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Another One Trillion Dollars ($1,000,000,000,000) In Debt

Tyler Durden's picture




 

Submitted by Michael Snyder of The Economic Collapse blog,

Did you know that the U.S. national debt has increased by more than a trillion dollars in just over 12 months?  On September 30th, 2012 the U.S. national debt was sitting at $16,066,241,407,385.89.  Today, it is up to $17,075,590,107,963.57.  These numbers come directly from official U.S. government websites and can easily be verified.  For a long time the national debt was stuck at just less than 16.7 trillion dollars because of the debt ceiling fight, but now that the debt ceiling crisis has been delayed for a few months the national debt is soaring once again.  In fact, just one day after the deal in Congress was reached, the U.S. national debt rose by an astounding 328 billion dollars.  In the blink of an eye we shattered the 17 trillion dollar mark with no end in sight.  We are stealing about $100,000,000 from our children and our grandchildren every single hour of every single day.  This goes on 24 hours a day, month after month, year after year without any interruption.

Over the past five years, the U.S. government has been on the greatest debt binge in history.  Unfortunately, most Americans don't realize just how bad things have gotten because the true budget deficit numbers are not reported on the news.  The following is where the U.S. national debt has been on September 30th during the five years previous to this one...

09/30/2012: $16,066,241,407,385.89

09/30/2011: $14,790,340,328,557.15

09/30/2010: $13,561,623,030,891.79

09/30/2009: $ 11,909,829,003,511.75

09/30/2008: $10,024,724,896,912.49

The U.S. national debt is now 37 times larger than it was 40 years ago, and we are on pace to accumulate more new debt under the 8 years of the Obama administration than we did under all of the other presidents in U.S. history combined.

Of course all of the blame can't be placed at the feet of Obama.  During the last two elections the American people have given the Republicans a solid majority in the U.S. House of Representatives, and the government cannot spent a single penny without their approval.

Unfortunately, House Speaker John Boehner and the Republicans that are allied with him have repeatedly turned their backs on the people that gave the Republicans the majority and they have authorized trillions of dollars of new debt which will be passed on to future generations of Americans...

Since John Boehner became speaker of the U.S. House of Representatives on Jan. 5, 2011, the debt of the federal government has increased by $3,064,063,380,067.72. That is more than the total federal debt accumulated in the first 200 years of the U.S. Congress--during the terms of the first 48 speakers of the House.

In fact, if all of that debt had been given directly to the American people, every household in America would have been able to buy a new truck...

The $26,722 in new debt per household accumulated under Speaker Boehner would have been more than enough to buy every household in the United States a minivan or pickup truck--or to pay three years of in-state tuition (not counting room and board) at the typical state college.

Sometimes we forget just how much money a trillion dollars is.  In a previous article, I included some illustrations that I believe are helpful...

-If you were alive when Jesus Christ was born and you spent one million dollars every single day since that point, you still would not have spent one trillion dollars by now.

-If right this moment you went out and started spending one dollar every single second, it would take you more than 31,000 years to spend one trillion dollars.

We are doing the exact same thing that Greece did, only on a much larger scale.  What we are doing is not even close to sustainable, and it will inevitably end very, very badly.  The following is what Michael Pento, the president of Pento Portfolio Strategies, told RT the other day...

"That $17 trillion everybody says its 107 percent of GDP, that’s true. But who really cares about the percentage of GDP? It’s the percentage of the debt as a percentage of the revenue – its 700 percent of our revenue. Deficits are growing at 30 percent of our revenue every year added to the deficits we have already. So it’s unsustainable. What is going to happen eventually – a currency and bond market collapse! And it’s not going out 20 years, as I also heard someone mention. In 2016 we’ll probably be spending 40 percent of all of our revenue just to service our debt. That is what the interest payments will equal."

The U.S. debt situation is so bad that even the Prime Minister of Cyprus is scolding us...

"The U.S. has been fortunate in the sense that it’s like a bank, it prints the money that other people accept. So you can live beyond your means over an extended period of time without being punished by the market."

Unfortunately, we will not be able to live way beyond our means forever.  Reality is going to catch up with us at some point.

Right now, the rest of the world is lending us giant mountains of money at interest rates that are far below the real rate of inflation.  This is extremely irrational behavior, and this state of affairs will probably not last too much longer.

But if interest rates go up, it will absolutely cripple the U.S. economy.  For much more on this, please see this article.

And what would make things much, much worse is if the rest of the globe starts moving away from using the U.S. dollar.  At the moment, the U.S. dollar is the de facto reserve currency of the planet and this creates a tremendous demand for U.S. dollars and U.S. debt.

