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Hours Ahead Of The Presidential Debate, Total US Debt Hits Record $16.19 Trillion

Tyler Durden's picture





 

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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Tue, 10/16/2012 - 17:05 | Link to Comment nmewn
nmewn's picture

Come on Barry say it...47%!!!

Tue, 10/16/2012 - 17:18 | Link to Comment LMAOLORI
Tue, 10/16/2012 - 18:52 | Link to Comment nmewn
nmewn's picture

Vperyod (Forward)...jes cooomrade.

Its Van Jones approved!

Tue, 10/16/2012 - 18:59 | Link to Comment Daily Bail
Daily Bail's picture

CHART: 8 Million Quit Labor Force Under Obama

Ten Times More Workers Have Quit The Labor Force Than Have Entered Since 2009.

Tue, 10/16/2012 - 19:43 | Link to Comment azzhatter
azzhatter's picture

i want barry to blow corzine on tv. out of the closet

Tue, 10/16/2012 - 23:52 | Link to Comment FreedomGuy
FreedomGuy's picture

I am glad someone else remembers Corzine. I want one of those countdowns: Day 67, Corzine still free.

Wed, 10/17/2012 - 06:56 | Link to Comment paulypaul
paulypaul's picture

Thats a count.... or count up.

Jus trollin.

Tue, 10/16/2012 - 17:22 | Link to Comment TruthInSunshine
TruthInSunshine's picture

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 | Finance
Tue, 10/16/2012 - 17:37 | Link to Comment walküre
walküre's picture

The nation is broke (as are most nations, especially those under the 'guided hand' of a fractional reserve central bank)

But banking is very profitable. Just ask GS.

Central banks = banks = politicians

debt = wealth

odious debt = odious wealth

get the message out

 

Tue, 10/16/2012 - 18:00 | Link to Comment MillionDollarBogus_
MillionDollarBogus_'s picture

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..??

Tue, 10/16/2012 - 18:08 | Link to Comment Stackers
Stackers's picture

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"

Tue, 10/16/2012 - 18:15 | Link to Comment Whiner
Whiner's picture

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.

Tue, 10/16/2012 - 18:58 | Link to Comment walküre
walküre's picture

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.

Tue, 10/16/2012 - 17:52 | Link to Comment EscapeKey
EscapeKey's picture

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.

Tue, 10/16/2012 - 22:25 | Link to Comment TruthInSunshine
TruthInSunshine's picture

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).

Tue, 10/16/2012 - 18:13 | Link to Comment krispkritter
krispkritter's picture

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....

Tue, 10/16/2012 - 19:01 | Link to Comment Daily Bail
Daily Bail's picture

Obama On Letterman: 'Not Sure How Much The Debt Is'

I was ready to bust my flat screen when I watched this.

Tue, 10/16/2012 - 21:38 | Link to Comment AGuy
AGuy's picture

Treasury should add a fourth column: "Debt held by the Federal Reserve (AKA Printed)"

 

 

Tue, 10/16/2012 - 17:07 | Link to Comment Yen Cross
Yen Cross's picture

Is A321 batteries factored into the "public debt" side Tyler?

Tue, 10/16/2012 - 17:28 | Link to Comment otto skorzeny
otto skorzeny's picture

O must be on ZH today junking every post written in response to the debt story.

Tue, 10/16/2012 - 17:41 | Link to Comment walküre
walküre's picture

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

Tue, 10/16/2012 - 17:31 | Link to Comment LongSoupLine
LongSoupLine's picture

or Obamaphone bills?

Tue, 10/16/2012 - 17:53 | Link to Comment EscapeKey
EscapeKey's picture

Probably - much like (mortgage) agency debt - conveniently left entirely off the balance sheets.

Tue, 10/16/2012 - 17:08 | Link to Comment mademesmile
mademesmile's picture

Everyday, US debt hits new record high. Every freakin day.

Tue, 10/16/2012 - 17:09 | Link to Comment Hobbleknee
Hobbleknee's picture

Isn't every second a new record?

Tue, 10/16/2012 - 17:13 | Link to Comment silverserfer
silverserfer's picture

when do we hit ludicrous speed?

Tue, 10/16/2012 - 17:17 | Link to Comment fuu
fuu's picture

Our current speed is to ludicrous speed as ludicrous speed is to standing still.

Tue, 10/16/2012 - 17:23 | Link to Comment silverserfer
silverserfer's picture

would that be ludacrisp speed?

Tue, 10/16/2012 - 17:31 | Link to Comment fuu
fuu's picture

Ludacristic I think.

Tue, 10/16/2012 - 18:09 | Link to Comment krispkritter
krispkritter's picture

LudaKrisp-eed! Like a monkey fucking a football! 

Tue, 10/16/2012 - 18:31 | Link to Comment fuu
fuu's picture

Monkeys are some dirty beasts.

