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Hours Ahead Of The Presidential Debate, Total US Debt Hits Record $16.19 Trillion
While the perfectly coincidental (or maybe not) surge in the stock market on two subsequently thoroughly denied rumors (which did not prevent the S&P to mysteriously close at the day's high) will likely be mentioned at least once or twice in tonight's presidential debate as validation of this administration's economic policies, at least in nominal terms (because while the economy may be Bush's fault, the centrally-planned stock market is entirely Obama's doing or so the logic goes), it unclear if the following number will be brought up. The number in question: $16,190,979,268,766.67, which is the closing number for total US public debt outstanding, which also happens to be a record closing all time high and an increase of $33 billion from yesterday courtesy of the settlement of last week's bond auctions. There is now $242 billion in debt left under the debt ceiling, which at the current recently slowed down pace of debt issuance, which is posed to pick up substantially again, will be exhausted in well under 2 months.
Remember: there is never such a thing as a free lunch. The benefit of this unrepayable debt and ruinous fiscal policy is precisely what the administration is taking benefit for, namely the soaring stock market. The offset, of course, is that as Reinhart and Rogoff never tire of showing, piling up well over 100% in public debt/GDP means that there is only one way out for the host country: either a hard default, or inflating the debt away.
And since neither candidate has any proposal on how to slow down the disastrous trajectory of US indebtedness, don't expect there to be any substantial discussion of the math behind the number highlighted in the table above.
Source: Debt to the penny.
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Come on Barry say it...47%!!!
I want to hear Barry say Vperyod
Vperyod (Forward)...jes cooomrade.
Its Van Jones approved!
CHART: 8 Million Quit Labor Force Under Obama
Ten Times More Workers Have Quit The Labor Force Than Have Entered Since 2009.
i want barry to blow corzine on tv. out of the closet
I am glad someone else remembers Corzine. I want one of those countdowns: Day 67, Corzine still free.
Thats a count.... or count up.
Jus trollin.
The nation is broke (as are most nations, especially those under the 'guided hand' of a fractional reserve central bank) --Obamney, will you please urge Helo-Ben to do additional QE on top of the infinity he's doing? Charles "F*ck Flyover Country" Schumer needs The Bernank to "get to work"-- and here's the cherry on top of the fiat-based economic structure:
Household Net Worthless: Poverty Here We Come | FinanceBut banking is very profitable. Just ask GS.
Central banks = banks = politicians
debt = wealth
odious debt = odious wealth
get the message out
Nobody talks about the debt pile because Japan shows that it can be sustained...
What I don't understand is this; who is lining up to buy Japan's sovereign debt when the yield is near zero...???
Surly inflation will negate any profits, right..??
Who is buying the stuff..??
The Japanese Postal Pension system has been using the last 50 years in Japanese savings to fund the last 10 years of japanese spending. Money is all gone now. As John Mauldin puts it best "Japan is a bug in search of a windshield"
Wait a minute here! What happened to Million Dollar Bonus? Did he blow his cover as a fake gobermint shill, or did you rip off his avatar. Is he/she still alive?
Don't worry about the Japs. They buy their own paper and will do so until the bang moment, then they will lose face. Hai-Kari. Dog food for seniors. Where IS MDB? Come in MDB. Over.
The Japanese are printing like there's no tomorrow and buying their own debt. I don't know who owns their Central Bank. Is it a public or private bank? The Fed is privately owned and GS is making money hand over fist in this economy. That I do know.
Here in the UK, we are constantly reminded that "housing AFFORDABILITY has never been better", ie, because the interest rates are so low.
Obviously, no-one ever mentions what will happen to the so-called "affordability" once interest rates inevitably lead higher.
In this vein, I guess they'll claim our national debts currently are "more affordable" than they have been for many years.
Krugman has actually openly endorsed a plan to borrow multitudes more than what the U.S. is already borrowing (though he wouldn't put a precise number on the outer limits when confronted by cnBSc's what's-his-name actor/anchor) because yields on treasuries are presently low.
Never mind that no one has or can put forth a credible solution to how the U.S. will repay its existing debt absent a devaluation-default (whereby the dollar is literally decimated and those who bought tnotes get blowtorched since they're getting Krugmanrands* back as repayment), or be able to fund its presently undunded liabilities (a mere 60 trillion dollar funding gap exists presently if the former chief Comptroller of the U.S, David M. Walker, is correct, or possibly far more, if Laurence Kotlikoff is correct).
When you have someone like Krugman running around and actually drawing attention and followers to his mindrape theories, is it any wonder that present reality resembles a most epic episode of The Twilight Zone (with a Twilight Zone episode actually being a basis of one of the stimulus plans Krugman genuinely proposed on national television-- a staged hostile extraterrestrial invasion of Planet Earth)?
*Krugmanrand: A gold colored powder-coated round, composed of 10% tin and 90% nano-coated bullshit particles, bearing the slogan "In Diocletian We Trust" and "To Infinity & Beyond!" on one side, alongside "CTRL+P," and having the other side enscribed with "What, Me Worry?" alongside an engraved likeness of one Ben S. Bernanke (Shakey McShakester).