If that changes, it will be absolutely catastrophic for the United States, and unfortunately there are already lots of signs that this is already starting to happen.  I wrote about this in my recent article entitled "9 Signs That China Is Making A Move Against The U.S. Dollar".

But don't just take my word for it.  Just a couple of days ago a major U.K. newspaper came to the same conclusions...

China has overtaken the US as the world’s largest oil importer and goods trading nation. Over the next five years, it will surpass the rest of the world combined in its consumption of base metals.

 

Given the scale of the country’s consumption of fossil fuels and raw materials, it is only a matter of time before the renminbi replaces the dollar as the primary currency for trading commodities and resources such as crude oil and iron ore.

 

The debt ceiling farce in Washington and China’s growing reluctance to continue underwriting the US economy by buying up its bonds and adding to America’s near $17 trillion (£10.5 trillion) debt mountain suggests that this tectonic shift in the global trade system could be just around the corner.

So what will happen when the rest of the world decides that they don't need to use our dollars or buy our debt any longer?

At that point the consequences of decades of incredibly foolish decisions will result in an avalanche of economic pain that the American people are not prepared for.

Earlier today, I came across a photograph that perfectly captures what America is heading for.  The following photo of Mt. Rushmore crying has not been photoshopped.  It was taken by Megan Ahrens and it was posted on the Tea Party Command Center.  If George Washington was alive today, this is probably exactly how he would feel about the nation that he helped establish...

 

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Tue, 10/22/2013 - 20:40 | 4081369 HedgeAccordingly
HedgeAccordingly's picture

We should call Buffett's sons they will fix it - http://hedge.ly/1gBVpif 

Tue, 10/22/2013 - 20:45 | 4081377 knukles
knukles's picture

It's (not) fo da chillen'

Tue, 10/22/2013 - 20:48 | 4081387 Big Corked Boots
Big Corked Boots's picture

I don't have any kids. Can I take an Obama-sized mulligan on that debt thing?

Tue, 10/22/2013 - 21:06 | 4081416 Zer0head
Zer0head's picture

zero here, zero there

pretty soon it's all just zeros

welcome to the reality

where the survival rate for everyone drops to zero

 

$devaluation is underway, the smart money is grasping on to any piece of shit that floats

the train is leaving the station. clown car is full but plenty of room in the cattle cars

ALL ABOARD...

Tue, 10/22/2013 - 21:30 | 4081440 Poor Grogman
Poor Grogman's picture

A good solid tax on every bit of QE that the fed profits from would bring the federal budget back into surplus quite quickly. As well as stimulate the economy.

The shareholders of the fed must be forced to put their hand in their pockets for a change. Rather than simply accumulating ill gotton paper wealth at the public expense.

Now that would be change you could believe in.

Cognitive dissonance may follow....

Tue, 10/22/2013 - 21:55 | 4081530 FEDbuster
FEDbuster's picture

Nothing that a pocket full of trillion dollar platinum coins couldn't solve.....

Waiting for the US version:  http://www.joelscoins.com/images/zimbpm100trillionr.jpg

 

Tue, 10/22/2013 - 22:57 | 4081680 merizobeach
merizobeach's picture

You borrow 16 tril, and what do you get?  Another year older, and another tril in debt.

Wed, 10/23/2013 - 00:05 | 4081803 Rusty Shorts
Rusty Shorts's picture

define "debt"

Wed, 10/23/2013 - 01:52 | 4081930 merizobeach
merizobeach's picture

With regard to what I was reading here earlier today, I would use the term, "odious".

Wed, 10/23/2013 - 10:18 | 4082562 iinthesky
iinthesky's picture

Economic Pain? It will result in all out war when there are no options left.

Wed, 10/23/2013 - 10:30 | 4082602 Zigs
Zigs's picture

St. Peter don't ya call me cause I can not go. I owe.my soul to the company store!

Tue, 10/22/2013 - 21:11 | 4081442 Peter Pan
Peter Pan's picture

One day we will wake up from our drunken orgy and view the empty bottles strewn across our front yards. Our kids would probably be justified in breaking some bottles and slashing our throats for allowing us to do this and for participating in it.

Eliminate our generation for the damage we have caused and for the way a great deal of our youth has been brought up both by parents and by government interference.

Most of us don't deserve to consume anything more particularly if its with an outstretched hand.

Tue, 10/22/2013 - 21:59 | 4081545 TheFourthStooge-ing
TheFourthStooge-ing's picture

Hey, you know what? Fuck that debt. Just fuck it.

