US Debt Reaches $18 Trillion; Surges 70% In Obama's ‘Recovery’

GoldCore's picture

US Debt Reaches $18 Trillion; Surges 70% In Obama's ‘Recovery’

Total U.S. national debt hit a new record high overnight at over $18 trillion as the Obama administration continues to pile debt onto the back of the U.S. taxpayer at a rate that would have made George W. Bush look prudent.

With the U.S. national debt or government debt now at over a staggering $18 trillion, it means that each household in the U.S. now carries the burden of $124,000 in national debt alone - or $56,378 per individual. This does not include the massive private debt or household debt burden - people’s  mortgages, personal loans, credit card debt, student loans, car loans and other household debt.

When Obama took office in 2009, the national debt had surged to $10.6 trillion up from $3 trillion at the beginning of Bush’s tenure in 2001.

It also means that total U.S. debt has increased by 70 percent under Obama, from $10.625 trillion on January 21, 2009 to over $18.005 trillion today.

As ever, historical context is all important. The U.S National Debt took 43 Presidents from 1789 until 2008 to reach $9 trillion. The National Debt rose $4.899 trillion during the two terms of the Bush presidency. It has now gone up nearly $8 trillion since President Obama took office.

In short, the federal government has borrowed, and spent, nearly $7.5 trillion more since President Obama took office than it has collected in taxes. Obama’s policies have continued to favour Wall Street and corporate interests over Main Street.The U.S. national debt is spiralling out of control, seemingly without any plan to ever reign it in and yet the rise above $18 trillion was not reported in mainstream media.

Compared to this time last year, the national debt has grown by another$1 trillion. At the end of September 2013, the cumulative debt stood at $16.74 trillion. Now it is over $17.76 trillion.

Astoundingly, more than $7 trillion of additional US national debt will have been accumulated over the 8 year duration of Obama’s two presidencies, which is more than the accumulated U.S. national debt of all previous U.S. presidents combined.

This is not to mention the astronomical expenses of more than $200 trillion of U.S. government unfunded liabilities such as medicare, medicaid and social security.

Household debt--including mortgages, credit cards, auto loans and student loans -- remains close to $12 trillion.

The U.S. debt position increasingly has all the hallmarks of a Ponzi scheme. The Daily Treasury Statement that was released last Wednesday afternoon as Americans were preparing to eat turkey on Thanksgiving revealed that the U.S. Treasury has been forced to issue $1,040,965,000,000 in new debt since fiscal 2015 started. This is just eight weeks ago. they had to do this in order to raise the money to pay off Treasury securities that were maturing and to cover new deficit spending by the government.

During those eight weeks, Treasury took in $341,591,000,000 ($341 billion) in revenues. That was a record for the period between October 1 and November 25. But that record $341,591,000,000 ($341 billion)  in revenues was not enough to finance ongoing government spending let alone pay off old debt that matured.

A conservative measure of the U.S. National Debt to GDP ratio is now around 103%. The talking heads have, for many years, downplayed the out of control spending of successive administrations with the justification that it was below the “psychologically important” debt to GDP ratio of 100%.

Well, here we are now over 100%  and all is quiet.

The Total U.S. Debt to GDP ratio is now over 300%. Such debt levels ordinarily give rise to debt crises and currency crises.

So how can we expect this scenario to play out? If it hasn’t mattered thus far why should it matter now? Well for one, U.S. government profligacy has been protected by the extraordinary status that the dollar has enjoyed as a reserve currency since the early 1970s and Nixon going off the Gold Standard.

Heretofore, almost all balance of trade deficits have been settled with dollars. All oil transactions have been settled in dollars. This has allowed the U.S. an “exorbitant privilege” in the words of  Valéry Giscard d'Estaing, the former French Minister of Finance. It has allowed the U.S. to live beyond its means because its currency remained in demand regardless of its economic performance.

Over the course of this year, however, the dollar has taken what should be seen as an alarming series of blows to its status as trusted sole global reserve currency as currency wars intensify.

Increasingly, the new power bloc that are the BRICS nations are settling their trade deficits with domestic currencies, by-passing the dollar. Russia and Turkey have just signed a gas-line agreement to this effect. As have russia and the emerging superpower China.

There is a perception that the U.S. dollar is still strong and is still the reserve currency of choice.

