be a Rip Van Winkle moment.
+1
Just drove over the Rip Van Winkle Bridge in Catskill, NY yesterday.... the only difference from that fable is that instead of waking after a (70?) years long slumber to find a vastly changed world many will wake from an 8 hour sleep to discover their new, ugly reality
They're already building satellite defenses, a new fleet of subs and anti-carrier missles, and planning on getting into the aircraft carrier business soon. Not to mention that they have tens-of-millions of spare males in their population to burn.
I'd say their exercises with the Somali pirates are just getting their navy cozied-up for the future projection of power when they need to secure some natural resources.
They don't have a Navy capable of invading Hong Kong, much less Africa or anywhere else resources are located.
The chi.coms will probably build another kick-ass subway to Africa and Australia, like they did to Hong Kong.
Octopus card, bitches!!!!!!
Trav, you might want to follow this blog:
http://www.andrewerickson.com/
China's first aircraft carrier will be ready by 2012, and they are currently testing sattelite guided anti-ship ballistic missles. They're further along than you think.
Better to be informed than to be blindsided.
It shouldn't be hard to mix tungsten shot/powder into lead as you smelt it into a bullet. That, combined with a magnum powder load, should give a rifle bullet a hell of a kick.
Just another example of why I don't come to ZH for reloading or bullet-casting advice.
Don't get my investment advice on the gun forums, either.
Lord Welligton,
I prefer gold.
i prefer heirloom tomato & tobacco seeds. to each his own i guess...god bless america.
Got it covered tip e. canoe, I even ordered some Hops rhizomes, should be here any day now.
rusty brew shorts!
- yeah, it's called "light a fire under somebody's ass". (insert sarcasm here);
http://www.youtube.com/watch?v=gIdtwizIiMQ
333 billion. That's what about how much is spent by bankers/politicians to get blow and disappearing dead hookers every year? Maybe it's less I'm not in the market so I'm not totally familiar with the costs.
Mhhh yeah I like that math. And this is debt, so the juice is running on it. Though come on we only need what 150% tax rate on a normal guy to clear this, no problem just have to pile in the OT hours!
Anyone who looks at our finances and puts their money into play in dollar based assets, especially long term treasuries, is either insanely brave, or just insane.
Hey Shameful, in a way I was thinking about this before. Under Reagan inflation it forced two income families. Under Obama inflation what everyone works two full time jobs?
But there's no jobs? What to do, what to do.
We have to roll the clock back, child labor. Have to have kids and send them off to sweatshops. Need a 4+ income family.
With the no work, yeah it's over. I've been saying for a while this is the end of America. there is no political will to fix the problem so this is it. Things will not really get better from here only worse. We are at the point where it's hard to even paper over to carry to the next crisis. 2-10 years for a US default or dollar hyperinflation. If you are a boomer better brace for impact because the things you were promised will not be delivered on. Expect capital, wage, price controls along with a brain drain. Then we will either have a civil war or police state that would make Stalin or Mao proud. Sure pessimistic view, but I challenge people to show me how we can carry this debt and liabilities we made, and where the political will to fix it will come from. Hell we can't even slow the rate of gain in spending. Even from the Tea Party people they want their medicare, and that's what 70+ trillion unfunded liabilities? Basically no one is talking about the nuke waiting to go off, at least no one in office. 100+ trillion in unfunded, loads of GSE debt, endless war and social spending, endless bailouts.
Last one out please turn off the lights.
Bingo...and everyone, at all levels, is on the take.
They just aggrandized the gov't further w/ health care, got Krugman on Sunday TV talking about death panels, using that exact phrase. And, guess what...you think the decisions of those bureaucracies won't be affected by bribes and lobbying and monetary influence?
Last time I was in Brazil, it was amazing the lack of understanding they have there, talking about how America is great vis a vis their country because they're so corrupt and we're not. It took me a few minutes just to explain one method by which our high-level politicians are on the take. The Jefferson County types do the simple cash bribes that are common in South America, but our Senators are at altogether another level of sophistication.
And nobody wanted to hear it; better to just maintain the dream and the image.
A full time job is 8 hours a day. So there is still 16 hours a day that can be put to use begging for food money on the side of freeway off-ramps, and digging through trash cans.
Just a thought: People in prison get three free meals a day!
These kids stay busy all day thanks to their central bank.
wow...mindblowing & heartwrenching...thanx for sharing
"we are not fighting for money, we are fighting for life on earth"
even after watching that video there will still be people who don't understand that gold is money and always has been.