It's not my debt, and it's not the debt of everyone's children and grandchildren. Congress borrowed the money, that's who the lenders can shakedown for repayment. If it's still not enough, they can shakedown the children and grandchildren and great-grandchildren of those who "served" in congress.

Additionally, the lenders bear some responsibility. If you knowingly loan money to a crackhead and never get paid back, that's just the cost of your own poor judgement. A loan to congress hardly seems less risky.

Tue, 10/22/2013 - 22:39 | 4081639 logicalman
logicalman's picture

I've posted this a few times - likely will a few more, when relevant.

It's important.

ODIOUS DEBT

In international law, odious debt, also known as illegitimate debt, is a legal theory that holds that the national debt incurred by a regime for purposes that do not serve the best interests of the nation, should not be enforceable. Such debts are, thus, considered by this doctrine to be personal debts of the regime that incurred them and not debts of the state. In some respects, the concept is analogous to the invalidity of contracts signed under coercion.

Wed, 10/23/2013 - 08:13 | 4082214 Nothing but the...
Nothing but the truth.'s picture

 Impeach all those responsible for this reckless behaviour ,from the president down to anyone , like Bernanke, complicit in all this.

Wed, 10/23/2013 - 03:20 | 4081988 Notarocketscientist
Notarocketscientist's picture

Greece tried that - you see what happened there - they take you by the balls and say pay mutherfucker - or starve

Tue, 10/22/2013 - 20:45 | 4081378 insanelysane
insanelysane's picture

We are told to worry now about global warming because the planet may become hostile in 1,000 years

and at the same time are told not to worry about the debt now because the cliff is 10 years away.

Tue, 10/22/2013 - 20:52 | 4081384 knukles
knukles's picture

Another precious insight by a truly aware observer.
Kudos

I must use this one on my uber-liberal mates.
they're so easy to fry

 

Edit:  Come to think of it that might not be such a good idea... They'll simply advance the day of doom from global warming to be one  overnight repo short of the debt implosion.
Fuckers

Tue, 10/22/2013 - 21:01 | 4081409 ZerOhead
ZerOhead's picture

Global warming is now apparently causing record sea ice in the antarctic...

"Antarctic sea ice has grown to a record large extent for a second straight year, baffling scientists seeking to understand why this ice is expanding rather than shrinking in a warming world."

http://www.washingtonpost.com/blogs/capital-weather-gang/wp/2013/09/23/a...

Tue, 10/22/2013 - 21:03 | 4081423 knukles
knukles's picture

Yes, indeed.
Like one of my liberal buds said, "See I been tellin' ya, it's a good thing we spent what we did on climate change, but we still need to spend more."

squeezing eyes seeing colored spots, holding breath, getting dizzy

Tue, 10/22/2013 - 21:16 | 4081436 ZerOhead
ZerOhead's picture

Unfuckingbelievable

If Obama (with the help of GS and JPM) can implement a punitive and effective Carbon Tax on the citizenry my climate models predict we should be able to skate to Europe by 2018

And as a bonus the new perennial shore ice in New York harbor should be able to protect the city from hurricane surges...

Tue, 10/22/2013 - 22:12 | 4081579 wisehiney
wisehiney's picture

Your liberal bud has been liberally smokin buds. Anybody could think like that some nights.

Wed, 10/23/2013 - 09:05 | 4082325 Black Swan 9
Black Swan 9's picture

What if the supposed effects of global warming or climate change, or sudden, extreme but brief changes in Mother Nature in general, are being caused significantly by HAARP (weather exerimentation, MIC motivation to "own" the weather but with profit motive always bottom line..), and less significantly by fossil fuels, but is being manipulated to once again turn another issue into a liberal vs conservative one, divide and conquer strategy to keep us fighting while TPTB get on with their economic rape of this planet?

Red herrings work.

Tue, 10/22/2013 - 21:13 | 4081453 Hohum
Hohum's picture

Just do some reading instead of cherry picking.  K?

Wed, 10/23/2013 - 10:37 | 4082632 viahj
viahj's picture

we build fragile houses of wood and sheetrock on the beach and then blame the destruction on global warming.

we build neighborhoods, schools and communities on river flood plains and then blame the destruction on global warming.

we build entire cities in the fucking desert and steal water from hundreds of miles away and then blame the water levels on global warming.

we expand agriculture into the midwest during a short and unusual wet period from the mid 1900's to a couple years ago and when the historic mean dry conditions return, we blame the drought on global warming.

Tue, 10/22/2013 - 20:55 | 4081401 Bro of the Sorr...
Bro of the Sorrowful Figure's picture

uh well global warming is man made. our debt is a natural result of our fractional reserve/central bank driven financial system.