This is based on the strong performance of the Dollar Index as of late. It is important to note the distinction between the dollar and the Dollar Index. The index rates the dollar relative to a basket of other mainly western currencies, primarily the euro. The recent “strength” of the dollar is merely strength against these other struggling currencies including the euro.

Russia’s foreign minister, Sergei Lavrov, pointed out last week that “the seven developing economies headed by BRICS already have a bigger GDP than the Western G7.” This drives home the message that the economic might of the U.S. is waning. It is doubtful whether it will be able to re-establish or indeed maintain the Bretton Woods paradigm which gave the dollar it’s preeminent status.

Another major cause for concern should be the impending rise in interest rates. The ability of the U.S. to service its debt will be drastically reduced if rates move higher. Already a number of states have defaulted. The luxury of determining interest rates may not be one that the Fed will enjoy for very much longer. When rates do finally rise we may witness the default of the U.S..

If this spectre comes to pass – and possibly independent of it – there will be demand for a new store of wealth. History teaches us, regardless of our own philosophical or economic outlook, that gold will be one such store.

The BRICs countries are major purchasers of gold - both their people and their central banks. If economic influence is moving East it would be prudent to emulate them and acquire gold as a store of value. As always, we advocate allocated and segregated
gold coins and bars in secure vaults and in safe jurisdictions around the world.

This continuing surge in the U.S. national debt means that the U.S. is now the largest debtor nation in the world - by a significant margin. This profligacy will be paid back by the American people, and most likely by people every where, in the form of higher taxes, higher interest rates, inflation and almost certainly currency crises.

 Get Breaking News and Updates On Gold Markets Here

Today’s AM fix was USD 1,197.00, EUR 962.68 and GBP 761.60 per ounce.
Yesterday’s AM fix was USD 1,178.75, EUR 945.46  and GBP 750.56 per ounce.

Gold climbed $45.60 or 3.91% to $1,212.60/oz yesterday. Silver soared $1.03 or 6.67% to $16.47/oz and surged nearly 17% from the interday low. Such volatility and intra-day reversals frequently presages a bottom.

Gold’s rally was likely due to  technical buy signals and a short squeeze, robust demand from China and India with the potential for increased Indian imports.  GOFO backwardation continues suggesting stresses in the physical inter bank market for large London good delivery bars.

A sudden fall in stock markets globally made traders nervous and likely contributed to gold’s safe haven bounce.

Gold has fallen marginally today and is testing the $1,200/oz level today. The greenback rose to the highest since 2009 yesterday amid continual hints and suggestions that the Federal Reserve will raise interest rates next year.

With the U.S. national debt surging another $1 trillion in recent months to over $18 trillion, it is difficult to see how interest rates can be raised in any meaningful way without creating an economic collapse. This is not too mention the huge levels of private debt at every level of American society and indeed the unfunded liabilities of between $100 trillion and $200 trillion.

The precious metals group climbed as crude oil went south and dropped to its lowest price in 5 years prior to a sharp bounce.

Silver for immediate delivery dropped 1.7% to $16.183 an ounce in London. It rebounded yesterday from a five-year low of $14.4235 to settle 6.5% higher, the biggest gain since January 2012.

Platinum slid 1.7%  to $1,217.50 an ounce. Prices gained 3.2% yesterday, the most since August 2013. Palladium lost 0.7% to $802 an ounce.

Essential Guide to Storing Gold Bullion In Switzerland

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esum's picture

obumbler is using ferguson and race to necessitate more police state.... and 98% of the negroes are too stupid to see it.... 

someone explain how the dollar is increasing in value if the economy is rotting....... and interest rates are near zero, unless depression is around the corner.... and if so, what will the ebt free shit crowd do when free shit is ceased... 

the libtards know that their future is tied into amnesty and are busily importing democrats to keep the power...

how in the name of reason can hildabeast even consider running for office much less the presidency when she is a neuter version of the pos the bobbleheads elected twice... and if people are so unhappy, why do only 40% of eleigible people turn out at the polls... ??? because 60% ahve reached the realiziation that it matters not whcih party is in control... debt goes up, freedom goes down... now there is talk of a contitutional convention..... i guess to drop the facade and take all freedom away...


Jano's picture

whats the difference to Greece?

The Greeks have much more ilands in Ionian sea.

Quaderratic Probing's picture

1billion in BRL/RUB trade 6 months ago has cost Brazil over 80 million compared the same trade in done in USD.