I am delighted that you understand.
Be Slave or be not.
Job or job not.
Slave or slave not.
It appears you have a choice.
You can be slave or you can have job.
When will you be free?
What if the insane are running your country?
Here are the insane rules:
1: Fit in and appear to at least act insane.
2: In case anyone catches you saying something non-insane, laugh hysterically and say something like, "Now isn't that insane??"
3: Don't let people know you are not insane (i.e. be one of them).
These are pretty much the same type rules Germans applied in WWII.
I'm so amazed that these "rules for the sane in an insane world" are not a joke ... people don't want to hear the reality of math, exponential growth, betrayal of liabilities, and even motivations by the current actors.
Merely uttering "2+2==4" gets you branded as a "nutter", and though you didn't create the problem, they actually come after you with pitchforks!
Human nature, I suppose. Denial and desperation lashing out.
Orwell: in a time of universal deceit, telling the truth is a revolutionary act. We are in that time.
Nobody wants to hear nor accept the truth.
Even those who consider themselves enlightened about the financial crisis, like the TF cult...go join up and argue with Douchinger about Peak Oil and see how long you remain on the forum. Even the rational and intelligent struggle to avoid acceptance of the inevitable when they recognize its implications.
All exponential growth systems are INVARIABLY doomed in a finite world. It has happened; it will happen.
A reality-based cause of the situation in which we find ourselves means a lot more consequences than merely a financial crisis. Many WISH to believe that we can just "purge the debt" and move forward. Mostly those who have vested financial interests or some "money" themselves and no debt. We can just default it, "take the pain" (someone else of course) and get back to happy days and growth.
This is the end of the growth road for now, folks. It was a great run.
Lord Wellington, I fear it is not the insane, but rather the sociopaths who are running this country. How about yours?
Awesome.
Economically speaking, I think the word is 'slavery'. We are being sold into slavery and watching it happen before our eyes and can do little to stop it, except for extreme out of the box measures.
who gives a shit about debt ceilings? Do you see people rioting in the streets over it ?
isn't it like the dow?? the number sounds about same so isn't that good? 14,000 soon? we like big numbers
Thread Hijacker - I hope this story/video hasn't already been broken on ZH. If not, it is my privilege to present something I hope you will all enjoy. Take care.
VIDEO: Georgia congressman worries about Guam “tipping over”
http://guyism.com/2010/04/video-georgia-congressman-worries-about-guam-tipping-over.html
Saw it elsewhere, but you're probably the first to post it here.
It's worth watching. Try not to cry when you ponder the ramifications.
It was painful to watch that elected retard talk. I guess he thinks the island of Guam floats on the ocean. For anyone reading this, islands do not float. Hopefully someone can use that video to beat his ass in the next election.
Its just his attempt at some humor (pretty bad attempt), this is a facade to say they debated or discussed it (a formality), they know its going to pass. To think we are paying these incompetents is very depressing.
How about this vid? Krugman says death panels will save us money. I thought they didn't exist. ;)
And they blamed Hitler...
hitler at least cared about his country... what we got are the biggest carpet baggers / snake oil salesmen of all time
I googled Hitler, and this quote came up. Thought it strange when I observed the photo of Obama and Bernanke on the banner ad at the top of the page.
"Everything about the behavior of American society reveals that it's half Judaized, and the other half negrified. How can one expect a State like that to hold together - a country where everything is built on the dollar?"
Adolf Hitler
Remarks January 1942 recorded by Martin Bormann, published in Hitler's Table Talk (1953)
http://googleads.g.doubleclick.net/pagead/imgad?id=CLPZoKbM-_63nQEQ2AUYTzIIwhnN3vtStqI
Don't talk about The Tribe like that
The Cleveland Indians, or the Atlanta Braves?
You don't believe that crazy talk about everything in the US being built on the dollar, do you?
Earlier on Lord Wellington said there may be insane people running our country. It seems he is right. This guy representing Georgia's fourth district must have flown to the dark side of the moon. I cannot watch any more clips like that. I am already steamed at leadership ineptitude-clips like that one just rub it in that we are pretty stuck and that really gets my blood pressure up.
If you think that is bad, you should go talk to them in person.
I spoke with one of our local politicians years ago and came away stunned. Double digit IQ. No wonder we are underwater,have no energy policy and are on the edge of the precipice...
I saw one of my state's "elder statesmen" speak live to a small group a couple years ago. On TV he look fairly lucid. In person he comes across as a zombie corpse that should have been sent to a dementia home about 20 years ago.