 

ive always wondered why everyone and their grandma suddenly becomes a scientist when you talk about global warming or abortion etc, but as soon as you talk about something like the national debt or the fed people cower in fear of wall street and central banker's superior intellect.

Tue, 10/22/2013 - 20:59 | 4081413 RafterManFMJ
RafterManFMJ's picture

I agree. Grasping the debt problem is easy - it's not rocket surgery.

Tue, 10/22/2013 - 21:05 | 4081426 knukles
knukles's picture

5 *'s
Comment of the week

...it's not rocket surgery...

PS.  Watched FMJ last night.  R Lee Ermey gives a wonderful performance.  One of my best buds ever was a Marine gunny...

Wed, 10/23/2013 - 01:27 | 4081900 RafterManFMJ
RafterManFMJ's picture

He should have received an Oscar, frankly. Read the book FMJ was based on sometime, if you can track down a copy. The Short Timers by Gustav Hasford.

Tue, 10/22/2013 - 22:11 | 4081567 Bro of the Sorr...
Bro of the Sorrowful Figure's picture

my point is that the average american knows the same amount about the science of global warming as they do about the debt problem (nothing), but they insist on playing expert on the former and dumb on the latter.

 

it's probably because it's not an issue with clearly defined red and blue lines.

Tue, 10/22/2013 - 21:42 | 4081508 RaceToTheBottom
RaceToTheBottom's picture

"people cower in fear of wall street and central banker's superior intellect."

Because Asshats like Dimon say things like "cause I am richer than you" and he has a nicer suit than Einstein ever did.

We are suckers for an ego in a nice suit

Wed, 10/23/2013 - 06:19 | 4082097 Disenchanted
Disenchanted's picture

quote from hedgeaccordingly's link in the first post of this thread:

 

"This country is a lot better off because Jamie Dimon has been running JPMorgan." ~ Warren Buffett

 

Thanks for that Oracle. /s

Wed, 10/23/2013 - 03:23 | 4081991 Notarocketscientist
Notarocketscientist's picture

What I find incredibly amusing is the high degree of stupidity of people on this site.

 

On one hand you believe corporations are evil villains - that the US is run by an oligarchy

 

And on the other hand the biggest cocksuckers in the country - the Koch Brothers - are funding climate denial http://www.motherjones.com/blue-marble/2010/04/inside-kochs-climate-deni...

 

And you STOOPID FUCKING FOOLS swallow their shit hook line and sinker.

 

S -T - O - O - P - I - D

Wed, 10/23/2013 - 06:36 | 4082106 AGAU
AGAU's picture

Wait..What?  I thought when wikileaks published those 'Scientist' emails - the ones about 'What kind of data would you like so we can get our funding' , people would sort of drop the whole global warming bullshit scam.

Wed, 10/23/2013 - 07:40 | 4082158 kralizec
kralizec's picture

AGW is junk science, cannot even use the word "science" to describe what they do, it is more akin to art, as in fanciful make-believe fantasyland...the entire AGW industry has been hatched by progressives as just another tool to use to force people to think and act as the elites command, period.

Anybody thinking otherwise is either a progressive agitator or outright fool.

Wed, 10/23/2013 - 07:47 | 4082163 Mike in GA
Mike in GA's picture

@Notarocketscientist

Dad taught me 'tis better to keep one's mouth closed and be thought a fool rather than open it and remove all doubt.

Tue, 10/22/2013 - 20:45 | 4081380 NoDebt
NoDebt's picture

Call Japan.  They'll give us a few pointers.

Tue, 10/22/2013 - 21:16 | 4081456 Dr Benway
Dr Benway's picture

The insanity is globalized. First step of the "fiscally responsible" new Australian government, that had mercilessly harangued the previous gov for its irresponsible debt?

Why, increase the debt ceiling of course.

Tue, 10/22/2013 - 20:49 | 4081389 disabledvet
disabledvet's picture

making your nut doesn't seem to hard in here http://www.youtube.com/watch?v=y2HRrjpiM7Y

Tue, 10/22/2013 - 20:55 | 4081403 SHEEPFUKKER
SHEEPFUKKER's picture

Time for the 17 trillion dollar platinum coin

Tue, 10/22/2013 - 20:58 | 4081407 Charles Nelson ...
Charles Nelson Reilly's picture

Fuck it, make two.... Obama likes to make it rain fiat for his crew.

Tue, 10/22/2013 - 21:14 | 4081452 darteaus
Tue, 10/22/2013 - 21:34 | 4081488 NoDebt
NoDebt's picture

Sad truth is, we've already been minting those coins as we go.