Barry doesn't even know what the Debt is and still believes in the Clinton Surplus:
http://www.youtube.com/watch?v=6D55384wiUg
The only thing we have a surplus of is bullshit from politicians. Good for growing things...the Debt for them or in our case, vegetables....
Obama On Letterman: 'Not Sure How Much The Debt Is'
I was ready to bust my flat screen when I watched this.
Treasury should add a fourth column: "Debt held by the Federal Reserve (AKA Printed)"
Is A321 batteries factored into the "public debt" side Tyler?
O must be on ZH today junking every post written in response to the debt story.
you got banks imploding in 2008 and banks making better and bigger profits than ever in 2012
banks balance sheets are repaired and federal balance sheet is kapputt
or Obamaphone bills?
Probably - much like (mortgage) agency debt - conveniently left entirely off the balance sheets.
Everyday, US debt hits new record high. Every freakin day.
Isn't every second a new record?
when do we hit ludicrous speed?
Our current speed is to ludicrous speed as ludicrous speed is to standing still.
would that be ludacrisp speed?
Ludacristic I think.
LudaKrisp-eed! Like a monkey fucking a football!
Monkeys are some dirty beasts.
And while Bennie prints at (choose the word you like best from the above) speed, the serfs (everyone that isn't plugged into the Fed) see their savings grow at lutefisk speed.
Shortly after the Muppet holdings currently at $11.344T start to decline.
Then it will get fugly very quickly.
For those of you who still believe Ross Perot was ever a serious contender for the presidency, and he wasn't just some side show to siphon votes off a popular war president so TPTB could get Clinton elected to get NAFTA through..... Well Perot just endorsed Romney.
All the world' s a stage, and all the men and women are merely players.
William Skakespeare.. Or Christoper Marlowe ... Sir Francis Bacon...
That's Ok, Honey BooBoo indorsed Obama.
that little cracker isn't going to get rid of her govt aid-even if he is colored
Ross Perot wanted to end the war on drugs by going door to door across the counry. If you had drugs you went to jail, if you didn't you were free to clean your house up.
Or Geddy Lee
Neil did most of the songwriting.
Didn't they - ie the Republicrats - change the voting system back in '92 to make sure we'd never see another Ross Perot?
I'm shocked! Perot and Barry have the same ears...it's like looking at a negative...
Edward de Vere, 17th Earl of Oxford
those wily Castro Brothers and their new Exit Visas...
...
don't worry, Hill's here to save us: YouTube - Secretary of State Hillary Clinton: I Am in Charge!
47% 47% 47% 47% Solyndra, A123, 3 Trillions Ya ya ya,
Keynsian, Keynsian, shish boom, boop.
bonds bonds, stock pimp rah,
Weimar, weimar Banank drop poop,
Scoop, scoop, scoop.
We are training for the Debt Olympics. Japan will be a tough competitor. Go USA!!!
Nobody hits new records like the U.S. of Fucking A.!
Like Lance Armstrong all you need for a new record is more drugs to pump the system. Bernanke has been a good student of "drug em till ya win"
Oh the unwind is going to be an epic and painful sweat fest.
I hope i'm too old to give a fuck by then
He will say whatever he wants...and the press will be all happy....they will never ever go against their annointed one...
Tyler, cmon man! Deficits dont' matter.
-Dick C.
The Debt doesn't matter.We are defaulting on that already by monetizing.
Deficits do , when UST's go no bid.
Thats the SHTF moment.
2014 seems so far away. So far, but so close.
All the Chinese need is a little more patience ,something they have plenty of.
I think Wink Martindale should bring back his gameshow Debt. Obama would be pleased as a contestant.
As long as we can write checks, we have money. That's what my first wife said anyway. Should work for the gov'ts of the world!
Somehow I doubt this issue will be discussed in the "spontaneous" town hall format where all questions from the pre-screened audience have to be approved and agreed upon by the candidates in advance, and all talking point answers will be rehearsed.
We don't need no stinkin' budget! We got funny money....
http://www.youtube.com/watch?v=qs1AqNBssJ0&feature=related
The bigger the debt the bigger the bad ass - get as close to the printer and spend as fast as you get it
Just wait a friggin' minute, Boy. I say, looka' here Son. It's all okay. Everbody' is aprintin money. Everbody! So it don' matter, you see? Now, the world can do this indefinitely in syncopation. I say synCOpation, Son. You here me? Now go buy you some PHYZ and popcorn, and relax.
Look at me when I'm talkin to ya, boy!
Isn't every day an all time record breaking high?
I have a case of beer, three packs of smokes, some weed, pizza and the halloween candy that I am supposed to hand out to freeloading kids here in couple of weeks. I am now ready to NOT watch the debate and get shitfaced instead.
I might have to go log into the HuffPo after six or eight brews and start some "dialogue".
its never been a better time to sell gold and buy realestate, like 1980 all over again, poor sheep :(
Don't worry we can just inflation adjusted it!
No tax cuts from January onwards. Eat that!