Oh, and because of his name, religion, and district, he'll be in that seat for life. He'd keep it even if he were in a persistent vegetative state. Which he probably is by now.
The lunatic is on the grass.
The lunatic is on the grass.
Remembering games and daisy chains and laughs.
Got to keep the loonies on the path.
The lunatic is in the hall.
The lunatics are in my hall.
The paper holds their folded faces to the floor
And every day the paper boy brings more.
And if the dam breaks open many years too soon
And if there is no room upon the hill
And if your head explodes with dark forebodings too
I'll see you on the dark side of the moon.
http://www.youtube.com/watch?v=kW7WbHf8-Tw&feature=related
Ah, one of my all time favorite albums
Mid 70's, amazing analog production.Nothing new under the sun
Do you think our current commader and cheif would sound the same way except for ear piece speeches and cue cards . " No No Mr President, Island don't float " . Johnson is a disgrace , no doubt .
The reason that Manhattan, with less area and more people, does not tip is that the skyscrapers have it anchored. The bridges keep it from floating away.
Johnson is a lawyer, who would have guessed, and a former judge. Would that short clip be good enough to get any decisions overturned?
These debt figures are getting staggering.just a big game and they know it.
What amazes me is that we've only just begun to see a slight rise in interest rates and lack of foreign interest in purchasing all this crap. Gotta give it to Benny... he's managed to kick that can down the road much longer than I ever expected would be possible! The real question going forward is what happens with the NEXT third of a trillion in issuance? I'm hoping to see an end to the charade in the equities markets as the Fed rearranges its priorities to prop up Treasuries.
Well apparently half of it is next week.
Benny has "managed to kick the can down the road," and it's called the country. And every kick puts another dent in it.
Anyone who can direct me to a quick link to ZH chat, I'd appreciate it. I have instructions but I'm not bright enough to follow/figure them out... Looks like I may even need to download a new chat app? I already bothered someone and don't think my ignorance needs more of their attention. :-)
Thanks!
chat.zerohedge.com +6697 <pass> <username>
http://www.mirc.com/ssl.html
Breathe, damn you, breathe! Breathe, damn you, breathe!
Just in time to address the dismal performance in tax revenues for April.
Mark Beck
I was discussing the March $333b debt with a lefty friend this week.
He is "not real worried" about it, and directed me to a Paul Krugman blog post as the bulk of his comment.
There are so many of these people, who have the education and credentials of an educated person, but seem completely oblivious to a wide range of warning signs all saying the same thing.
Denial isn't just a river in Egypt...
It is because the really smart and/or privilaged people are on the take and the majority of everyone else has snugly implanted their heads up their third points. If you try to help them extract their head, they either get upset or ignore you. It is really frustrating! Indeed we are in for it.
Looks like the DC mafioso will be faced with that pesky debt ceiling right in the middle of campaign season. For safety they could just kick it up over $15t now to save grief.
Like Celente says: Harvard, Yale, Princeton, bombs, bullets, and banks.
Why so stingy with the TIPS, Timmy? Ahahahahahaha......
Oh, no reason. No reason at all... (walks away quietly)
Is that $88 billion in just one day? The difference between the opening balance today and the closing balance today.
chump change
From the Perth Mint Cert Terms and Conditions:
13 The Owner acknowledges and agrees that The Perth
Mint’s maximum liability to the Owner if it fails to
make available for delivery the Commodity described
on the Certificate pursuant to proper instructions
from the Owner shall be the London AM fix price of
the Commodity on the delivery date as specified by
the Owner’s instructions, subject to clause 7.
Vanity Fair did an interview to Erin Burnett, just take a look at the answer that Erin "Pinocchio" Burnett posted to the following question:
Vanity Fair: There's an old aphorism that says "Those who can't do, teach." If you know so much about Wall Street investments, why aren’t you a billionaire?
Because of my job. We're not allowed to invest in stocks. If I was allowed to invest in stocks, I would be a billionaire. But Mark Hoffman (president of CNBC) insists on running a tight ship. He doesn't want us to buy a stock and then go tout it on television. I'm only allowed to own indexed funds.
Is Erin Burnett FUC#%NG STUPID????
This is the original interview from Vanity Fair:
CNBC's Erin Burnett Doesn't Think All Rich People Are Evil
...wow...
That's like saying "If I played in the NBA I would score 300 points a game...but I'd rather sell beer in the stands."
http://www.youtube.com/watch?v=2OvPZPw0GTM
I do have to say, some of the interviewer's questions were just annoying and inane. But then some of her answers seemed disingenuous.
