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Total US Debt Rises Over $18 Trillion; Up 70% Under Barack Obama
Last week, total US debt was a meager $17,963,753,617,957.26. Two days later, as updated today, on Black Friday, total outstanding US public debt just hit a new historic level which probably would be better associated with a red color: as of the last work day of November, total US public debt just surpassed $18 trillion for the first time, or $18,005,549,328,561.45 to be precise, of which debt held by the public rose to $12,922,681,725,432.94, an increase of $32 billion in one day.
It also means that total US debt to nominal GDP as of Sept 30, which was $17.555 trillion, is now 103%. Keep in mind this GDP number was artificially increased by about half a trillion dollars a year ago thanks to the "benefit" of R&D and intangibles. Without said definitional change, debt/GDP would now be about 106%.
It also means that total US debt has increased by 70% under Obama, from $10.625 trillion on January 21, 2009 to $18.005 trillion most recently.
And now we wait for the US to become Spain, and add the estimated "contribution" from hookers and blow to GDP, once again pushing the total debt/GDP ratio below the psychological 100% level.
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this is a positive thing. public sector debt = private sector savings.
More debt = more toys for cops.
Get to work Fed....
Bur we owe it to ourselves! = means YOU'RE gonna have to pay it off, sucka!
About that "public trust" thingy...
"America has a debt problem and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit."
-- Sen. Barack Obama, March 16, 2006
We lied to some folks.
I LOVE the "...some folks" phrase! it never gets old.
Then you ask.. how can we ever have a recovery with debt numbers like that?
Layoff List: http://www.dailyjobcuts.com
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Meh, The Krugman told me we can easily create 18 one trillion dollar coins to pay that off, easy peasy.
The problem are all those pesky unfunded liabilities of $150T to $225T depending on who estimates it. Creating 18 shinny coins does not provide the servies people expect to the tune of $200T, that is when we'll have a SHTF moment.
Who the hell owns all that debt? As for all the cash in the system who is seeing it? I surely am not. My employeer is not (as they lay more people off).
This link tells you who owns what debt.
http://useconomy.about.com/od/monetarypolicy/f/Who-Owns-US-National-Debt...
Some folks borrowed some money.
So by the time he leaves office, in his one term he will have added MOAR debt than ALL off the presidents before him, including Bush 43.
Another way to spin facts: the US has only had a surplus 11 of the last 200 years. 70% increase in debt in 6 years is modest compared to the increases under past presidents.
Using the debt in dollar amounts contradicts the general knowledge at ZH of inflation. Try in terms of of present day dollars.
What the FUCK are you smoking? Share some of that good shit this way, cause you are delusional as FUCK!!!
.gov troll Nemo. Ignore the idiot.
18 trills is not what is used to be
We defrauded some folks by borrowing $trillions and signing their names on the loan documents. We call these people "taxpayers".
The good news is that there are so few of them these day, the damage is self contained.
Lemons to hard lemonade, folks.
All those _______ Czars cost money. As well as funding Vicky Nuland's colored revolutions. Not to mention all those aircraft carrier groups and shiny new toys for the generals. I see it on people's faces they all know something is up, they may not be smart ZH readers to understand it, but the sheeple are getting restless.
Relax, USA will pay off the debt, NOT!
Sadly 2015 is going to be shocking
A DIRTY NUKE WILL TAKE OUT 5 CITY BLOCKS OF CHICAGO in the spring of 2015, by the US government itself!
- Iran will be blamed as the perpetrators and the public will DEMAND the nuking of Iran in retaliation (which to the benefit of the Globalist interest's they will gleefully comply).
- Iran oil facilities will be taken off line by bombing reducing 2 million barrels of day of production to get oil prices back up.
- Russia will loose there only major ally (Iran) from the strikes. They will be unable to stop the US strikes as the US will have the political currency required for this attack since from the public and international perspective the US was hit first.
- Canada will be annexed in a back room deal as a result of this attack - being blamed for allowing the 'Iranian terrorists' into the country, and also as a punishment for Harper setting up trade deals with China bypassing the US dollar.
- The US will default on it's debt eventually (by the fall??)!! International investors will also get a back room deal for pennies on the dollar.
- The US will be under emergency police powers (not called martial law) this will be the answer to all future riots and uprisings.
- All 401K's will be frozen, bank balances and stocks over a certain value will be frozen. It will be called the 'Obama Freeze' - thus all US citizens will have their assets frozen inside the country preventing a bank run (captive citizens / captive investors.)