Tue, 10/22/2013 - 22:45 | 4081653 syntaxterror
syntaxterror's picture

Why not a 17 trillion chocolate chip cookie coin? Why platinum? Like that fucking means anything.

Wed, 10/23/2013 - 00:03 | 4081802 Pat Hand
Pat Hand's picture

Actually it does.  The specific law invoked was designed to allow numismatic collectibles, and authorizes the minting of platinum coins.  Does not authorize cookies, gold, ceramics or anything else.

The platinum coin is probably legal but skirts the intent of the authorization.

Tue, 10/22/2013 - 21:01 | 4081414 are we there yet
are we there yet's picture

On a long enough timeline everyone becomes a trillionaire.

Tue, 10/22/2013 - 21:00 | 4081415 TulsaTime
TulsaTime's picture

Time for a new financial system, this one is quite broken.  2008 should have started us down that road, but TPTB were able to steer out of the ditch before the grand explosion.  This time we will not be so lucky.  The economy has been on overt stimulus for a long time now, and even if QE goes to 10x what it is (purportedly) now, there is only so much you can do with external measures.  The internal support mechanisms wore out in the 70's when the A-rabs jumped the price of oil.  Since then it has been a power glide, and we may see that CFIT in synch with a few other nasty trends that most commenters here do not want to hear about (peak water/oil/electricity/population/revenue/intelligence)

Tue, 10/22/2013 - 21:00 | 4081417 much obliged
much obliged's picture

Government debt is an illusion if the Treasury would print, and the debt ceiling is there to enforce fiscal discipline, which it hasn't been doing much of. That's just another reason for the Treasury to print. Eliminate income taxes for consumption taxes while Treasury prints when anything more needs to be done, since inflation is really a consumption tax albeit spread out a bit more evenly. And when you stop and think about it, that's more fair and more free enterprising than a specific consumption tax. In the fractional reserve banking system the Treasury could pay the debt off immediately and since principle of a loan is retired there is no inflation that wasn't already there. The principle is retired because the principle was created out of nothing when the loan was created.

Tue, 10/22/2013 - 21:28 | 4081473 Poor Grogman
Poor Grogman's picture

Once they start printing, suddenly everyone gets in line and wants their home loans paid off.

At least the "Tax on QE" that I am so excited about has some confusing elements that might keep the sheep confused and bewildered for a bit longer.

Just openly saying stuff about paying off the debt immediately is a dangerous thought experiment, that defiantly makes you an extremist.

Sheesh !

Tue, 10/22/2013 - 21:59 | 4081542 much obliged
much obliged's picture
Paying off debt immediately sounds sensational because debt has been in the main stream media news so much. If you hadn't heard about the debt you wouldn't have thought anything of it disappearing. But have your way. Pay it off in a few years, let the banks collect interest over and above what banks get for corporate, home and car loans etceteras. I'm not an extremist, I'm just not directly involved the business and for me watching all the goings on about it get a bit tedious.
Tue, 10/22/2013 - 21:45 | 4081512 RaceToTheBottom
RaceToTheBottom's picture

And the Free Shit Army takes another hill

Tue, 10/22/2013 - 21:00 | 4081418 lakecity55
lakecity55's picture

I cannot think of any reason at all for this other than to follow Cloward-Piven through to national default.

The private owners of the Central Banks created the conflict of 'freedom' vs marxism/fascism: as long as they control the Money, they control any ideological system. This is an historical quote from the Red Shield Daddy himself.

Corpofeudalism

Perhaps the Plug is going to be pulled sooner than we think.

Prepare to ride the Whirlwind.

 

Tue, 10/22/2013 - 21:57 | 4081536 swmnguy
swmnguy's picture

What do Jerry Clower and Jeremy Piven have to do with any of this?

Tue, 10/22/2013 - 22:10 | 4081572 wisehiney
wisehiney's picture

They all want the last piece of chicken!

Tue, 10/22/2013 - 21:05 | 4081430 quasimodo
quasimodo's picture

Anyone else get an instant headache trying to wrap ones brain around these figures ?

Tue, 10/22/2013 - 23:20 | 4081740 Anusocracy
Anusocracy's picture

Nope. One trillion is the number of IQ points that the sum total of all the government workers' IQs is short of one trillion IQ points.

Tue, 10/22/2013 - 21:09 | 4081437 darteaus
darteaus's picture

[Yawn]  Anybody know when the Kardashian season starts up?

