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US Debt Soars To $16,159,487,013,300.35, +$93 Billion; Or How To Kick Off Fiscal 2013 With A Bang

Tyler Durden's picture





 

September 30 was the last day of Fiscal 2012 for the US which explains why despite the barrage of debt issuance in the past month, the year closed with total debt of just $16.066 trillion, a modest increase of just $50 billion in the month. Luckily, moments ago we got the first DTS of the new fiscal year, which eliminated any residual confusion we had. As of the first day of FY 2013, total US debt soared by $93 billion overnight, and is now a record $16,159,487,013,300.35. One can see why Tim Geithner wants to push all the debt under the coach for as long as possible (and the scariest thing is that the actual increase in Treasury cash was a mere $11 billion). But wait, there's more. As a reminder, final Q2 US GDP was recently revised lower by $20 billion, which if we extrapolate into Q3 (leading to a nominal GDP print of $15.71 trillion), means that as of today, total US Federal debt to GDP is 103%. And rising about 1.5% per month.

 


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Tue, 10/02/2012 - 17:53 | Link to Comment iDealMeat
iDealMeat's picture

Might as well double it...   It'll never get paid off anyway..

Tue, 10/02/2012 - 17:58 | Link to Comment Manthong
Manthong's picture

“a modest increase of just $50 billion in the month”

Is that like a slight case of  TB or a touch of Ebola?

Tue, 10/02/2012 - 18:00 | Link to Comment THX 1178
THX 1178's picture

16.159 Trillion? GOOD! Max out the credit card before you hyperinflate. Otherwise its just a waste. I wish it were higher. 

Tue, 10/02/2012 - 18:08 | Link to Comment Skateboarder
Skateboarder's picture

"Houston, we have a Ponzi."

Tue, 10/02/2012 - 18:33 | Link to Comment Slewburger
Slewburger's picture

What's up with the perfectly inverted step function around July 2011?

Tue, 10/02/2012 - 19:38 | Link to Comment Thomas
Thomas's picture

Fat finger.

Tue, 10/02/2012 - 20:19 | Link to Comment FoxMulder
FoxMulder's picture

BTFD

Tue, 10/02/2012 - 20:52 | Link to Comment Half_A_Billion_...
Half_A_Billion_Hollow_Points's picture

THIS TIME IS DIFFERENT

Tue, 10/02/2012 - 21:23 | Link to Comment AldousHuxley
AldousHuxley's picture

screw banks by dying with as much debt as possible.

 

 

Wed, 10/03/2012 - 02:55 | Link to Comment prains
prains's picture

the dying part is about to happen

Tue, 10/02/2012 - 20:46 | Link to Comment yars
yars's picture

The U.S. hit the ceiling in May 2011, hence the first step. Q2 GDP was reported higher than Q1, lowering debt/GDP and resulting in the step down.

Tue, 10/02/2012 - 19:51 | Link to Comment ultimate warrior
ultimate warrior's picture

$B0,000,000,000,000.YAH

Wed, 10/03/2012 - 06:55 | Link to Comment Watauga
Watauga's picture

Has to be George Bush's fault.

Tue, 10/02/2012 - 18:08 | Link to Comment MillionDollarBogus_
MillionDollarBogus_'s picture

16,394,000 is the wall;  http://www.fms.treas.gov/dts/index.html

Will be interesting to see where the next limit is set, and how hard it will be to set it.

Tue, 10/02/2012 - 18:12 | Link to Comment FL_Conservative
FL_Conservative's picture

Moving FORWARD into the wall.

Tue, 10/02/2012 - 19:10 | Link to Comment LMAOLORI
LMAOLORI's picture

 

 

Now you know the meaning of a Perpetual Debt Slave and you can't even leave without paying a fine. And just think we can't default on less they do it on purpose  so they have you right where they want you.

Denise Rich Renounces U.S. Citizenship, Will Save Tens Of Millions In Tax Dollars

snip

Denise Rich, the wealthy socialite and former wife of pardoned billionaire trader Marc Rich, has given up her U.S. citizenship - and, with it, much of her U.S. tax bill.

Rich, 68, a Grammy-nominated songwriter and glossy figure in Democratic and European royalty circles, renounced her American passport in November, according to her lawyer.

 

Tue, 10/02/2012 - 21:39 | Link to Comment AldousHuxley
AldousHuxley's picture

job creators...

 

 

Tue, 10/02/2012 - 18:21 | Link to Comment CrashisOptimistic
CrashisOptimistic's picture

This is the key issue that is being ignored.

The fiscal cliff negotiations are going to generate tons and tons of hand wringing about destruction of GDP growth and how the cuts and tax increases MUST NOT HAPPEN -- but if they don't happen we continue with 1.23T deficit and this time next year we'll be at 17+T.

FURTHERMORE, the Tea Party is NOT GOING TO LOSE THE HOUSE, in fact, they may gain seats from moderate Republicans.  When Boehner comes to the House GOP caucus with proposals, they will say NO DEBT CEILING INCREASE WITHOUT FY2013 cuts of same amount -- AS IN NOW.

No one really is focused on the true magnitude of what the fiscal cliff is going to look like.  

One thing I can predict.  The debt ceiling will be raised about 1 year's worth if Obama is elected.  It will be raised about 5 yrs worth if Romney is elected.

Tue, 10/02/2012 - 18:26 | Link to Comment fonzannoon
fonzannoon's picture

The tea party will fold under pressure like they did last time. The debt ceiling will be eliminated. The US will get downgraded. No big deal.

Tue, 10/02/2012 - 18:29 | Link to Comment CrashisOptimistic
CrashisOptimistic's picture

But they didn't.

They got 2 Trillion in cuts for a 2 Trillion ceiling raise.  The upcoming Sequester is half of what the Tea Party got.  They got $1T immediate.

The criticism is the "immediate" cuts were backloaded to 2013 and outyears, and presto, here it is FY2013 and that IS the level of budget authority.  They DID get that $1T.

Where they may get screwed is in de-authorizing the Sequester, but if that happens, they'll become even more incensed and insist on more for the new ceiling raise.

They didn't get nothing.  They got delayed something, and the delay has now expired.

Tue, 10/02/2012 - 18:34 | Link to Comment fonzannoon
fonzannoon's picture

Where are the 2 trillion in cuts? How much in cuts has happened already? Barely any. As far as cuts that will be taking place after January? No way they happen. Those cuts will be eliminated. The market and the economy will be a mess and we all know that is no time for cuts. So both parties agree to kick that can again.