Tue, 10/16/2012 - 19:58 | Link to Comment Ms. Erable
Ms. Erable's picture

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.

Tue, 10/16/2012 - 17:41 | Link to Comment Kitler
Kitler's picture

Shortly after the Muppet holdings currently at $11.344T start to decline.

Then it will get fugly very quickly.

Tue, 10/16/2012 - 17:16 | Link to Comment Dr. Engali
Dr. Engali's picture

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...

Tue, 10/16/2012 - 17:17 | Link to Comment mademesmile
mademesmile's picture

That's Ok, Honey BooBoo indorsed Obama.

Tue, 10/16/2012 - 17:30 | Link to Comment otto skorzeny
otto skorzeny's picture

that  little cracker isn't going to get rid of her govt aid-even if he is colored

Tue, 10/16/2012 - 17:21 | Link to Comment fuu
fuu's picture

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.

Tue, 10/16/2012 - 17:43 | Link to Comment The Gooch
The Gooch's picture

Or Geddy Lee

Tue, 10/16/2012 - 20:06 | Link to Comment Overfed
Overfed's picture

Neil did most of the songwriting.

Tue, 10/16/2012 - 17:56 | Link to Comment EscapeKey
EscapeKey's picture

Didn't they - ie the Republicrats - change the voting system back in '92 to make sure we'd never see another Ross Perot?

Tue, 10/16/2012 - 18:16 | Link to Comment krispkritter
krispkritter's picture

I'm shocked! Perot and Barry have the same ears...it's like looking at a negative...

Tue, 10/16/2012 - 19:03 | Link to Comment kaiserhoff
kaiserhoff's picture

Edward de Vere, 17th Earl of Oxford

Tue, 10/16/2012 - 17:17 | Link to Comment Duke of Con Dao
Duke of Con Dao's picture

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!

Tue, 10/16/2012 - 17:18 | Link to Comment Atlantis Consigliore
Atlantis Consigliore's picture

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. 

Tue, 10/16/2012 - 17:19 | Link to Comment Essential Nexus
Essential Nexus's picture

We are training for the Debt Olympics. Japan will be a tough competitor. Go USA!!!

Tue, 10/16/2012 - 17:19 | Link to Comment Dr. Engali
Dr. Engali's picture

Nobody hits new records like the U.S. of Fucking A.!

Tue, 10/16/2012 - 19:26 | Link to Comment Mentaliusanything
Mentaliusanything's picture

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

Tue, 10/16/2012 - 17:20 | Link to Comment youngman
youngman's picture

He will say whatever he wants...and the press will be all happy....they will never ever go against their annointed one...

Tue, 10/16/2012 - 17:21 | Link to Comment semperfi
semperfi's picture

Tyler, cmon man!  Deficits dont' matter.

-Dick C.

Tue, 10/16/2012 - 17:44 | Link to Comment Winston Churchill
Winston Churchill's picture

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.

Tue, 10/16/2012 - 17:47 | Link to Comment H H Henry P P P...
H H Henry P P P Paulson's picture

I think Wink Martindale should bring back his gameshow Debt.  Obama would be pleased as a contestant.

Tue, 10/16/2012 - 17:47 | Link to Comment The big unzip
The big unzip's picture

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!

Tue, 10/16/2012 - 17:47 | Link to Comment hidingfromhelis
hidingfromhelis's picture

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.  

Tue, 10/16/2012 - 17:52 | Link to Comment Fix It Again Timmy
Fix It Again Timmy's picture

We don't need no stinkin' budget!  We got funny money....

http://www.youtube.com/watch?v=qs1AqNBssJ0&feature=related

 

Tue, 10/16/2012 - 17:59 | Link to Comment dark pools of soros
dark pools of soros's picture

The bigger the debt the bigger the bad ass - get as close to the printer and spend as fast as you get it

Tue, 10/16/2012 - 18:24 | Link to Comment Whiner
Whiner's picture

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.

Tue, 10/16/2012 - 19:27 | Link to Comment cbxer55
cbxer55's picture

Look at me when I'm talkin to ya, boy!

Tue, 10/16/2012 - 19:07 | Link to Comment ironmace
ironmace's picture

Isn't every day an all time record breaking high?

Tue, 10/16/2012 - 20:22 | Link to Comment Manipuflation
Manipuflation's picture

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".

Tue, 10/16/2012 - 21:25 | Link to Comment FatAmerican
FatAmerican's picture

its never been a better time to sell gold and buy realestate, like 1980 all over again, poor sheep :(

Wed, 10/17/2012 - 08:28 | Link to Comment Lloyd_Xmas
Lloyd_Xmas's picture

Don't worry we can just inflation adjusted it!

Thu, 10/18/2012 - 13:07 | Link to Comment katchum
katchum's picture

No tax cuts from January onwards. Eat that!

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