- Once the US defaults on it's debts some time by the fall of 2015 the timing is not exactly known - international investment into the country will halt, and by this eventually cease. The US will be desperate for investments and this will cause interest rates to skyrocket. Unlocked mortgages will skyrocket in tandem with people walking on their homes, causing a real estate price collapse in excess of what happened in 2008.
- This false flag must be conducted in the spring to give a good bombing window to run it's course through the summer. Iran is mountainous and stormy making a bombing campaign difficult in the winter.
Israel will be an ally in this coming strike, and will also be using nuclear warheads against Iran. When they do this every regional Muslin nation will be unified and launch war against Israel.
But what the US does not know is that in the fall of 2015 a tsunami about 300 ft high is going to strike the West coast of America and cripple her. She will be unable to help Israel as a half dozen nations will declare full war against Israel and what happened to Iran.
THE ONLY ESCAPE VEHICLE IS PHYSICAL GOLD. When there is nowhere to invest because the stock market tanks from these events by the fall of 2015, and the government is defaulting on debt, the banks have frozen accounts, and real estate prices are collapsing because of shock interest rates from the coming default - THE ONLY ESCAPE VEHICLE WILL BE PHYSICAL GOLD. While prices will fall on everything denominated under the US dollar 40-80% gold will appreciate 250%.
If you buy $100,000 in physical today it will have 10X the purchasing power by the winter of 2015 ($1,000,000).
meanwhile, what the fuck you all were thinking about when you elected a black as president... i mean... damn ! you mad ?
i think someone forgot their /s tag.
OH NEMO babay....tell me what i said that was wrong. I like data. I like to be proven wrong.
Nope: you must be hungry for green arrows. if someone disagrees with the ZH meme, just call them a .gov troll. Easy fucking points for you. Too bad you're just another retard who can't come up with a thought of their own.
<------ Obama will lower our national debt
<------ bunzbunzbunz is an idiot troll
Let's see how many green arrows I get....
lmao.
Actually I think YOU are the one who needs to present facts and figures when making an assertion.
In fact, according to data from the US Treasury at
http://www.gpo.gov/fdsys/browse/collection.action?collectionCode=BUDGET&...
there have been 31 surplus years since 1900. The first 50 years of the US saw a net surplus, so there had to be a number of supluses those years too. So, your first fact is in fact not a fact, but either a statement born of ignorance or just a plain lie.
Looking at the same data series, the growth in debt under Obama is unprecedented in time of peace, except for during the Reagan administration. In fact, the rate of increase is even greater than the debt increase during the Great Depression.
The difference between the Reagan deficits and the Obama deficits is that the Reagan deficts were attained from a much lower base as a percentage of GDP, occurred partially during a period of vigorous economic growth so they did not increase as a percentage of GDP to the same extent, and actually produced goods, albeit military goods, that had the effect of extending and expanding national power and global influence. Nonetheless, the rate of growth of the Obama deficits is still greater, increased the debt to GDP ratio more, and, as far as I can see, produced no goods to extend or promote national influence or affluence.
As far as I can tell, the only one who profited by Obama's deficits are a small cadre of crony capitalists.
I agree with what you said, but I have a problem with "Looking at the same data series, the growth in debt under Obama is unprecedented in time of peace"...
America has been in a constant state of war under President Obama.
You are a troll.
D.
"70% increase in debt in 6 years is modest compared to the increases under past presidents".
Barry has increased US debt nearly half of our GDP. Others have done this and maybe even exceeded it but NOT IN A MATURE ECONOMY like the US.
However, trying to pretend that debt increase has been modest under Barry is just as silly as trying to blame it all on him.
We were going to get this kind of an increase no matter who occupied the White House. This is monetary policy!
SHOCKING SETUP.
1. THE US IS GOING TO DEFAULT ON THE DEBT AND BACKROOM DEAL FOR PENNIES ON THE DOLLAR.
2. IN SPRING OF 2015 THEY WILL DETONATE A 5 CITY BLOCK RADIUS DIRTY NUKE IN CHICAGO BLAIMING IRAN AND THEN USING IT TO ACCOMPLISH THE FOLLOWING
A. THE FREEZING OF ALL 401K'S AND THE MAJORITY OF US HOLDER ASSETS AND FOREIGN INVESTMENTSTS TO BE CALLED 'THE OBAMA FREEZE.'