Bet they are glad to hold ROUBLES now.

Way to go chessmasters.

4 out of 5 of past reserve currencies were gold based.

Otrader's picture

The Red team is different than the Blue team when it comes to debt.  NOT!!!!

They'll do as they're told by their Money Masters.  Onward to $20,000,000,000,000.00!!!!

The interest paid by the taxpayers to these banker aholes  is not taxed. It's just divided amongst the 8 families that own the juggernaut Fed Rsrv.  The higher the debt, the more they profit. 


'It's all about the bucks kid!  The rest is conversation.' - Gordon Gekko







AdvancingTime's picture

Yes, for those who note such things or care America it there. The national debt is at the 18 trillion mark. This has happened as Americans continue to hear from the media how robust economic growth has helped push the U.S. budget deficit down to the lowest level since 2008. Claims of the sharpest turnaround in the government’s fiscal position in at least 46 years are targeted at reassuring American that Washington has got our back.  

The ugly truth many people choose to ignore is that starting in 2017 entitlements will become the driving force and carry the deficit in to nosebleed territory. Any claim that the Obama administration has the budget deficit back under control is a total lie. We are mired in the mist of the greatest government debt bubble in the history of the world. The recently written article below looks into the risk that with the artificially low interest rates many people seem to have little desire to do anything about this.

disabledvet's picture

Again...not the Federal Government's problem.

Nor has any Governor spoken out against the consequences of bailing out Banks instead of "citizens.". The answer of " more slave labor" neither pays the debt NOR the equity.

The responsibility therefore lies AT THE LEVEL OF THE STATE ACTOR.

We now have riots spreading through the country and a war we started that looks about to be finished by "others." The question of who pays for that remains not answered.

It will be answered however.  "Up armoring" is not in my view the right response as that sounds precipitously expensive "with no way to contain the cost."  If I were a Governor I would be quite adamant that this is in fact exactly the wrong thing to do.

Securing the District is one thing...but the entire United States of America quite another.  Our military forces are distributed throughout the Continent and can secure their bases without much difficulty.  Should they start "fanning out" in order to provide greater security for society at large the cost for such an action will be needless to say SUBSTANTIAL.

grekko's picture

Interesting observation, Disabledvet. I believe you are correct about securing the district.  Easy enough presently, but how long can they secure the district when the dollar dies?  Not for very long, I'll bet.  Soon enough these bastions of security will begin to dissolve as the outside collapses.  Are any of these bases self sufficient in food and energy?  I hardly think so.  They may hold on for a bit, but they will fade as well.  Soldiers will go home to their families as food runs out, taking with them their weapons for protection.  Perhaps we'll end up with a similar scenario as the TV series Revolution, or perhaps "Postman".  A fragmented country, with many areas run by petty warlords, ripe for the plucking.

I wouldn't overly worry though.  The Feds will start WWIII first to shift the blame, else they'll know that they will end up hanging from lampposts and oak trees.  Then the country will break up into petty lordships. 

Let's hope for cooler heads and rational thought, because there is a way out, although I don't believe our govt will take that road.  It starts with jailing those who caused this mess, the International Elite Bankers and corporate heads.  Returning to gold/silver as honest money.  Doing away with entitlements.  The FSA won't like it, but it'll happen one way or another.  End all wars and bring the troops home.  Hammer the swords into plowshares, in which case Raytheon and General Dynamics won't like it, but at least our troops will be home, not stuck 1/2 way across the world when it all collapses in on itself.  Downsize govt on all fronts.  Eliminate the income tax and replace it with nothing but tarrifs on certain imports.  Return the power to the states and counties, where it can be controlled by the people who live there. 

Yes sir, I have a dream.  Shame it's a pipe dream.

Bemused Observer's picture

We're at the point where it doesn't matter anymore who spends what, the debt grows on it's own. It has become self-sustaining.
I say this not to absolve any particular politico of his/her outrageous spending habits, but merely to point out that we have passed the point of being able to realistically service this debt and still retain any quality of living, never mind actual economic growth.
In short, it has become an exercise in self-destruction to continue to pretend that we can play this game anymore.

WhackoWarner's picture

I stress.  This debt does not belong to me.  My family.

So who is trying to pick my pocket and hide it all through the political system?  This is the question we all need to ask.  WHY do I get up and go to work every day if I am simply running backwards supporting theives?