Tue, 10/22/2013 - 21:12 | 4081448 Atomizer
Atomizer's picture

Well, by golly, we had better get these foundation rat bastards planting more money trees to offset future debt interest payments.

http://www.arborday.org/index.cfm 

/sarc

Tue, 10/22/2013 - 21:21 | 4081465 Clowns on Acid
Clowns on Acid's picture

"If George Washington was alive today, this is probably exactly how he would feel (crying) about the nation that he helped establish..."

No he would not, he would be putting on his uniform and getting his saddle ready for his white horse.

Tue, 10/22/2013 - 21:28 | 4081469 nmewn
nmewn's picture

"Over the past five years, the U.S. government has been on the greatest debt binge in history."

Wut?

Wait...you're one of those anarchist, hostage takin, gun-to-the-head-want-everyone-to-die-lessin-we-have-moar-bigger-gubmint types aintcha?

Tue, 10/22/2013 - 21:33 | 4081485 tony bonn
tony bonn's picture

"...and we are on pace to accumulate more new debt under the 8 years of the Obama administration than we did under all of the other presidents in U.S. history combined..."

this is not news. the indonesian citizen promised at the beginning of his illegal presidency that he would sponsor trillion dollar deficits as far as the eye can see.....and he couldn't do it without the help of congress.....and the american sheep roll over and baaaahh after pullling the incumbant nazi lever in the polling booth.

Tue, 10/22/2013 - 21:39 | 4081500 pupdog1
pupdog1's picture

Saint Peter don't ya call me, 'cuz I can't go...

I owe my soul to the Japan and China store.

Tue, 10/22/2013 - 21:46 | 4081516 Stinko da Munk
Stinko da Munk's picture

Repudiate it. Just stand up and repudiate the fucking debt. That's why we have such a kick ass military. What's the rest of the world going to do...attack us? Simply blow it off.

Tue, 10/22/2013 - 22:28 | 4081615 lasvegaspersona
lasvegaspersona's picture

Stinko

The day after you repudiate the debt your soldiers stop being paid.

This also happens if the debt just goes bad (a more elgant and peaceful solution). The US miltary has as a main function the spending of money, that function will be gone the day the dollar dies. The rest of the world will judge the USA on how it behaves in this crisis. We have some lumps coming. I believe the average American would prefer to honorably take our licks and move on. We have had a great run on borrowed money. I fear our leaders will try to keep the party going by doing something really stupid.

Tue, 10/22/2013 - 22:46 | 4081654 much obliged
much obliged's picture
United States doesn't owe China anything. Chinese took all that civilian technology from the United States and Europe and modernized their country trading live human body parts from dissidents and all sorts of human rights violations. It doesn't have to get violent. Print enough dollars for the Chinese and take back the bonds that China holds on the United States and save all those interest payments.
Wed, 10/23/2013 - 08:55 | 4082304 Reader1
Reader1's picture

Mr. Beppe made a great point when he said we owe that money to ourselves, so let's tell ourselves it's all squaresies!

Tue, 10/22/2013 - 21:53 | 4081524 roadlust
roadlust's picture

And my grandmother's house is worth about 37 times what it was forty years ago.  While the dollar is worth less.  So I'm not worried.  The debt as a percentage of GDP is a metric worth pondering.  Thats actually been going down. 

The debt is like the imaginary US Dollar.  Funny money, with a "value" that exists only in our collective imaginations. 

The worst case scenario is we get rid of the "debt," change our "money," and make everyone start from scratch again.  It's called a successful revolution. 

Tue, 10/22/2013 - 21:56 | 4081534 pods
pods's picture

Almost seems like our debt is behaving like an exponential function.

Those work quite well in a finite world.

pods

Tue, 10/22/2013 - 22:22 | 4081597 lasvegaspersona
lasvegaspersona's picture

Folks often ask about timing and no one has an answer. The reason is that the timing is completely out of our control. Nothing the Fed or USG does has any impact on the outcome. The outcome is known however and it is coming. The timing will be up to those who allow it to go on. They may not know when they will make the fateful decisions and may not want to be seen as causing the dollars demise but somewhere in the central banks of the rest of the world plans are being made and some people have information that would allow a pretty close guess as to when this all ends. That would be a pretty nifty bit of info to have eh?

Until then gold bullion should be sought and bought.

Tue, 10/22/2013 - 22:26 | 4081613 Reaper
Reaper's picture

Why worry the government is smarter than you and the government knows all. Debt is a promise, just as your government is. Oh ye, ZH'ers of little faith, trust in your masters and their anointed messiah.

Tue, 10/22/2013 - 22:43 | 4081650 syntaxterror
syntaxterror's picture

Yup. And it never tires of telling the world how perfect it is.

Tue, 10/22/2013 - 22:41 | 4081629 redwater
redwater's picture

Maybe it's time to stop fighting the money printers.