Tue, 10/02/2012 - 19:14 | Link to Comment CrashisOptimistic
CrashisOptimistic's picture

The first trillion in cuts are from the baseline budget (which of all four candidates, only Paul Ryan understands).  They spread over 10 yrs starting FY2011.  There was a tiny cut in FY2011 and a bigger one FY2012.  And even bigger FY2013, which is all part of reduced spending vs the baseline.

The baseline is based on inflation and a few other factors.  It seems stupid, but there does have to be some sort of budget projection and the first trillion cut from that.  The second trillion is what the super committee failed to arrive out, triggering the Sequester, which starts 1 January.

If that is de authorized, then the GOP will have only gotten 1/2 of what they demanded for the debt ceiling increase, and with another pending, they'll demand even more.

This is not nothing.  This WILL empty cubicles nationwide.

Tue, 10/02/2012 - 20:11 | Link to Comment fonzannoon
fonzannoon's picture

Big picture it is a drop in the bucket. Hard default. Let's do it. I will make the call to China to offer our sincerest apologies.

Wed, 10/03/2012 - 11:06 | Link to Comment Thisson
Thisson's picture

The problem is that the GOP/Tea Party have no theory that justifies the cuts in light of the resulting decrease in GDP that will follow.

Tue, 10/02/2012 - 20:10 | Link to Comment foodstampbarry
foodstampbarry's picture

Yes, I'm still waiting patiently for the results on the monkey's throwing poop and shrimp on treadmills. Have you heard anything?

Tue, 10/02/2012 - 21:35 | Link to Comment centerline
centerline's picture

Pissing into a hurricane unfortunately.  The time to correct the system was missed long ago.  Now, all this fighting is only good to create waves of deflation and inflation which confuse the masses, strip them of real wealth, and stoke the divides (most artificial).  

Shit, I say pump it on up.  Screw the ceiling.  Remove the cap alltogether.  Put together a rock star budget and have at it.

 

Tue, 10/02/2012 - 19:02 | Link to Comment Offthebeach
Offthebeach's picture

1980 Reagan, Gingrich folded and went over the 1 Trillion. Been boob bait gobbled up by GOP dolts ever since.

Wed, 10/03/2012 - 07:02 | Link to Comment Watauga
Watauga's picture

Your very premise is false. The Tea Party did nothing of the sort.  John Boehner and his cronies folded.  The Tea Party is represented by a very small number of Representatives and Senators, if it is represented at all. 

Democrats, as revealed by the Obamacare votes, are purely Statists.

Republicans, as revealed by the Debt Ceiling deal, are mostly Statists.

The Tea Party supporters are anti-Statists, but their voices are barely heard because the Republicans did a masterful job of co-opting the momentum of those voices while giving back none of the substantive goals.  The anti-Statists in this nation will need to either reform and restore the original ideals and goals of the Tea Party or will have to start fresh with a new momentum. 

Wed, 10/03/2012 - 09:10 | Link to Comment Flakmeister
Flakmeister's picture

Do you actually believe all of what you just wrote?

Tue, 10/02/2012 - 18:35 | Link to Comment Clark Bent
Clark Bent's picture

If yer Obama, and despite your wanton lawlessness and czars (shadow gov) and subverting DOJ, and concealing banksters, and secret promises to the Soviets, and siding with Islam over America and its allies, and abandoning our troops in the field and losing the ME, Afghan, and Iraq, and they stiill re-elect you...how else would you interpret that but as a mandate for "change" into the totalitarian state he has always dreamed of? I think that if O wins, this fact alone will engender a steep downgrade in American bonds, and his immediate resort to his 923 Executive Orders to declare emergency and shut down Congress and install his utopia. Who, exactly who, could stand in his way? 

Tue, 10/02/2012 - 18:41 | Link to Comment Zap Powerz
Zap Powerz's picture

Who could stand in his way?

The hundreds of millions of armed Americans.  Im not saying he wont try, because he would.  Im just saying he will fail.  There is no way to control a nation this size, with this many people, with this many guns.  We cant even control Afganistan for fuck's sake!  You think the insurgency in Afganistan is bad?  The American insurgency would be much worse, much more bloody.

In the end, Obama would end up like Saddam, but that would be after lots of people have died.

Tue, 10/02/2012 - 19:22 | Link to Comment ForTheWorld
ForTheWorld's picture

This would require a few things to happen:

- Hundreds of millions of Americans being armed
- The TV being turned off (including all handheld devices capable of streaming video)
- The sheep actually being wolves in sheeps clothing

People in the US are scared, but the fighters in Afghanistan are prepared to die in the fight. Who would be easier to defeat?

Tue, 10/02/2012 - 19:49 | Link to Comment RSBriggs
RSBriggs's picture

There are more sheepdogs around than you might imagine.  And, by the way, MANY millions of Americans ARE armed.

Tue, 10/02/2012 - 20:36 | Link to Comment Vacca
Vacca's picture

So what if they're armed? Do you really think an untrained, uncoordinated mass of civilians with little guns is going to stand up to the US military? Not for long.

Tue, 10/02/2012 - 21:37 | Link to Comment centerline
centerline's picture

The bigger question is what side the military is going to be on.

Tue, 10/02/2012 - 21:38 | Link to Comment ponyboy96
ponyboy96's picture

Most of the people you speak of are ex-military. The US military would dissolve and not fight its brothers and neighbors. There was a study done years ago by the pentagon that came to that conclusion. The only armed resistance would be from law enforcement. However, this is all a mute discussion as it will never happen. Doesn't matter what the gov't does. For one do you think the media will actually inform the populace of what's really happening? Second do you think most people would stop shopping or watching TV long enough? No, people are fat and happy. As long as people can stay fat and happy then nothing will happen. When the youth and unemployed cant live any longer, that's when the SHTF. Unemployment is the biggest fear of govts.

Tue, 10/02/2012 - 22:06 | Link to Comment Radical Marijuana
Radical Marijuana's picture

You are an optimist!

The USA has an abundance of weapons of mass destruction. As the system drives itself mad, and destroys itself, there will come points where the armed forces will be issued orders that are TOO insane for all of them to agree to obey. At that moment, when some factions of the American armed forces decide to refuse to obey some excessively insane orders, the "real revolution" will have begun ... The chain of command will fragment, and various splinter groups will be in possession of their own pile of various weapons of mass destruction. After all, it will not be hard for soldiers given insane orders to discover and prove that their Commander in Chief has become BOTH the greatest foreign and domestic enemy to the constitution there has ever been! All that has to happen is that enough of the armed forces is pushed hard enough, by given sufficiently insane orders, that they finally decide that they must disobey, and then there is no turning back!