The general population has not asked this yet.    MY protest?  I have quit shopping for anything I cannot grow/make,  FU.

grekko's picture

I agree Whacko.  I'm not totally ready yet, but bring it on.  I'm tired of watching this slow motion train wreck.  I'll make do with what I've prepared so far.  Let the games begin.

BlussMann's picture

Careless Rapper to the rest of the world, Negro Messiah to the denizens of the USSA !

Radical Marijuana's picture



Given the fundamental structure of the MAD Money As Debt systems, the next President would have to preside over doubling the total debts yet again, or else those established systems would collapse into chaos. The American Political Economy IS A Pyramid Scheme (that must keep growing or collapse into chaos.) The government enforces the frauds of privately controlled banks making the public "money" supply out of nothing as debts. That system exists due to the international bankers, as the biggest gangsters, or the banksters, persistently applying the methods of organized crime to the political processes, in order to achieve their goal, which allowed them to legally counterfeit the public "money" supply.

In general, money is measurement backed by murder, because the debt controls depend upon the death controls. Those are the real problems, and any solutions that avoid the real nature of those problems are bullshit. The USA is the world's leading example of the basic system of DEBT SLAVERY BACKED BY WARS BASED ON DECEITS. The USA's debt slavery system has already generated numbers which are debt insanities, which are set to provoke death insanities.

IF anyone was serious about addressing those problems, then they should discuss how those death insanities might be catalyzed to become a new system of death controls, to back up a new system of debt controls. However, the established systems, including their controlled opposition groups, are dominated by the best professional liars and immaculate hypocrites, who are able and willing to continue to deny and deliberately ignore the central social fact, which is the EXISTENCE OF THE MAD MONEY AS DEBT SYSTEMS, which are enforced frauds, which are the result of human realities actually being organized lies operating robberies, where the production of destruction controlled production.

American Presidents have been the banksters' puppets for quite a long time. Of course, as the inherent structure of the MAD Money As Debt system developed, the total of American Debts have been on a exponential rate of increase, especially since 1971, when the last traces of limits due to connections between the "money" supply and the physical world were cut, to allow rampant, runaway enforced frauds to ruthlessly, relentlessly, and recklessly drive the growth of the total DEBT SLAVERY systems to become a nearly perfect match for the mathematics of exponential growth.

Therefore, OF COURSE, President Obama has presided over another doubling of the total debts ... and each subsequent President would have to continue to do that, even more so, even faster, in order to keep the established MAD Money As Debt systems going. However, those financial frauds can not work without the force to back them up, since the "money" made out of nothing is not worth anything unless there is a murder system to back that up.

Anyone who proposes "solutions" to the problems based upon notions of what "money" SHOULD BE tends to be spouting bogus bullshit, since the existing "money" IS MEASUREMENT BACKED BY MURDER. By and large, Zero Hedge is overflowing with bogus bullshit "solutions" based on what "money" should be, that deliberately ignore what money IS. Of course, those bullshit "solutions" are promoted within frames of reference that similarly tend to be total bullshit.

I REPEAT that the most important trend is that the USA is headed towards its levels of debt insanities provoking death insanities. IF anyone were to discuss that more intelligently, with more integrity, then that discussion ought to take place within a frame of reference regarding death controls in general, which was superior to the kinds of systems which dominate public debates at the present time, which are those whereby the death controls are done through the maximum possible deceits, while those are explained and defended by professional liars and immaculate hypocrites, whose lives were based on successfully operating within the established enforced frauds, of privately controlled banks making the public "money" supply out of nothing as debts, which frauds were enforced by governments.

The real overall social situation is that governments are the biggest form of organized crime, controlled by the best organized gang of criminals. Therefore, the MAD Money As Debt systems have become electronic monkey money, backed by apes with atomic bombs, which is the MAD Mutual Assured Destruction system. From a sublime point of view, those MAD systems have become runaway forms of collective criminal insanities. Inside that context, people like President Obama were the best available professional liars and immaculate hypocrites, who were able to keep the established systems going, at least for a little while longer ...

The CONTRADICTIONS between our basic monkey/ape nature, and the progress in science and technology developing the potential of the electronic/atomic nature, are getting BIGGER! However, by and large, most of the money/apes continue to indulge in bullshit old-fashioned religions and ideologies. Theoretically, WE NEED INTELLECTUAL SCIENTIFIC REVOLUTIONS IN THE PHILOSOPHY OF SCIENCE, THAT APPLY TO POLITICAL SCIENCE, AND THEREFORE, TO THE COMBINED MONEY/MURDER SYSTEMS.