Why slow down the journey to the other side. Let them have unfettered, unrestrained printing. They are NOT going to stop. Who's gonna stop them? The GOP? Yeah, right. They are not going to stop. A debt-based system cannot stop. 

We are morally obligated NOT to stop them. Let them have all the fuel to burn the corrupt system down. 

Give them EVERYTHING. If they want to print 100 billion a month. Up their ante and tell them to print 1 trillion a month. 

Let them crash it with everyone  watching them with their foot on the accelerator pedal.

 

Let them cover themselves in lighter fluid. Print to infinity.

 

Wed, 10/23/2013 - 00:30 | 4081840 Atomizer
Atomizer's picture

Have had that same heart wrenching discussions which whitecaps back and forth. Somehow, my morals & ethics break the tide. I just cannot let these muppets get bulldozed into oblivion. Will bet that side of my gene-pool comes from my mother’s side. ..

 

Anyhow, you’re not alone..

Tue, 10/22/2013 - 22:43 | 4081647 syntaxterror
syntaxterror's picture

Still Bush's fault ya fucking liberal weasels?

Tue, 10/22/2013 - 22:53 | 4081665 chart_gazer
chart_gazer's picture

Better still, in the agreement last week, Congress set a deadline instead of a dollar cap. That means debt can rise as much as Obamer and Congress want it to, until the Feb. 7 deadline.

Can you just imagine the spending binge these dudes are going to go on between now and then?

Tue, 10/22/2013 - 23:02 | 4081695 inevitablecollapse
inevitablecollapse's picture

posted these lyrics on one other post, very apropos for this one as well...bad religion

 

Here's the church; there's the steeple.

Open up the door; corporations are people.

Wait, what did he say?

What the fuck did he say?

 

It couldn't last; they had to crash.

Some parties are just made that way.

But when the bell rings, the boys will sing,

Swing low sweet precariat.

 

Let's say we try to get this right,

Said the plutocrat to Jesus Christ.

 

And when the old fox, fearing the worst,

Made his entrance in a hearse,

Then the nine in black robes all went berserk.

Oh yeah.

 

This is a tale of Robin Hood in reverse.

 

Citizens united. I was excited.

(When the kids are united, they can never be divided.)

But that was yesterday.

There's a brand new sham today.

 

Let's say we try to get this right,

Said the plutocrat to Jesus Christ.

 

And when the old fox, fearing the worst,

Made his entrance in a hearse,

Then the nine in black robes all went berserk.

Oh yeah.

 

This is a tale of Robin Hood in reverse.

 

Oh yeah.

 

Let's say we try to get this right,

Said the plutocrat to Jesus Christ.

 

And when the old fox, fearing the worst,

Made his entrance in a hearse,

Then the nine in black robes all went berserk.

Oh yeah.

 

This is a tale of Robin Hood in reverse.

This is a tale of Robin Hood in reverse.

Tue, 10/22/2013 - 23:44 | 4081780 riphowardkatz
riphowardkatz's picture

grandchildren ha. what return are oldees gettng on their life savings?answr -2% minimum maybe up to -8% 

Wed, 10/23/2013 - 00:08 | 4081806 kchrisc
kchrisc's picture

One day a black swan is going to land somewhere on this mountain of debt and set-off an unprecedented avalanche of devastation.

Then the clarion cal of "loose the guillotines" will be heard far and wide.

Wed, 10/23/2013 - 00:19 | 4081825 ebworthen
ebworthen's picture

Well, if the elites want to keep their heads, they'd better get creative.

Wed, 10/23/2013 - 00:29 | 4081839 haskelslocal
haskelslocal's picture

And like all good propaganda...

Just insert your favorite, most hated political foe's name in any story and ignore Fed participation.

And that way you've got a story worth getting readers angry about.

 

 

Wed, 10/23/2013 - 00:39 | 4081861 AGORACOM
AGORACOM's picture

MOVE ... TO ... CANADA

  • Stable Banks
  • Ink At The Mint Is Limited
  • Abundant Resources To Feed The World
  • Fewer People Of Any Age Are Murdered Than Children Murdered In The USA
  • Politicians Hate The Opposition Less Then They Love The Country
  • No Kardashians, Snooki Or Honey Boo Boo
  • Hockey
  • You Can Visit The USA Any Time You Want

 

Regards,

George ... The Greek ... From Canada

Wed, 10/23/2013 - 00:59 | 4081883 Atomizer
Atomizer's picture

I sincerely appreciate your efforts to help the migration of Americans to Canada. Seemingly, you missed this tidbit from a 12 year old in 2012. Don’t feel left out in the global debt crisis showdown.. May I present..