However, just as there is NO sane theory about how to fight a total war with weapons of mass destruction, there is NO sane theory about how to fight a real revolution inside a country with an abundance of mass destruction weapons. No group could be defeated, without destroying everybody. Any group with enough weapons of mass destruction effectively has the equivalent of sovereign immunity. Attempting to enforce any law against them will mean that almost everybody dies.

Although there are more private weapons in the hands of Americans than there are in most of the world's armies combined, ALL the gunpowder weapons taken together are trivial compared to weapons of mass destruction. ...

That is why there has been no violent revolution in the USA, so far, which is the same reason why there has not yet been a total war for about 70 years. The sheer insanity of that is the only thing keeping it at bay ... However, at the same time, the pressures are constantly going UP, as more energy, in little increments, gets pumped into the systems. Thus, we are building for stupendous social storms, beyond our imagination!

This sixteen trillion dollar overt public deficit is like riding a roller coaster riding going UP THE FIRST HILL ... and counting.  We have not hit the hammerhead stall point yet. We have no idea what it will look like when the exponential growth of the Neolithic style of civilization finally is forced to stop, and come back DOWN ...

The more we go UP, the more mad will be the ride DOWN.

I would propose the plainly obvious necessity to change our paradigms regarding militarism, war, and revolution, however, I do not expect that to make any practical difference.  My whole life I have been worrying about this combination of exponentially increasing everything, including debts, all backed by nothing but weapons of mass destruction. I WISH I could indulge in some over-simplistic fantasies about the Second American Revolution. However, the reality is way, way, way worse than that!!!

Wed, 10/03/2012 - 07:14 | Link to Comment Watauga
Watauga's picture

Look, the monsters are so much smarter than that.  The evil is prepetrated in bits and pieces, promoted by the MSM as right and healthy for the nation, and, over the long haul, we end up in a brave, new world. 

From the day Washington took the oath of office, evil men have used all sorts of evil acts to increase their power and wealth through the U.S. government.  The Founders knew this would happen, but failed to foresee that Congress would not have the courage to stop the expanding power of the Supreme Court (after Marhsall's fate-sealing powergrab in Marbury v. Madison) and the Presidency.  So, Lincoln destroys federalism and begins the slide to totalitarianism.  TR, WW, FDR, LBJ, RMN, the Bushes, and Obama were and are all simply natural powermongers who did and do all they can to seize power and wealth through government at the expense of the Constitution and The People.  Period.

This slow--200+ years--slide into totalitarianism will continue slowly.  Obama and a Republican controlled House and Democrat controlled Senate will simply steal more money, impose more regulations, and take away more individual liberty, over the course of the next four years.  Likely it would happen under Romney as well, but more slowly.  It is possible that war with Iran or in Syria will be used to speed up the process, just as Bush and his cronies used unnecessary wars to these ends.

By the time Americans wake up, it will be way, way too late.  50 million armed Americans (with possibly as many as 200 million firearms) will be split into factions, many of which will support the totalitarian regime.  The military and all law enforcement agencies will also be co-opted.  The 10-20 million Americans with the wherewithal and courage to defy the rise of Leviathan will die doing it, with little, if any, positive result.

I urge all ZH readers to read ENEMIES, FOREIGN AND DOMESTIC, a three volume novel by Matthew Bracken.  http://www.enemiesforeignanddomestic.com/  I think Mr. Bracken has it about right generally.   

Tue, 10/02/2012 - 20:41 | Link to Comment spankthebernank
spankthebernank's picture

Obama will be reelected.  Are you kidding me?  Any one who has any insight to the royal fucking the US will receive and the 'good work' Obama is doing for the oligarchs, knows with certainty he will be reelected.  The plan is to destroy the currency and run the country into the fiscal ground and introduce a 'new' global currency.

Tue, 10/02/2012 - 20:18 | Link to Comment Renewable Life
Renewable Life's picture

154 billion from the top!! One thing is for fucking sure, it will get raised and neither one of these clown parties we have in this Country, will cut spending or the deficit!  The fight will be about WHO gets the goodies, NOT if the goodies go out to the masses!

The second some politicians get in the way of the gravy train, they will get a little visit from their local emplyee at the pentagon, with a file in their hand, and bingo, votes go thru!! Eisenhower warned us about this shit 65 years ago, people didn't listen, the game is already over! The Tea Party is nothing put a straw man for the white middle class to "blow off steam" and pretend they still have power in this Country!!

Until we start to see violence in the streets, that organized, coordinated, and targeted at the elements that have enslaved us, you should just turn on the NFL game, relax and drink a couple beers, because NOTHING is happening and NOTHING will change!!

 

Tue, 10/02/2012 - 19:26 | Link to Comment yogibear
yogibear's picture

Bernanke, Evans and the rest or Federal Reserve money printers can double it in 4 years. More is better.

Zimbabwe economics is now the plan. Print until you bust. QE to infinity as the  Bernanke implied.

 

Tue, 10/02/2012 - 17:53 | Link to Comment topspinslicer
topspinslicer's picture

YES WE CAN!!

Tue, 10/02/2012 - 19:00 | Link to Comment fockewulf190
fockewulf190's picture

Wrote in Ron Paul for President on my absentee ballot and mailed if off. Even though I never would have voted for Obama under any circumstances, I will not compromise my views and vote for Romney either. Both of these chumps are going to lead us into yet another war, and no matter who wins, I guarentee our national debt will be higher in four years and the dollar all but destroyed. Only thing you can do is keep stacking phyzz and try to become as independant as possible. The big reset is coming. See you on the other side.

Wed, 10/03/2012 - 03:06 | Link to Comment prains
prains's picture

fockme

trust me when i say this "you won't be there"

 

adjust accordingly

 

seriously, you know you won't be on the other side 

 

 

Tue, 10/02/2012 - 17:53 | Link to Comment Calidreaming
Calidreaming's picture

This is still bullish right?

Tue, 10/02/2012 - 17:59 | Link to Comment SemperFord
SemperFord's picture

Of course it's bullish, they can always rehypothecate the debt, right???

Tue, 10/02/2012 - 19:31 | Link to Comment j-dub
j-dub's picture

According to my sources, yes, it is still VERY bullish.  Keep buying and don't forget to offer your friends and family a taste.  Then, when the debt hits $100,000,000,000,000, sell the whole thing.