B. MARTIAL LAW NAMED AS EMERGENCY POLICE POWERS
C. THE NUCLEAR STRIKE ON IRAN KNOCKING OUT RUSSIA'S MAJOR ALLY
D. THE ANNEXATION OF CANADA 'BECAUSE THE TERRORISTS SNUCK IN FROM YOU GUYS..'
E. THE DEFAULT OR EVENTUAL DEFAULTING OF THE US DEBT TO BE NEGOTIATED OFF FOR PENNIES ON THE DOLLAR.
The result:
A. INTERNATIONAL TRADE WITH THE US WILL BE HALTED / CASH UP FRONT ONLY.
B. INTERNATIONAL INVESTMENTS WILL FALL OFF A CLIFF CAUSING INTEREST RATES TO SPIKE 7-15% IS COMING BACK.
C. THE STOCK MARKET WILL COLLAPSE BUT IT WON'T MATTER CAUSE YOU WON'T BE ABLE TO GET IT OUT.
D. ONLY PHYSICAL GOLD WILL ESCAPE. EVERYTHING ELSE UNDER THE UMBRELLA OF THE US DOLLAR WILL BE MONKEY HAMMERED DOWN 50-70%. WHILE GOLD WILL APPRECIATE 250%. THE END RESULT IS PHYSICAL WILL BUY 10 FOLD IN PURCHASING DOLLARS WHAT YOU PAY FOR IT NOW.
E. IT MUST BE DONE IN THE SPRING OF 2015 SO THAT A FULL SUMMER IS ALLOCATED FOR THE BOMBING RUNS ON IRAN (HARD TO BOMB STORMY AND MOUNTAINOUS IN THE WINTER).
F. THIS WILL SPIN ALL OUT OF CONTROL AND ALMOST ALL REGIONAL MUSLIN NATIONS WILL GOTO WAR WITH ISRAEL AS THEY WILL BE THE MAIN ALLY HELPING THE US.
Please get ready!
Orrrrrrrrr.....they could just continue devaluing the debt through inflation, and pay it off in future dollars when tax collections are higher.
You mean higher than the record collections they are currently seeing?
Standard Disclaimer: Links too numerous to post...
.......inflation means higher incomes, which means higher tax collection given the same tax rates.....so yes, high than the records.
stop cutting and pasting DNC tripe. and stop smoking pot all day.
Jimmy Carter taught you the term, Stagflation. You know, the economic condition of both continuing inflation and stagnant buisness activity, together with an increasing unemployment rate.
lol...it would appear bunz has a freshly printed Ivy League economics diploma. Pity the theory of what he was taught falls well short of the reality of implementing such fiscal insanity.
Its all true, Keynes corpse was metaphorically dug up and put on public display by Carter. But they go right on teaching this bullshit to the young, trying to tweak it & make it work.
Kinda like socialism ;-)
Exactly what rock did you crawl out from? Because you need to crawl back under it.
You probably voted for Obama... twice.
Let's start with the full list of Obama's tax hikes...
http://www.atr.org/full-list-ACA-tax-hikes-a6996
Let's look at median income under Obama...
http://www.washingtontimes.com/news/2014/sep/4/incomes-fell-most-familie...
Should we tack on every other nightmare the lawn jockey in the White House has wrought on the American populace?
Standard Disclaimer: I could go on, but I will tell you what I tell others when they are so easily proven wrong, practice stupid and party line excrement in the privacy of your own domicile.
you're high alright, debt high maybe?
as long as we can pull money from thin air and the rest of the world swallows our Fed cum, no problems right?
Nope, they are running out of time and they know it. The jump in Gold and Silver today scared the pookey out of them. They know they are losing control. You notice they hammered on black Friday thinking nobody would notice. This is what happened. I think PMs have bottomed... Have a Holly Jolly Christmas, It's the Best Time of the Year... ;-D
OBTW: Fuck you eBay! You aid and abet criminal product counterfeiters. I am ashamed I ever did business with you!!!
"when tax collections are higher" HAHAHA thats rich. one problem with that, you kinda need people to have JOBS to earn MONEY in order to pay taxes. not looking like too many of those will be popping up any time soon
Not if your plan is to have fewer and fewer paying for more and more.
Ahhhhh, there you go, "pay it off in the future when . . . . . ".
Why in the future, why not deal with it now ?????
"pay it off"
No, there is no intention or real way to pay it off. Inflating, in monetary terms, just means maintaining the debt. This is what the Fed is doing and has always done but the problem is that it's not working anymore. The velocity of money is very low since 2008. We have had food and energy inflation for sure but not core price inflation. Commodities are tumbling and next it will leak into durable goods. We are actually moving into deflation which means default if they cannot arrest it. The only thing left to do is direct money injection or simply put, checks. Or more subsidies which have a similar effect. I don't believe it will work this time. We will see in the summer of 2015.