Victoria Grant

 

Wed, 10/23/2013 - 01:01 | 4081884 Bay of Pigs
Bay of Pigs's picture

You forgot the massive housing bubble and consumer debt levels (worse than Americans).

Not to mention the high taxes, cost of food, booze, cigs and gas.

 

Wed, 10/23/2013 - 00:51 | 4081875 Peter K
Peter K's picture

.......and the national debt is obviously the tea party's fault. The Bamster is just a victim. :)

Wed, 10/23/2013 - 03:00 | 4081971 Kirk2NCC1701
Kirk2NCC1701's picture

Mike, I call bullshit. It is not our kids who will be saddled, but the stupid "buyers" of our Debt/Bonds who will get screwed.

"Buy" accordingly, but buy... to make sure that the lifestyle of our Oligarchs, the MIC and the EBT zombies continues.

Wed, 10/23/2013 - 03:06 | 4081974 WTFUD
WTFUD's picture

Save Me, Save Me, Saaavve Me
I can't print these $$$$$$$$$$$$$$$$ Alone
Save Me, Save Me, Saaaavve Me
My wrist is aching and i'm faaarrrr from Home.

Wed, 10/23/2013 - 03:23 | 4081992 Notarocketscientist
Notarocketscientist's picture

What I find incredibly amusing is the high degree of stupidity of people on this site.

 

On one hand you believe corporations are evil villains - that the US is run by an oligarchy

 

And on the other hand the biggest cocksuckers in the country - the Koch Brothers - are funding climate denial http://www.motherjones.com/blue-marble/2010/04/inside-kochs-climate-deni...

 

And you STOOPID FUCKING FOOLS swallow their shit hook line and sinker.

 

S -T - O - O - P - I - D

Wed, 10/23/2013 - 07:48 | 4082159 rustymason
rustymason's picture

What secret cabal set up this current banking system? What is the name of the tribe of international money changers who are in total control of our money, as well as in control of the press and the US Congress, which are supposed to be a check on the money powers? Well, you know who these thieves and murderers are, but it's illegal to say it out loud. Time for a thorough colon flush.

Wed, 10/23/2013 - 08:53 | 4082302 Reader1
Reader1's picture

That's OK, Mr. Snyder.

Once they destroy themselves in the Great American Gotterdammerung, and the purges are over, our new leaders can invoke Odious Debt and flush all those IOUs down the toilet.  Our future generations will be able to sigh with relief for the massive debt bullet they dodged. 

Meanwhile, I'm getting a pair of black leather road warrior pants...

Wed, 10/23/2013 - 09:23 | 4082399 MrBoompi
MrBoompi's picture

We have to make the interest payments, yes, but someday the people will rise up and tell our masters there is no more debt. After all, this is what happens when odious debt has been created and placed on the shoulders of hapless citizens.

Wed, 10/23/2013 - 11:26 | 4082775 lostintheflood
lostintheflood's picture

if mr snyder would just watch "the hidden secrets of money - part 4," then he would understand that the debt can only grow until it collapses.  we can't extinguish our debt without extinguishing our money....whatchagonnado?

http://www.youtube.com/watch?v=iFDe5kUUyT0

Wed, 10/23/2013 - 14:10 | 4083417 much obliged
much obliged's picture

Watched "The Biggest Scam In The History Of Mankind - Hidden Secrets of Money 4" about the fractional reserve banking. Follows the same script as nearly everything I've read and every previous video I've seen on fractional reserve banking. Production quality has improved quite a bit over what I've seen in the past 2 years when this topic first came to my attention. Basically it's the same refrain about the bond that gets shuffled around like the pea under one of three cups and an onlooker tries to guess which cup it's under. Most are mesmerized with the antic and so it goes on and on, government gets approval for the ponzi the same way that government gets approval for a death penalty, all done for the greater good. Debt mounts in the name of humanity, medical care, education, pensions for the aged, a list could fill volumes, all we have to do is buy gold and silver to stay safe. Incidentally, there's a 4% spread on coins and a 2% spread on bars, so you're off that much just like a mutual fund before you start and like a mutual fund or stock you currently have to consider capital gains tax when you sell. The refrain about how it's all robbery goes on and nobody wants to talk about why should government be paying interest on the debt. It's a republic for the inhabitants and there's a debacle. Nearly all the best paying manufacturing jobs got sent out so there's not much income to pay for the products coming in, that's the real problem and suddenly everybody has a "job" watching something. Discussion about judicial meddling in labor standards to the point of sending jobs out of the country is too far off topic.

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