Tue, 10/02/2012 - 17:54 | Link to Comment Madcow
Madcow's picture

the number doesn't matter - only the slope of the line matters.  it must continue to increase - else there will be no net new money to feed all the previously existing debts and rents and bonds etc - 

it may sound like a crazy system - but its the only system we've got. 

anyone who argues we should "pay down the debt" doesn't realize that would be a death-blow to the financial system.

Tue, 10/02/2012 - 18:08 | Link to Comment Hey Assholes
Hey Assholes's picture

Pay it off NOW!!

Tue, 10/02/2012 - 17:54 | Link to Comment davidsmith
davidsmith's picture

Wake me when it's $48 trillion.  That's what it takes for the system to collapse.

Tue, 10/02/2012 - 17:54 | Link to Comment topspinslicer
topspinslicer's picture

It aint nothin' but (paper) money biatchez!!

Wed, 10/03/2012 - 07:16 | Link to Comment Watauga
Watauga's picture

Honestly, it is not even that.  It is zeros and ones.

Tue, 10/02/2012 - 17:54 | Link to Comment kaiserhoff
kaiserhoff's picture

Rising 1.5% per month?  But that's the interest rate deadbeats pay on credit cards?   Oh, right.

Tue, 10/02/2012 - 18:08 | Link to Comment youngman
youngman's picture

PM´s should rise at LEAST that every month too.....throw in a few other fear factors and it will be more like 3%...with a few spikes here and there

Tue, 10/02/2012 - 18:08 | Link to Comment Dr. Engali
Dr. Engali's picture

1% interest credit card bitchez! Screw the poor let them eat sand. Print Ben you mother fucker there is a special place in hell for you.

Side Bar... I'm a little ticked off today so you'll have to excuse me. I better do some yoga and some ohms.

Tue, 10/02/2012 - 18:17 | Link to Comment akak
akak's picture

 

I better do some yoga and some ohms.

Resistance, as you well know, is futile.

Tue, 10/02/2012 - 18:24 | Link to Comment farmerjohn2112
farmerjohn2112's picture

YESSIR! +1

Tue, 10/02/2012 - 18:29 | Link to Comment GRsilverking
GRsilverking's picture

Om

Thanking for all the debt?

Tue, 10/02/2012 - 18:39 | Link to Comment takinthehighway
takinthehighway's picture

That was beautiful.

 

As an aside, may I suggest that resistance may become feudal...

Tue, 10/02/2012 - 18:46 | Link to Comment Spastica Rex
Spastica Rex's picture

Dear Dr. E,

I junked you to cheer you up.

Love,

Bob

Tue, 10/02/2012 - 17:56 | Link to Comment VonManstein
VonManstein's picture

slightly worrying

Tue, 10/02/2012 - 18:13 | Link to Comment John Law Lives
John Law Lives's picture

If Obumble wins = expect to reach the $20+ Trillion debt level within the next 4 years

If Mittens wins = probably about as much

~0.00% chance of seeing a balanced budget again before the RESET button gets pressed.

Tue, 10/02/2012 - 18:44 | Link to Comment knukles
knukles's picture

They're both chosen by the very same guys to run for the position.

Difference = Rhetoric and squiggles about the edges

Tue, 10/02/2012 - 18:48 | Link to Comment Spastica Rex
Spastica Rex's picture

And one is acually a replicant.

Tue, 10/02/2012 - 18:53 | Link to Comment Flakmeister
Flakmeister's picture

Will he pull out a Glock during the debate and shoot the place up??

Tue, 10/02/2012 - 19:19 | Link to Comment j-dub
j-dub's picture

I know what you mean.  This is the first presidential election in which I could care less which set of corporate interests wins.  It surprises me that I could be so young and so apathetic!

Tue, 10/02/2012 - 21:18 | Link to Comment JPM Hater001
JPM Hater001's picture

How cute 20 trillion in the next 4 yeas...
I would expect by December next year. Where is slaughterer when I need to make a bet.

Tue, 10/02/2012 - 18:11 | Link to Comment EscapingProgress
EscapingProgress's picture

$20 trillion by 2015, and that's probably low-balling it.

Tue, 10/02/2012 - 19:56 | Link to Comment BlackholeDivestment
BlackholeDivestment's picture

...Debt is good for you, lol, those tricky bastards and their ultraviolet paintings.  http://www.gnosticliberationfront.com/Architects_of_Deception_by_Juri_Lina.pdf 

P.S. For some reason they don't take the public into the ''Crypt Room'' inside the George Washington Masonic Temple, in Alexandria Virginia, any more, like they once did in the past. They have King Nebuchadnezzar, sitting on his throne, painted on the wall, in this cave like looking room. The evil bastard that used to bring people into this room, to show this painting, they would inform everyone on the free tour, that the painting of the King you saw would ''change'', lol, when the light was turned out. So the bastard then would turn out the light and everyone would be standing there in the dark until, lol, the bastard turned on the ''ultraviolent light, ''the black light'', and illuminated the painting. That is when everything ''changed''. No more King on his throne, lol, the painting unveiled the true ''Dark Knights of the Secret Circle''. These eternal fallen angels that are not seen in the light of day, lol, but known as councillors of the Court. 

http://gwmemorial.org/tour.php <-to locate the Cryptic Room you must be like a mouse running upon the Temple. Ah haa haa haa. 

CNBC Cramer, you dumshit, you have no clue about art work. You gotta go deeper than anamorphic art, idiot. Then you shall see your death in those stupid paintings you buy sell and trade, like a fool. http://video.cnbc.com/gallery/?video=3000119422&play=1 

http://www.youtube.com/watch?v=Iagg0_Nl8sE You are dealing with ''the same guy''.