Dude !!! Dirty nukes are SO over rated !!!
The OP should try writing lurid military fiction -- give Tom Clancy some competition.
Look around. Regardless of how broke and stupid the American government may seem, they are still the dominate power in the world and will impose their will on whomever they choose.
Do you really believe that with a collapsing dollar they will allow you to trade gold at those rates? You know they will attempt to tax the crap out of gold transactions forcing it underground, and from there, criminalization, indefinite imprisonment of those hostile to the economic laws of the US (terrorists) and do not forget they have tied themselves into just about every financial transaction in the world. You may have gold but will be trying to survive in a third world environment as an outlaw. Good luck.
Yes, that is an entirely plausible scenario. People who believe the governmnent will just let gold hoarders ride off into the sunset unmolested must have slept through their history classes. Or taken history classes under the American educational system.
Good luck trying to survive . . . . . . without gold. At least you have options if you have gold/silver. You have the option of trying to survive. I suspect in a SHTF scenario people will actually starve. Our cities are so highly geared to uniterrupted supply chains that a disruption of only a few days would see society collapse.
Maybe ZH is full of Wall Street types, but precious metals are serially inadequate if times get dicey. First, the US government has a history of confiscating gold from citizens. Second, PMs are bulky which limits the amount one can concealed carry over distance. Third, assuming folks give a shit about precious metal as a currency/store of value, every strongman will be after it. So if you own a gold horde, prepare to defend it. Finally, you cant eat gold, it wont keep you warm at night, and it doesnt make good clothing. In other words, if times get REALLY tough, PM wont have value in trade. You'd be wiser to practice suck starting a leaf blower. Land trumps PM in every aspect except portability. For portable value storage, precious gemstones crush gold, but ask someone who survived the Depression how easy it was to move their stones . . .
Obviously the best hedge is diversity and above all things, your survival, be it in the modern world or medieval, relies on minimizing your dependencies. Gold and silver imply trade or commerce which even if it exists is still dependent upon those you trade with. I think the trader mentality that thrives here is addicted to the concept of speculation and those who have missed out on the big stock ramp are hoping their big metals purchases will redeem them in the end. I have done neither so monetarily I will only prosper if the economy survives relatively intact. If we are hoping, I'm hoping for the best. Still my hedges are on my own possessed abilities and personal possessions. Cash, weapons, food, land, machinery, tools and most importantly a mental preparation to deal with what may come.
Gold will always be money even if there are only two people left alive, they will fight for it!
I would much rather have gold to trade than extra clothes, gas, or anything else.
Money will be worthless, that's what will cause the crash. The crash of the fiat!
Gold has little to no real value other than what people are willing to pay for it for decoration. Industrial use for gold is a tiny fraction of its overall use. Gold is fiat. If things really hit the fan you better have liquor, food or weapons to trade because most people won't be accepting gold.
Liquor... or a still.
Then why don't I have any? I can afford to buy a fair amount without too much pain, yet I have none. Obviously not everyone would fight and kill for it. You can't eat it and there have been plenty of times in history where entire civilizations have survived without it.
You are saying this time it really is different? For the first time in 5000 years, PMs won't have value in trade. Well, at least the crack yer smoken will still have trade value - supposing you dont smoke it all. By the way, that big sparkly diamond your holding looks like glass to me and I won't trade you crap for it.
"Maybe ZH is full of Wall Street types, but precious metals are serially inadequate if times get dicey."
The grandfather of my brother inlaw told me the following story. He was a US soldier in Japan in 1945 just after the end of WWII. He could not describe a more apocolyptic scene. The entire economy was ruined. Cities were burned out. Atomic war had been unleashed upon them. Factories had been destroyed, and trade had ground to a halt. People everywhere were starving.. no work, no nothing.
So, he wanted to go out and have a good time, and figured he could pawn off a gold watch his grandfather had given him to get a bunch of cash for some hookers and a great time. At the pawn shop, the owner would not pay him anything for the watch. The soldier said, put it's 14 karat gold. The pawn broker replied, "Everyone wants to sell gold, no one wants to buy gold." He then found out the currency of the day was cigarettes, chocolate, tea, cloth, soap and other things that were inexpensive to him and which he could readly buy at the PX.
The point is, if and when Mad Max becomes a reality, gold is worthless. What people will kill for is that can of spam you have.