Also she's hot, they should've just done a photo spread.
Deficit.. That's nice. Is that going to affect my American Idol and Brittney Spears? I hope they don't raise my taxes... I wont be able to afford my Porno websites and my Netflix subscribtion. As for my Grandkids? God ordered me not to reproduce, So that solves that. Rally on.. Dow to 36,000. AAPL to $4,000 per Share, GOOG to $18,000 per share. Its all good. See ya later. Im going to finish watching Extreme Makeover. I just love them reality shows.
Rates backed up perhaps under the supply pressure but the markets also absorbed a record amount of junk bonds and bonds and credit derivatives of every flavor and equities still rallied strongly. It's difficult to envision where all the liquidity is coming from even factoring in the Feds MBS settlements. I suppose MM withdrawls are playing a part too. I guess we will be finding out the bull markets can create their own liquidity as the asset inflation machine cranks up for another run.
"It took 169 long years and seven major wars -- from 1776 to 1945 -- to rack up a cumulative deficit that matches the gaping budget hole of just 28 short days in February 2010." -- Marty Weiss
Does Weiss not understand geometric growth either?
Absolutely nothing about this is in any way, nor should be, a surprise. It shouldn't shock. It's a necessary artifact of a growth function. It should be expected.
This may stun and nonplus some people, but our debt's growth rate has been relatively level over long periods of time.
In 2007 our debt grew by 161 billion dollars TOTAL. In two years, the rate has increased 2400%. You're saying that it is normal to grow that fast? If so, then I guess our deficit in 1910 must have been 1/1000000th of a penny.
God help us in 2012, when our debt is growing by 8 TRILLION per month.
Here's Bartlett's paper on the forgotten fundamentals of the energy crisis. Nice explanation of exponential growth for ZHers to read
http://www.npg.org/specialreports/bartlett_section2.htm
Here is Dr Bartlett explaining exponential growth on video
http://video.google.com/videoplay?docid=-5051121482067161853#
My favorite line from the paper
"This comparison will serve to introduce the reader to the disturbing divergence between reassuring statements by authoritative sources and the results of simple calculations. "
Even more true today
Can nobody here do a log plot?
The *surprise* at the scalar totals proves Al Bartlett's maxim.
If the debt doubles every nine years, the debt in 9 years will be $24T. 9 years following, $48T. They will start having to issue $333B per day.
This is the problem with freaking compounding interest and the fact that math entries can continue to grow unabated! It's why The Tribe was ordered a jubilee every so often; God understands exponential growth.
Hey trav7777, Michael Hudson summed it up pretty good here;
http://www.youtube.com/watch?v=3pwAFohWBL4
It doesn't matter what the national debt is! You shine it real nice, turn it sideways and stick it straight up into the investors candy a$$!!
Seriously, I feel I'm living out the later part of the movie "invasion of the body snatchers" when the world has been conquered save for a few who pretend to be part of the BS'ers. The simplest of math can't be accepted as it would cause a paradigm collapse...debt grew faster than the ability to pay for it, and now is going parabolic (vs. GDP). $2T in annual revenue against $14T in debt and $50 to $100T in unfunded liabilities. Of course we could fix it but no politician can win by forcing the debt resolutions. But don't blame the politicians, they are only a reflection of us and our cognitive dissonance (sorry to the guy w/ that handle) to deal w/ a world in which things bought must be paid for and things to be bought must be saved for. That's hard and would be a real bummer. Don't look at the goverment or politicians or Wall street as the problem...we Americans are the problem and only we Americans could fix this. But Americans generally react and aren't real proactive (any longer?)...so the crisis must present itself, engulf us, so then we can "come together" and work 10x, 50x, 100x? harder to resolve a problem we could have avoided. Sorry folks, we must go "all the way" to uber crisis to engage Americans fear but I fear the "resolution" we will see will not be one we ZH'ers would prefer. Until "then", we wander among our citizens, do our jobs (if we got 'em), enjoy our lives, and simply know the seasons will change sooner than later and we will all adapt (only some will have been expecting, willing the change and others will be suprised, all are likely to be angry).
Here are the insane rules:
1: Fit in and appear to at least act insane.
2: In case anyone catches you saying something non-insane, laugh hysterically and say something like, "Now isn't that insane??"
3: Don't let people know you are not insane (i.e. be one of them).
These are pretty much the same type rules Germans applied in WWII.
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