...oh yes kids it's true, all of it. You did not really think the 1776 Second of Sirius boys established the hidden dark pools, they and their hosts crafted, are in order to sustain life liberty freedom and justice for all did you? Ah haaa haa haa haa. http://www.youtube.com/watch?v=axWgowaixS4&feature=plcp 

P.S. Can you imagine, the whole world so deceived, lol, they actually do not know the goal, of the New World Order boys, is to establish Lucifer's claim of dominion, that which is the ''law without the sustaining Mercy of God in Christ''? ...whereas the image, painting if you will, lol, defined by the risen Word of God in Christ, meaning you and I as human beings risen in agreement with the sustaining and whole of the Law which is Mercy, defining the body and blood etc... Lol, silly humans have ''accepted'' the offers of temptation, and will actually kill you thinking they are doing, lol, ''(g)ods work''. Oh yeah riiight. Lol. I'm sure that is why you see so many ''gods'', lol, at work around George Washington's ''apotheosis'' painting inside the, uh humm, Temple, blaa haa haa, known as the Womb of isis, where the Senate and Congress abort labor, like ritual abusers that have mastered the, lol, ''art'' of lying to the children they (are) mean to sacrifice upon the flaming alter (of the Earth), ''Cremation of Care'', having been so deceived, most of them, and those among the order that are ''knowing''. http://www.youtube.com/watch?v=rAwqvjqAfkQ Happy members in deed. http://www.youtube.com/watch?v=u2wHnuhkUeM 

The ''change'' is the New World Order, corruption. There is no way to establish this global effort without U.N.Sealing the prophetic false peace, U.N.Locking the key, of the burdensome stone in Israel, through the sealing of the economic mark of the global beast and by the power of deception and war. This shall be done as of old, through the satanic slaughter upon the alter of the Earth. You are now witnessing the set up for this, in time with the new age, where their ''(g)od, lol, rises, from the water, after the flood, lol, in Aquarius, as it were, the whole Earth become Atlantis or some stupid myth with a hidden meaning related to this reality of the past and future. No kidding. 

Lol, old Tom Horn really blew the trumpet on that 2012 Apollyon Rising occult prophecy and FDR's pyramid clad Fed Debt Note. S&P 666 to 16.066 Trillion at APPLE 666, lol, man that bites the beastie boys where it counts, nipped it in the butt. Lol. 

Go ahead Mr. Down Arrow, make your case, I would love to see you try. Bla haa haa.

Tue, 10/02/2012 - 19:57 | Link to Comment Anglo Hondo
Anglo Hondo's picture

Yo, ya seem to be slippin' into a black hole there.  Just what are you smokin'.

 

Tue, 10/02/2012 - 20:13 | Link to Comment BlackholeDivestment
BlackholeDivestment's picture

A person asking such a question, starting out with ''Yo'' and ''slippin'' sounds like they are in the black hole. http://www.youtube.com/watch?v=563xkXq4duw&feature=bf_prev&list=PL836563C18064B258 

Tue, 10/02/2012 - 17:59 | Link to Comment fonzannoon
fonzannoon's picture

Only time you may ever see these words....."just $16.066 trillion"

Tue, 10/02/2012 - 18:04 | Link to Comment Dr. Engali
Dr. Engali's picture

There's that darn demonic number again.

Tue, 10/02/2012 - 18:42 | Link to Comment Racer
Racer's picture

All debt is demonic

Tue, 10/02/2012 - 19:58 | Link to Comment Curt W
Curt W's picture

We finished the year with ....."just $16.066 trillion"

I know we could have done better if only you guys had a little more team spirit.

It is a new game now and I know if we all try our best we can beat the number by a mile next year. Why I bet we can hit $18 Trillion by Oct. 1 2013

Tue, 10/02/2012 - 18:04 | Link to Comment russwinter
russwinter's picture

That will put the debt ceiling breach right smack in the middle of December holiday spending. 

Tue, 10/02/2012 - 18:10 | Link to Comment youngman
youngman's picture

Don´t forget the fiscal cliff...people will be making moves on that before it hits....pulling in the nets...the traps...going back to safe harbor before the storm hits...

Tue, 10/02/2012 - 18:12 | Link to Comment Rainman
Rainman's picture

yeah, but the announcement will come at 11: 59 p.m. on December 24....not a creature will be stirring. 

Tue, 10/02/2012 - 18:38 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Sounds vaguely familiar to something they did before....

Tue, 10/02/2012 - 22:49 | Link to Comment BlackholeDivestment
BlackholeDivestment's picture

...was that the 00:00hr 1913 Federal Reserve Act they mean to reconfirm, at zero interest, lol, at 00:00hr 2013, 100 years later at 16.666 trillion? LMAO I can see it now. With a funny looking grin on Rosemary's Baby face, over his shoulder, through the White House window, it will not be the post POTUS Seal and sealed close(d) for business because of an earthquake Washington Monument 666 symbol of the Nation the evil bastard will have this time, it will be another zero hour zero interest raise the debt ''sealing 666'', lol, speech, with smoking ruins in the background.  http://www.youtube.com/watch?v=PuViUV_RnL8

Tue, 10/02/2012 - 18:12 | Link to Comment fonzannoon
fonzannoon's picture

I already told my family no gifts this year (except for the little ones). I said if you need to give a gift then help pay down any debts. I don't think anyone would listen to me but I made it clear that I would be honoring my idea. We should make holidays our own little debt jubilees

Tue, 10/02/2012 - 18:20 | Link to Comment Getting Old Sucks
Getting Old Sucks's picture

Five years ago, we started a Kris Kringle with all the adults in our family.  Everyone buys the kids a gift but the rest of us pick a name out of a hat to buy one person a gift.  Each person puts what they'd like to receive on the slip and it's a $50 limit.  Works great.  All the kids get a load of gifts, taking the preasure off of moms & dads.  Each adult gets something they can use.

Tue, 10/02/2012 - 18:46 | Link to Comment knukles
knukles's picture

50 buck limit?
No good quality penis pump goes for that!

Tue, 10/02/2012 - 20:04 | Link to Comment Hulk
Hulk's picture

A good breat pump conversion kit goes for 30 bucks...

Tue, 10/02/2012 - 20:28 | Link to Comment Dr. Engali
Dr. Engali's picture

You guys know way too much about that.

Tue, 10/02/2012 - 18:02 | Link to Comment Currency is Debt
Currency is Debt's picture

If you owned a monopoly to print money and lend it at interest, how much would you print and lend? As much as possible....

Once you brough rates down from 20% odd in 1980-81 all the way to zero, increased the debt issued astronomically, what would you do next? Raise the yield/interest....

Or do I have it backward here is the Fed and Govt getting indebted and fucked?

Tue, 10/02/2012 - 18:54 | Link to Comment Flakmeister
Flakmeister's picture

No, the end of growth in the classic economic sense happened.... Whocoodanode?

Tue, 10/02/2012 - 18:05 | Link to Comment shovelhead
shovelhead's picture

Fed Debt is like trim.

The only bad debt is the debt you ain't getting.

Tue, 10/02/2012 - 21:07 | Link to Comment yars
yars's picture

Until S&P gives you gonorrhoea.