Brave brave Sir Robin,
There is an anime called, "The Grave of the Fireflies". It's a story about two Japanese kids whose father is away fighting in the war and their mother gets killed in an air raid. The story is about the older brother trying to care for his younger sister while they both starve to death. It is one of the most heartbreaking movies I have ever watched.
Definitely reminds you of the horrors of war...but Hey! Why bother with such negative thoughts. All is well here in Elysium... Ummmmmm...
Have a holly jolly Christmas, it's the best time of the year....
Ummmmm Elysium, ummmmmm
I recently watched "The Grave of the Fireflies" with my ma. It's one of the most realistic, sad pieces of film, as you say. Must watch for all those with some heart left.
"Where am I supposed to get food?", asks the boy when he takes his sister to the doctor, as the doctor says "all this little girl needs is some good food."
Off Topic: I also recently suggested plain old car camping in a group of friends that likes to stay in convenience's reach (the one homie I intend to go with doesn't mind sleeping on the ground...). You would be surprised how reluctant the average convenience-seeking humanoid is to spend a night outside watching the stars. How far we have slipped...
edit: "How can you know, that which you have never missed?"
"precious gemstones crush gold" Government need you had better go back to the drawing board or better yet I will sell you all the rated ISI1 carats you like for gold.. You know tt about gemstones and their true value.
Obama and most Commies from Shitcago and i will want to bomb Iran for bombing Shitcago.. No, no I wont.. I may bake them a cake.
G. GAY RAINBOW UNICORNS WILL BUNHOLE ALL THE MEN IN THE U.S. CAUSING THEIR SPHINCTERS TO COLLAPSE AND THE PRICE OF DEPENDZ WILL GO UP 2,000%
PLEASE GET READY!
'Fool me once, shame on ... shame on you. Fool me... You can't get fooled again!'"
He was quit a speaker....LOL
He was quit a speaker
Sorta like you're quite the writer?
The Fed loaned that $$$ to your Gov. to take care of YOU and the children!
"Meh, The Krugman told me we can easily create 18 one trillion dollar coins to pay that off, easy peasy."
The dollar coin is 2mm in thickness. 18 trillion one dollar coins stacked high will be 36,000,000 km high. To give some scale, it is less than 384,000 km to the moon.
If anyone is so stupid as to coin 18 1tn USD coins to pay off the debt and place them in a filing cabinet in Parkersburg, WVa, the next day the global UST market will tank accordingly because everyone outside the USA who holds USDebt will rightly conclude that the US Gov can just coin some worthless metal and state that those Treasuries will be redeemed for this grifters coin. This will be considered by global investors as a defacto default.
Paying off all future expenses - no business ever saves up 75 years of future needed revenue when they start any going concern - with 220 of these coins will still mean that ongoing revenues will have to fund all existing services demanded.
IOW this just pushes forward The Day of Reckoning and pay as you go only, to the day they mint these ''coins''. They do that, and your SS drops -25% to -44%, depending.
The global debt market won't be fooled twice and will demand much higher interest rates of return against another future risk event of more of these ''coins'' and you just end up with a defacto default and higher interest payments on any and all future debt you are able to get some sucker to buy.
Someone should void this man's degrees.
Unfunded liabilities is bogus crap to scare people. It's not a liability until it comes due. While the scaremongers only count estimated liabililities they refuse to calculate the revenues that would be generated in that time period. To use their bogus accounting as of today you have an unfunded liability for the food your going to purchase 10 years from now and for the rest of your life thereafter.
obama and his extended family does though.....real fuckin" old
I'd argue that in the parallel Fed-Universe, where MENA wars and lower oil and PM prices make the petrodollar stronger, the rising Debt makes it even stronger. Up is down, and down is up, Alice.
Banksters get a free pass. As for you, Skateboarder... "You. Shall. Not. Pass!"
+1 for an underappreciated post. We do live in that parallel universe - it's all parallelly fucked!
We enslaved some folks.
Oh yeah"
. "Rarely is the question asked: Is our children learning?"
I am pleased that the question is a rarely asked question because the question is a slaughter of English Grammar.
Much like Miley Cyrus, grammar is overrated.
Tall Tom
Now that's funny.
If only these fantasies were true.
I read through some of the comments above and the hope that the economy might be coaxed back to stability and fairness by some metal is totally unsupported. In fact, it will more likely respond with unpredictability, violence, and chaos.
Ladies and gentleman, humanity has already overplayed its monetary, energy, food production, and disease resistance by manipulating DNA cards, already.
Now, we will be facing high-costs and high-risks while acquiring diminished returns.
And with over 7 billion people, growing at a rate of 1.2 annually, in an Earth’s GDP of $ 75 trillion dollars.
