Total US Debt Rises Over $18 Trillion; Up 70% Under Barack Obama

Tyler Durden's picture

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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zerohedgejjxxzz12's picture

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!

 

 

ufos8mycow's picture

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.

sleigher's picture

Liquor...  or a still.

Oldwood's picture

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.

tenpanhandle's picture

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.

BraveSirRobin's picture

"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. 

messymerry's picture

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

Skateboarder's picture

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?"

Calmyourself's picture

"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.

Calmyourself's picture

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.

ersatz007's picture

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!

Dinero D. Profit's picture

 

 'Fool me once, shame on ... shame on you. Fool me... You can't get fooled again!'"

G in FLA's picture

He was quit a speaker....LOL

Pickleton's picture

He was quit a speaker

 

Sorta like you're quite the writer?

G in FLA's picture

The Fed loaned that $$$ to your Gov. to take care of YOU and the children!

YHC-FTSE's picture

"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.

Leraconteur's picture

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.


not dead yet's picture

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.

bitterwolf's picture

obama and his extended family does though.....real fuckin" old

noben's picture
noben (not verified) Skateboarder Dec 1, 2014 6:24 PM

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!"

Skateboarder's picture

+1 for an underappreciated post. We do live in that parallel universe - it's all parallelly fucked!

reTARD's picture

We enslaved some folks.

Dinero D. Profit's picture

Oh yeah"

 

. "Rarely is the question asked: Is our children learning?"

 

Tall Tom's picture

I am pleased that the question is a rarely asked question because the question is a slaughter of English Grammar.

wendigo's picture
wendigo (not verified) Tall Tom Dec 1, 2014 9:08 PM

Much like Miley Cyrus, grammar is overrated. 

Escrava Isaura's picture

 

 

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.

 

 

cheech_wizard's picture

If only they worshipped "muslin", the world would be better off.

 

Standard Disclaimer: grammar tangent.

Escrava Isaura's picture

 

 

a) Who are they?

 

It seems to me that you have a complete different line of thought there.

 

winchester's picture
winchester (not verified) reTARD Dec 2, 2014 7:38 AM

.....................and the nigga failed

 

lmfao

flyingpigg's picture

We might have to dissapoint some folks when these loans will have to be paid back.

mt paul's picture

call the Furguson police ..

casfoto's picture

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.

John_Coltrane's picture

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!

The Wedge's picture

"...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.

ejmoosa's picture

...and we are never ever paying it back.

disabledvet's picture

Does pay interest.

Is an asset.

The deficit on the other hand....

casfoto's picture

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?

stocktivity's picture

Not us...our grandchildren maybe

Oldwood's picture

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.

El Oregonian's picture

Guilty as CHARGED! (as in charge it)

BennyBoy's picture

FED: Just print up an $18 trillion dollar bill.

Problem solved.

 

Hell, print up a $100 trillion bill while you're at it.

Pool Shark's picture

 

 

"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

 

 

BennyBoy's picture

FED: Just print up an $18 trillion dollar bill.

Problem solved.

 

Hell, print up a $100 trillion bill while you're at it.

Tek Kinkreet's picture

what will happen now everyone's gone to the moon