Tue, 10/02/2012 - 18:09 | Link to Comment AndrewJackson
AndrewJackson's picture

In our completely distorted and nonfunctioning capital markets, the amount of debt will have 0 meaning when the Fed is buying 100% of the paper. The only thing we can watch is the commodity markets and in turn real world inflation. No reset will happen until inflation on "official terms" hits 10%.

Tue, 10/02/2012 - 18:10 | Link to Comment Getting Old Sucks
Getting Old Sucks's picture

Obummer: "I didn't build that. you people helped me".

Tue, 10/02/2012 - 18:14 | Link to Comment dwdollar
dwdollar's picture

I feel like a cow being led to slaughter. Up ahead I hear Greece and Spain hollering but I quietly chew my cud while the cow directly in front of me (China) shits on my face. To the left of me, behind the fence, is Obama smiling back with a twinkle in his eye. To the right of me, is Romney giving a friendly nod. I know there's no way those people who feed me every day are going to hurt me. All is well... for the next few minutes.

Tue, 10/02/2012 - 18:18 | Link to Comment Squid Vicious
Squid Vicious's picture

try this tip: just play circus music all day LOUDLY from your computer, makes it MUCH easier to BTFD...

Tue, 10/02/2012 - 18:19 | Link to Comment drink or die
drink or die's picture

Who is your favorite judge this season on American Idol?

Tue, 10/02/2012 - 18:48 | Link to Comment knukles
knukles's picture

Skankie Dimwite Bigtits

Tue, 10/02/2012 - 18:20 | Link to Comment Thecomingcollapse
Thecomingcollapse's picture

+1 Thanks for the laugh.... I needed that

Tue, 10/02/2012 - 18:23 | Link to Comment Getting Old Sucks
Getting Old Sucks's picture

Fantastic DW +1000

Tue, 10/02/2012 - 22:19 | Link to Comment Radical Marijuana
Radical Marijuana's picture

TOO TRUE!!!

http://classics.mit.edu/Herodotus/history.9.ix.html

As we stampede to another insane war

against Iran, this ancient statement,

recorded by Herodotus,

is quite appropriate:

Many of us Persians know our danger, but we are constrained by necessity to do as our leader bids us. Verily 'tis the sorest of all human ills, to abound in knowledge and yet have no power over action.

Tue, 10/02/2012 - 18:15 | Link to Comment max2205
max2205's picture

we need more OBAMA Phones!!

Tue, 10/02/2012 - 21:39 | Link to Comment ThisIsBob
ThisIsBob's picture

He didn't make that phone.

Tue, 10/02/2012 - 18:16 | Link to Comment Currency is Debt
Currency is Debt's picture

Im convinced that the music doesnt stop. Debt grows, national debt grows, inflation grows real and even CPI. Numbers grow and shit carries on. Just as billions turned into trillions etc. It may require wars and who knows what else but its all in the name of good old inflation and constant 'growth'.

In Ben's world there are billions of Asians and Africans (no racsism intended) who want dollars, currency and all the rest of humanity included. More dollars is fine. 

Plenty of demand for dollars if you have a gun to the global population's head to use them.

Tue, 10/02/2012 - 18:20 | Link to Comment fonzannoon
fonzannoon's picture

Currency I think that is a very plausable scenario. I think it's Russia that pulls the plug and refuses dollars. One country after another eventually follows suit. It may take months, years or decades. Decades scare the shit out of me.

Tue, 10/02/2012 - 18:28 | Link to Comment Mr Lennon Hendrix
Tue, 10/02/2012 - 18:31 | Link to Comment Currency is Debt
Currency is Debt's picture

fonzannoon - I usually enjoy reading your posts. They are really asking for trouble at this rate because the system has lost fundamental strength. The lack of production, the infinite growth in corruption, cronyism, bad business principles as so on and so forth - institutionalizing failure and mis-allocation of capital and resources. All this as well as debasing the currencies of the world particularly the US, EU, and UK. Huge concentration of wealth and power amongst CBs, banks and govt who are in unison etc.

In history revolutions were started for these types of societies were priveleges and corruption became too burdensome. Now we lack the will to tackle an institutionalized system which provides atleast what we know and are familiar with. also there is extreme force ready to meet the smallest of uprising or rebelious movements.

Tue, 10/02/2012 - 18:49 | Link to Comment fonzannoon
fonzannoon's picture

I have lost the ability and the will to even go through the nuts and bolts of this stuff. It's gone. The only question out there to me is, is it a slow drift out to sea, or one thing that triggers chaos. How anyone out there can't see that Bernanke has lost the handle on this thing is beyond me. This is past economics and the markets now. This is deep seeded pyschological shit now. Some people will wake up while others will refuse to. It's going to be a real mess.

Tue, 10/02/2012 - 19:08 | Link to Comment Currency is Debt
Currency is Debt's picture

Bernanke is admitting there is no yield generally in the world. Otherwise he would not lend money at 0%. It is absurd as you say that people look at him as the doctor and uber-guru of money in a positive light. But anyhow we digress.

Personally a good bout of inflation may aid my 'portfolio' - yet this will further suffocate those that have not had the chance of owning any type real assets.

whats the deal with the need to now if it will be quick or slow, anything special?
By my estimation the big money was moving out late summer 07, so we have had almost 6 years uninterrupted income, employment and asset value declines in the real economy. Great Depression went pretty much from 1929 through till 1945 and required WW2 some say to 'correct' the economy, thats 16 years. At the same time there was no equivalent of Bernanke creating gazillions and guaranteeing every last piece of shit on companies balance sheets. 

Tue, 10/02/2012 - 19:43 | Link to Comment fonzannoon
fonzannoon's picture

I'd like to know if only so I can psychologically adapt the best mindset. I'd rather not spend every day on pins and needles. But it does not matter. I am not special enough to get advanced notice of the ending.

Tue, 10/02/2012 - 19:48 | Link to Comment LMAOLORI
LMAOLORI's picture

 

 

Get it while it's hot. 

GE Ignores $100 Billion of Cash to Borrow $7 Billion

snip

GE borrows at lower rates than the average for U.S. investment-grade issuers, whose bond yields dropped to an unprecedented 2.85 percent yesterday, according to Bank of America Merrill Lynch index data. That compares with 2.62 percent for GE, which includes yields on obligations of its finance arm GE Capital.

 

Boy wouldn't you like to have an in like GE. How come no one calls Immelt a steaming pile of dog shit we bailed them out they moved our jobs out and they don't even end up paying taxes.