All while:
In the US, Private Debt (Not including financials and government) = $ 40.435.5 trillion dollars / 316 million Americans = $127 thousand for each man, woman, and child.
http://www.federalreserve.gov/releases/z1/Current/accessible/l1.htm
And, in the Middle East, its naive mythologies (their Muslin religion) can overcome Western greed and stupidity.
If only they worshipped "muslin", the world would be better off.
Standard Disclaimer: grammar tangent.
a) Who are they?
It seems to me that you have a complete different line of thought there.
.....................and the nigga failed
lmfao
!!! LOL.
We might have to dissapoint some folks when these loans will have to be paid back.
call the Furguson police ..
I agree, but do not FORGET who dumped this on us....the Bush and the Repubs with their cozy bankers and super rich that are still the owners of the Repubs and also now the DEMOS....there is NO difference. Both parites are owned by the BIG MONEY. Non of the bankers have gone to jail and none of the politicians have gone to jail. But they are throwing in jail pot heads and the poor.
The parties are both whores to the dollar. When the crash comes with the 18 trillion debt load, it will effect the poor, the middle class and maybe some of the upper class but it will not effect the super wealthy. They will walk with their minions to take over again unless there is some sort of reveloution that cleans out the top money and redristributes the wealth. The public trust? Ha! that has been long gone.
No Difference? Only one party voted to establish Medicare, Medicaid, Foodstamps etc. Only one voted to establish Obamacare. And these programs alone account for the vast majority of the deficit. Only one party established the ponzi called social security. And only one party promoted the establishment of the FED and the income tax-the root of all subsequent problems and the basis of the social welfare/warfare state and the pathetic dependency that is the greatest poverty of all. Which party was in charge of WWI and WWII? Ignorance of history is no excuse for insane statements. The party of Jefferson also has lots to be sorry for-especially the disgusting George Bush who agreed to bail out the failed banks.
Here's something to guide your thought process in the future: Discrimination is the ESSENCE of intelligence!
But there's something all "classes" have in common: We're all going to die and you can't take it with you. This is why scapegoating and class envy are so useless. Live your life and enjoy it. Got a problem-look in the mirror first!
"...unless there is some sort of reveloution that cleans out the top money and redristributes the wealth"
HA HA AHA AHA Aha ha ahahahahahah Ah ah AHA
I got a good laugh out of that but seriously you say both parties are the same but you still spout false political memes about Republicans are "for the supper wealthy" as though they're the only ones. As though Democrats are looking out for the "little guy" and Republicans only look out for the wealthy. This is a long standing false meme. Democrats get money from the same people the Republicans do. One thing is certain though, Democrats want to keep you poor and subservient especially if you are black.
...and we are never ever paying it back.
Does pay interest.
Is an asset.
The deficit on the other hand....
And this is true ( EJmoosa).The other day the nitwit Krugman said that there should be debt forgiveness and that all cash should be done away with and that this would stop crooks and thieves. Is he kidding.?? It would get rid of the monsterous debt of the bankers (they would be very happy to get rid of their mistakes) and it would give the keys to control to the top so that they could parse out credit cards with a certain amount of money that they felt was justly due to the serfs. Their credit cards would be huge because......they deserve it. Krugman is an idiot. The Bank of International Settlements estimates that the world debt is now $709 trillion..the real debt load is around $220 trillion and the rest is the banks CDO's, Derivatives, MBS's and a host of other far flung ideas that the banks have concocted up....do you think that we will ever get rid of this debt?
Not us...our grandchildren maybe
I'm fucking rich. I started back about thirty years ago, basically taking the money from my account and spending it on hookers, blow and big TV's, replacing the spent funds with promissory notes written on scraps of paper. Better still, I promised to pay significant interest on these "notes", which when compounded has added up to a pretty tidy amount. As I approach my retirement, I have realized exactly how rich I am and have gone about spending every dime I have left as the newly incurred debt is only adding to my wealth. Its ridiculously easy and I can only assume that those have not realized this secret are just stupid.
I'm rich I tell ya!
Don't be jealous, as I, like Obama and his tribe, am just smarter than everyone else.
Guilty as CHARGED! (as in charge it)
https://www.youtube.com/watch?v=8rqNZAIQH4U
Dude, a bit of a set up to what you want us to watch...if you would.
Thx
Life is a grab bag.
FED: Just print up an $18 trillion dollar bill.
Problem solved.
Hell, print up a $100 trillion bill while you're at it.
"Hell, print up a $100 trillion bill while you're at it."
