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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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One thing about you gold bugs, you have helped immensely in the transfer of all your knowledge about gold to the rest of us who haven't spent much time parsing all the nuances the PM has to offer.
For that, our thanks.
If only knowledge alone translated into wealth.......
+1 (!) You're very welcome. I'm just not a fiat bug as most of the western world are right now. I've read lot's about PMs and do believe they are tremendously undervalued (in fiat terms). But the continued use of the word bug in relation to gold does only show arrogance and a lack of knowledge on the subject IMHO. If one desires wealth, one needs to know what wealth is. May you and all be on the right side of the trade when the hammer falls. Good luck to all, we'll all need it.
Merkle is either stupid, or just trolling for the USA.
And whats masculinity got to do with it anyway?
What we should be talking about is leadership...which Merkle has shown herself to be a traitor to German people and the US geopolitical fuck-doll, and Putin pretty much protecting Russian long term interests.
The thing is for Germany is that while the US can play any game it likes with Russia via Europe they can sit safely at home in mainland Nth America. Poor old Europe and Germany have to suffer the economic and geopolitical consequences at home with their Russian neighbour.
If Merkle were their looking out for German interests and people it would be telling the US to fuck off and developing closer ties with Russia In the end this will be evident..
The UK has included hookers and illegal drugs in their GDP.
Not quite true, the EU has included drugs and prostitution in their UK GDP calculation to make our contribution to the gravy train larger. But no_one contested it. A precedent has been set, so expect the rest of the world to follow.
"If you like your debt, you can keep your debt."
"We indebted some folks"
"In debt we trust"
"This is the USA. We're not some Banana repulic. We always pay our bill"
How is this bad??????? Come on and embrace debt.
"I see debt, people".
Reg, we are not going to get rid of Mooch or get our Dream Home and wedding unless we can kill America. Help me out here. You actually went to college. I need moar ideas.
OK, munchkins.
Now's when the really bad stuff starts happening, like when politicians can't sleep at night for some reason.
We indebted some folks...
Where the f*ck did it all go?
8 Trillion dollars MORE in the hole than all the previous administrations combined. 18 Trillion today vs 10 Trillion when Obama came into office.
The Dems are bragging that the Treasury has been recording record tax revenues for a few years now.
So, record tax revenues and record debt = gigantic, excessive record spending.
Where the f*ck is this government spending all our money?
print and spend..... on useless social programs, crony kickbacks, foreign aid, illegals and war.... and no one gives a shit as the community organizer/shit for brains shreds the constitution
Its OKAY.....Fed own 4 Trillion of it.....right?
Hookers and blow, red boys and chardonnay, opium and warm orange juice, mutton and mead!
In the morning!
$18 trillion in debt but the USA dollar is SO STRONG! :-)
The debt bubble can not last forever. Eventually it will collapse and catastrophically so...
http://www.globaldeflationnews.com/anatomy-of-a-bubble-how-the-federal-r...
Funny,There wasnt much said when it hit 17.000 during the Democrats convention. I found it a glimpse into the future.
So how high before King Obama leaves? I figure 19.500.
If the current crop of GOP and Dems get together and quickly get a budget in place (before the GOP freshmen, who are pretty much all fiscal conservatives get in office) we'll see spending accelerate over the next 12 months. If you can imagine even faster increases in spending.
Boehner is not looking forward to the GOP noobs hitting the chambers and being pressured to be responsible and act on the people's behalf, and a great way to piss in their faces right off the bat is to pass through a budget before Jan 1.
The immigration and SNAT boost the consumption & increase the GDP.....Hussein Obanana is a very good economist.
It's only money.