GE, Buffett, Obama, bailouts, subsidies, and profits

GE CEO Jeffrey Immelt, The Head Of Obama’s Jobs Council, Is Moving Jobs And Economic Infrastructure To China At A Blistering Pace

General Electric Gets a $140B Bailout - What's the Point of AAA?


GE Filed 57,000-Page Tax Return, Paid No Taxes on $14 Billion in Profits

Tue, 10/02/2012 - 22:24 | Link to Comment Radical Marijuana
Radical Marijuana's picture

This is deep seeded pyschological shit now.

I attempt to cope with this deep seated insanity by developing a better macabre sense of humour, to laugh at evil, as about the ONLY thing I can actually do ... like the FKN NEWZ, comedy relief.

Tue, 10/02/2012 - 18:39 | Link to Comment LucasATX
LucasATX's picture

If we get started today and start paying off a Billion dollars a day of the debt it will only take us around 44 years to get in the black!

No wait - we are still planning on continuing to deficit spend for at least the next 10 years so ok - 54 years? 75 years?

ok - yeah - Never.

Obviously, at this point debt does not matter, so please keep on spending.

Tue, 10/02/2012 - 19:30 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Look the imminent prosperity will cover it all. As Reagan promised. We only need confidence to get there. And dreams. Because numbers mean nothing and promises everything

Tue, 10/02/2012 - 18:42 | Link to Comment plumber9
plumber9's picture

my U.S. Debt. clock says over $22 trillion in 4 yrs by 2016..i'm sure we can make that $26 trillion without a war..

Tue, 10/02/2012 - 19:33 | Link to Comment yogibear
yogibear's picture

With all the baby boomers, medicare and the doubling of spend it's probably more than $26 trillion.

Tue, 10/02/2012 - 18:43 | Link to Comment Bunga Bunga
Bunga Bunga's picture

Exponential insanity, Krugman recommends.

Tue, 10/02/2012 - 18:52 | Link to Comment knukles
knukles's picture

Imagine the brain trust crowded about in their dimly lit center of the office scruffy cubicles; Krugman, Dowd and Freidman sharing purloined Saccharine packets and cold coffee farmed from wild pre-extinction monkey poops...
Powerhouse of intellectualism brought to you by the Home of Cadillac Communism.

What the fuck could go wrong with this picture?

Tue, 10/02/2012 - 18:56 | Link to Comment Surrealist
Surrealist's picture

I wish my debt ratio to income was just over 100 per cent. Private debt is the real danger. Don't believe all the fear and hype in the media please. Seriously try having a debt load of 500 per cent of income and then you have some concerns. The spruikers have ruined the US as they have my country Australia. Noone puts guns to heads but the hard sell is leading people into more and more silly housing debt which is a huge bomb waiting to go off in the Australian market.   

Tue, 10/02/2012 - 21:47 | Link to Comment ForTheWorld
ForTheWorld's picture

If you'd read the Sydney Morning Herald yesterday, you would have seen that falling interest rates are GREAT for housing prices, people will start to borrow again to buy more housing (for investment purposes), renters are scum because they only rent and aren't hard working enough to purchase a house, and the RBA is being prudent and planning ahead for the long term by lowering interest rates now.

Tue, 10/02/2012 - 18:57 | Link to Comment Caviar Emptor
Caviar Emptor's picture

The Biflationary Experiment goes on: everything is too expensive yet tens of millions are un/underemployed...the rich get richer and all others barely cover necessities...the Fed succeeds at creating inflation yet demand drops...

Welcome to the desert of the real

Tue, 10/02/2012 - 18:58 | Link to Comment plumber9
plumber9's picture

is the world being controlled by a handfull of people you don't even see something new ??

 

Tue, 10/02/2012 - 18:59 | Link to Comment Ungaro
Ungaro's picture

Is this the chart of the S&P500?

PLEASE DO NOT use the phrase "debt ceiling". It is disingenuous and confuses the ignorami. The correct phrase is "short-term debt target".

Bonus tip-of-theday: The Fed's QEternity, unLtd. was never about the economy or jobs but about saving the Fed's owners' (a.k.a. TBTF) collective asses. Dr. BS Bernanke figured that if he inflates, housing will recover and the mortgage burden will once again be bearable. A good wallop of inflation (excluded from the CPI) would also ease much of the entitlement burden. All this worked great in the test tube back at the lab, but in the real world...

Tue, 10/02/2012 - 19:02 | Link to Comment Son of Loki
Son of Loki's picture

I'll have another round of Debt, por favor.

Tue, 10/02/2012 - 19:04 | Link to Comment plumber9
plumber9's picture

we can tax the rich the poor at 100 % its still not enough money to pay all our promises..

 

Tue, 10/02/2012 - 22:33 | Link to Comment Radical Marijuana
Radical Marijuana's picture

YES!

Inside a money-as-debt system, it is theoretically impossible to ever repay the debts. No debts means no money. Therefore, IF you try to repay, you collapse the system. The only way that system works is with exponentially more debts, thus enter the Fed, to save us, from them!

There is NO way out but some kind of Second American Revolution. BUT, BUT, BUT, that is a radical transformation of a globalized system of electronic fiat money fraud, backed by atomic bombs. Therefore, any such Second American Revolution goes off the charts of history as that has been known throughout all of the past ... Still, nevertheless, it is IMPOSSIBLE for any "monetary reform" to work. ONLY a monetary revolution is theoretically enough. BUT, BUT, BUT, that also necessarily means a revolution in militarism and its murder system.

That is what it really MEANS for exponential growth, based on strip mining the planet, to finally reach some real turning points!

Tue, 10/02/2012 - 19:06 | Link to Comment j-dub
j-dub's picture

As my grandpapi used to say,"The first sixteen trillion is always the hardest."

Or something to that effect.

Tue, 10/02/2012 - 19:20 | Link to Comment Currency is Debt
Currency is Debt's picture

What I love is the following:

When Chrysler, or Citi, GM, Fannie, Freddie, AIG and the endless list of companies and entities say we are broke we need 10 billion,  20 billion, 100 billion a pop - money is nothing - it is easy - it has little value. Oh yeah really well ok then here is XX billion, pay us back later oh presently bankrupt company.

Then we hear well our debt to GDP ratio is too high. It is imperative that we cut costs and spending. There is no way to avoid this. Oh little people, yes you - we will be making a wide array of cuts from things you receive and we will also raise taxes say on consumption VAT, income tax, cigarettes, alchohol, petrol etc. If anyone says a word - the response is how dare you try to shake this off, where is your sense of responsibility, we have too much debt.