I've already got one of those:
http://www.providentmetals.com/zimbabwe-100-trillion-dollar-note-uncirculated.html
When they had them in stock, I paid just $4.95 (US) for one...
[But you can still get the 50-trillion note for $7.95 (US):]
http://www.providentmetals.com/coins/currency/inflationary-currency.html
FED: Just print up an $18 trillion dollar bill.
Problem solved.
Hell, print up a $100 trillion bill while you're at it.
odious. odious i tell'z ya !
what will happen now everyone's gone to the moon
Free Shit Army Maximo !
Land of the free lunch
and fapping to porn at work. Only if you're gubmint though.
"this is a positive thing. public sector debt = private sector savings."
Yeah, it's kind of like if I sell the government counterfeit currency for its gold. It's gotta be good because it increases private sector savings. And I'd appreciate it.
....fuk da gummint....fuk da elected ruling politucal turds... fuk da fudgepacker in chief most of all...
No mentions from any of those fucking pricks who infect CNBC worldwide, nothing
Weeeeeeee! Not my debt, I didn't sign for it.
"Weeeeeeee! Not my debt, I didn't sign for it."
You live under a REPUBLIC not a DEMOCRACY.
Doesn't matter if you didn't sign.
Your representatives can sign you up as collateral.
You are responsible for every bit of those $18 TRILLION dollars.
You should review the US Constitution.
You live under a REPUBLIC not a DEMOCRACY.
Prove it.......
Representative Republic. We elect reps to make decisions for us. That's pretty much the definition of a Republic. You can make an argument for it's subversion etc. but it's still a Republic. I miss intelligent commentary on the Hedge.
I still hate my long dead ancestors for even coming up with the notion of democracy.
You live under a Criminal Fraud UNITED STATES, CORP. INC. Sold out in 1871. You're Soul (Birth Cert) is a Traded Bond used as collateral to pay back the Debt via the Bankruptcy of 1933.
Sold out on June 21, 1788.
"To borrow money on the credit of the United States."
It's gonna matter when you try and force me to work so you can collect it.
Because when that day occurs there will an uprising that makes the American Revolution look like a church meeting.
man ,wake up, you work for what.... for who... you receive money for something you do, make, build, assembly, create....
liberty is when you work for yourself and owe nothing to noone and do not use money.
u are a slave just like anyone else, stop thinking you are free and superior.
Well technically, a social security number is not required to be an American. So what if you didn't have one? What if every person who claims to be independent didn't participate?
"Weeeeeeee! Not my debt, I didn't sign for it."
You live under a REPUBLIC not a DEMOCRACY.
Doesn't matter if you didn't sign.
Your representatives can sign you up as collateral.
You are responsible for every bit of those $18 TRILLION dollars.
You should review the US Constitution.
This is clearly a lie, because I have it on authority from Barrack H. Obama himself that he cut the deficit in half for 2014.
what he meant to say is that he cut the deficit in half that the republicans would have made.
No, what he meant -- what they always mean by a "cut" -- is that they didn't increase spending as much as they wanted to increase it.
I have to track my R&D at work. Hopefully, I won't have to track my hookers and blow consumption too.
"Thar she blows Cap'n! Off the port bow! The White Wale!!!"
mmmmmmmm
white whales...
Winning
I can remember back in the 90's, people clammoring that when the national debt hit 6T, we would have surpassed our ability to service the debt...
Seems like lifetimes ago...
There were actual interest rates back in the 90s.
Not now in today's world of ZIRP.
Or when they had to add another digit to the debt clock??? I'm guessing we'll revisit that problem again some time soon...
You just *know* if The Tribe isn't getting their cut of the skim during ZIRP, they're getting it some other way.
Well it all adds up:
Total--Interest on the Public Debt, Table 5 Monthly Treasury Report
2014 Total--Interest on the Public Debt = $429.568 Billion
2013 Total--Interest on the Public Debt = $415.670 Billion
2003 Total--Interest on the Public Debt = $318.149 Billion
2002 Total--Interest on the Public Debt = $332.537 Billion
2001 Total--Interest on the Public Debt = $359.508 Billion
2000 Total--Interest on the Public Debt = $362.118 Billion
1999 Total--Interest on the Public Debt = $353.511 Billion
1998 Total--Interest on the Public Debt = $363.824 Billion
They were right. We cannot service the debt any longer. We had the Fed manipulate the rates to near 0, and we sstill cannot service the debt. We are borrowing money to pay the interest.
This despite, a record federal tax haul.
And they wonder why companies are not hiring or increasing wages...