Im not making the case for a large welfare state but come on the hypocisy and double standards are becoming unbearable

Tue, 10/02/2012 - 19:21 | Link to Comment alfred b.
alfred b.'s picture

 

     The country passed the point of no return around the 2006/2007 era!    The wheels of the upcoming RESET were set in motion way back then, and nothing can stop the inevitable NOW. 

     The US Titanic has struck the iceberg and people are just waiting around for it to go down.

      At this point, we are ALL passengers on the bus. and the driver is absolutely irrelevant.    Thankfully, this is clear to most ZHers, and many are well prepared.

     Buy physical gold and silver.

 

 

Tue, 10/02/2012 - 22:56 | Link to Comment Radical Marijuana
Radical Marijuana's picture

YES!

2007 was the last "normal" year ...

Tue, 10/02/2012 - 19:21 | Link to Comment foytik
foytik's picture

The Debt Clock shows only around 16,076 billion. They are also showing debt subject to limit, at just under 16 trillion. By December the treasury will have to start using its tricks to keep the debt subject to limit below the ceiling.

Tue, 10/02/2012 - 20:03 | Link to Comment Seasmoke
Seasmoke's picture

Geithner already has the IOUs for public pensions ready

Tue, 10/02/2012 - 19:27 | Link to Comment Pancho Villa
Pancho Villa's picture

Go Uncle Sam Go! We've got to catch up with Japan.

Tue, 10/02/2012 - 19:27 | Link to Comment pragmatic hobo
pragmatic hobo's picture

... who let these guys run the country anyway?

Tue, 10/02/2012 - 19:31 | Link to Comment Offthebeach
Offthebeach's picture

On behalf of the National Association of Realtors and Ben Bernanke, I'd like remind everyone, now's a good time to buy.

Tue, 10/02/2012 - 19:36 | Link to Comment yogibear
yogibear's picture

Bernanke, Evans, Dudley and Yellen can all throw a party when the DOW is 50,000, bread is $10.00 a loaf, gasoline is $14/gallon.

More and more debt, pile it on Fed boys until the economy bust.

The way another country can take down the US is not militarily but economically! Without firing a shot. Just have patience. The US is on it's way.

Tue, 10/02/2012 - 19:40 | Link to Comment Curt W
Curt W's picture

09/27/2012    16,015,131,024,562.54

09/28/2012    16,066,241,407,385.89

10/01/2012    16,159,487,013,300.35

http://www.treasurydirect.gov/NP/BPDLogin?application=np

I thought it was werid that the debt was lower than a month ago,

Another extend and pretend move by our good for nothing government.

Did you guys see the story where the white house is telling federal contractors to break the law and not warn of layoffs until after the election.

Fiscal cliff kicked down the road

Tue, 10/02/2012 - 19:51 | Link to Comment surf0766
surf0766's picture

+6 trillion form fannie and freddie? Also I was under the impression U.S. gdp was 14.2 trillion not 15 + trillion.

 

Just wondering

Tue, 10/02/2012 - 19:51 | Link to Comment loveyajimbo
loveyajimbo's picture

I own gold... so help me out and re-elect Soetero, er... O-sambo... ah... Odumbo... ummm Obama... and in 2016 wait for it... BIDEN/Geithner!!!       Man, THAT has a ring to it!!  Corral the sheep, FORWARD!!!

Tue, 10/02/2012 - 20:09 | Link to Comment kedi
kedi's picture

If over the past 50 years, 200 million Americans could have been taxed an extra $1615 dollars a year, that would have almost negated the debt. Of course the interest on debt causes a lot more debt. So if you had taxed much less at the start of those 50 years, to keep a budget balance instead of paying interest on borrowed money, the overall per year amount would have been much lower. If this had been the case since 1950, the cost in tax would have been drastically less and the overall better outcome for the country and everyone in it would have been fantastic. Cutting taxes to a level that creates deficit means more tax later and less bang for your buck.

But it is so expensive in the long run to buy votes. And always digging a deeper hole to fall in later, when you borrow to pay the bills to pretend you are richer.

Tue, 10/02/2012 - 21:52 | Link to Comment TWSceptic
TWSceptic's picture

A trillion dollars just isn't what it used to be anymore. Since the whole thing is bankrupt anyway I think we should follow Krugman's advice, at least we'll be able to blame it on the SOB when SHTF.

Tue, 10/02/2012 - 20:37 | Link to Comment Vacca
Vacca's picture

Tim Geithner should push himseld under a coach right after trying to hide the debt under a couch.

Tue, 10/02/2012 - 21:16 | Link to Comment yrbmegr
yrbmegr's picture

So, can we stop talking about the "fiscal cliff" as a bad thing now?

Wed, 10/03/2012 - 00:39 | Link to Comment Bastiat009
Bastiat009's picture


$16,159,487,013,300.35 ... really?

Let me kick in 35 cents to round that down. Here you go, I did my part to lighten the burden.

Fri, 10/05/2012 - 12:56 | Link to Comment fuu
fuu's picture

Thanks buddy!

Wed, 10/03/2012 - 04:28 | Link to Comment Fort
Fort's picture

New blood joins this earth
and quikly he's subdued
through constant pain disgrace
the young boy learns their rules

with time the child draws in
this whipping boy done wrong
deprived of all his thoughts
the young man struggles on and on he's known
a vow unto his own
that never from this day
his will they'll take away

they dedicate their lives
to running all of his
he tries to please them all
this bitter man he is
throughout his life the same
he's battled constantly
this fight he cannot win
a tired man they see no longer cares
the old man then prepares
to die regretfully
that old man here is me

The Unforgiven Metallica

Wed, 10/03/2012 - 06:18 | Link to Comment cooperbry
cooperbry's picture

I guess they figure if they're going to screw the entire system, they might as well go big.  Of course according to Krugman, it's just not enough.

Wed, 10/03/2012 - 06:41 | Link to Comment paulie
paulie's picture

Who said Italy's debt is high ?

Raise your hand.

Wed, 10/03/2012 - 08:25 | Link to Comment Don Levit
Don Levit's picture

It seems as if servicing the debt, we speak only of the interest.  It is as if the principal doesn't exist.

On another blog, one commenter thought the principal was irrelevant.

I asked him if that was true, why pay the interest  -  isn't that irrelevant too?

Actually, if the principal is irrelevant, so, too is the interest, for the interest is "paid" by simply increasing the principal.

This is a dangerous way to run a macro economy, and it influences how we think on a micro level.

Greed is good I could sort of understand.

But, debt is good?

Don Levit

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