Assholes.
You misunderstand. Everything is fine, they simply are not taxing enough. If the just taxed enough, they would have enough to create the utopia they have been working towards all these years.....and we are so close now....just inches away. Just a little more and they should have it....all.
32 billion in a DAY! FFS!
Can someone stop this insanity?
americans just need to stop taking news credits.
It's everyones default!
"32 billion in a DAY!"
American Revolution cost $2.41 billion (inflation-adjusted) Read more: http://www.businessinsider.com/cost-of-war-2010-7?op=1#ixzz3KhAyHQc8US debt is only $18 trillion and rising at $1 trillion a year. US unfunded liabilities are $130 trillion (Kotlikoff says $244 trillion) and rising at $7 trillion a year. US debt and unfunded liabilities work out to be $1,270,000 per taxpayer. And rising at $68,000 per taxpayer per year. The chance of US ever paying down its debt and unfunded liabilities is less than zero.
Just so, and that negative cash flow will hit like a ton of bricks any time now.
Being a politician, at any level, will soon be one giant beeeitch.
The other side of the coin is that US inflation has been understated by more than 3% for the last twenty years. That means US GDP was overstated by at least 3% for each of the last twenty years. Correcting that GDP for 3% over 20 years cuts it in half. So real US GDP is only about $8.5 trillion instead of the assumed $17 trillion. That makes US debt to GDP ratio approach Japan's even if we just omit the unfunded liabilities. Keep buying those US bonds - they are backed by the best lies of the Fed and the US BLS
$500 billion was added to the US GDP on July 1, 2013, thanks to itunes and other intangibles.
US GDP Will Be Revised Higher By $500 Billion Following Addition Of "Intangibles" To Economyhttp://www.zerohedge.com/news/2013-04-21/us-gdp-will-be-revised-higher-5...
i think more less then 8.5t
Intangibles? Like happy thoughts?
Its only a matter of time before we go the way of Italy and start counting hookers and blow towards GDP
Don't forget Afghanistan heroin
My absolute favorite addition they do to the GDP is this: If you own your home Outright, have the title deed in your purdy little hands, they add in what your rent would be if you did not own your own home. These fuckers are criminals the likes of which the planet has never seen...
Thats the thing about math models. When you extrapolate, it makes shocking headlines. But in reality, we never make it that far. Something will break. Gov unable to pay debt, not enough doctors to cure treat the sick or not enough food to feed everyone.
There was a lib on TV stating how in 10 years 95% of the population will be obese. nevermind that more than 5% of the popuation has eating disorders (anorexic) or add in old people or those active metabolism folks. But why let the truth get in the way of a shocking headline?
Huh?
Just remove the assumption "debt needs to be paid back someday" and it goes much much further...
at least someone who really understand how it works.
The unfunded liabilities and the associated growth rate is just a ficticious number. Those numbers will be destroyed by a combination of obligation destruction, and money devaluation. The only game left is which side of the coin gets which percentage. People are stupid, and they'll never vote to cut their bene's in 1/2, so the government will cut the value of the currency in 1/2. The sad thing....is a 2 for 1 currency deval still wouldn't fix it.
Not fiction at all, just accounting.
Much of it is for pensions, health care liabilities, loan guarantees..., things that are not easy to fudge,
but you're are right about the outcome, printing and eventually hyper inflation.
A Government Default is another possibility. They just refuse to honor obligations.
Social Security "Means Testing" can be written into law and be written so that the law will eliminate 90% of the beneficiaries.
It does not have to morph into a Hyperinflationary Inferno. That just serves to destroy the currency. A Deflationary Depression, with similar results, will follow that Hyperinflationary Inferno anyway.
Personally I would choose the Defaltionary Depression now, save what is left of the currency, and be able to begin anew without having to create a new currency. Certainly there are going to be a lot of pissed off people. Even with the destruction of the currency there will be a lot of pissed off people.
Since the end result is the same they need to man up, tell the public the truth, default, and move forward.
But do not hold your breath.
I am just informing you that there is another alternative. The path has not yet been crystalized and nothing is written in stone.
People pay into a gov pension plan, the gov spends the money foolishly, and then wants the people to take a haircut!
How about Ron Paul's Idea, where you can opt out of the forced plan.
People how much more do you need to witness before you will come to the earth shattering conclusion that you cannot trust your Gov.
Don't worry - you can pay that $68,000 off with a small portion of your future 2026 hyperinflated monthly Social Security check - or you could just use a single one ounce gold coin in the year 2026 -- your choice!