However, at the present time, one must expect that under Obama, or some subsequent President, events are going to unfold more fully, in ways which come home to more Americans in more direct ways. Given that we have globalized electronic fiat money frauds, backed by the force of weapons of mass destruction, the decline and fall of the American Empire is potentially trillions of times worse than the decline and fall of any previous Empire!

But nevertheless, the established MAD Money As Debt system has an inherent structure which is based on enforced frauds, which are criminally insanities innate to that system, since it was the result of the principles and methods of organized crime operating through the political processes. That MAD system demands that the total debts keep on doubling, or else the established systems will collapse into crazy chaos. In that system, no more debt means no more money! Those systems of enforced frauds become more absurd from a mathematical point of view every day, since they were always a kind of magical mathematics, or magimathematics, whereby "money" was made out of nothing as debts, and could disappear back to nothing again when those debts disappeared.

Those enforced frauds appear to violate the basic laws of nature, by creating something out of nothing, which could disappear back to nothing, while no matter, and no energy, or no goods and no services, could do that. Of course, the real way that MAD system worked was through systems of legalized lies, backed by legalized violence, so that the measurements made with that form of fiat "money" were actually being backed by the threat of murder, along with enough actual murders to make those threats credible.

The American Dollar and American Military, were the combined money/murder systems that became the heart of the beast of the globalized empire built by the banksters, as the government enforced frauds by privately controlled banks. The American President is a figurehead political puppet, whose strings have become so entangled that he appears to be out of control. The American President presides over the American State Religions, which are its faith-based monetary system, backed by its psychotic sense of national security. The American Dollar has already been almost 99% privatized, in the sense of directed by privately controlled banks, while the American Military is increasingly being privatized too, (perhaps, as a guestimate, say 75%).

Of course, it is extremely difficult to discover the degree to which a political puppet like Obama actually believed whatever he may have said, or is saying now. As far as one can tell, he mostly reads a teleprompter, whose messages are the result of lots of other professional liars and immaculate hypocrites working on developing that kind of communication. But nevertheless, it is practically impossible to imagine President Obama stating the radical truth directly to the American People, that the MAD Money As Debt system is a criminally insane enforced fraud, operating inside the context where the vast majority of what the government of the USA does is based on systems of legalized lies, backed by legalized violence, whose primary manifestation were DEBT SLAVERY BACKED BY WARS BASED ON DECEITS.

Too bad, so sad, but nevertheless, within the established MAD Money As Debt system, Obama has to keep on endeavouring to double down on the total debts, even faster ... While any subsequent Presidents, IF the established systems last that long, will have to keep on presiding over doubling the total debts, even faster too ... In my opinion, that means we are necessarily headed towards severe social storms, due to the eventual psychotic breakdowns of the established MAD systems. Ideally, I would recommend more radical truths, as a kind of social psychiatry for that collective social insanity. However, since our debt insanities are headed towards provoking death insanities, it is not at all clear whether or not "we" will survive through those events ???

Meanwhile, one can only wait and watch, as the established systems continue to try to double the total debts, again, even faster, since that is what those systems were built to do, and so require in order to keep going ...






… … … ENERGY IS SPIRIT … … …

For those who have assets, to purchase precious metals as a put against the runaway political insanities makes relative sense. However, looking at the magnitude of the problems today becoming trillions of times worse than those back in the days of the decline and fall of the Roman Empire, one doubts that there is anything that one can reasonably do to "be prepared."

Personally, I do not think it is really possible to be prepared for any of that, especially since it looks like about 99% of the population is not preparing, and therefore, the 1% that is trying to can not actually do so, in any sufficiently sane way, inside that overall context … I merely pass the time by endeavouring to understand how and why things work. Writing is a tool to help with thinking, and therefore, I tend to amuse myself by recording my thoughts. My sense of intellectual integrity has driven my development of the language that I use, wherein the most important feature of transitions towards the range of possible dooms, due to different degrees of collapses, are the ways that the death insanities will manifest … Attempting to catalyze those appears to be the most honourable thing to try to do, despite that apparently being quite obviously mostly pointless and quixotic.

scrappy's picture

What have you been smoking dude?

Just kidding RM ;-)

I think you answered your own question.

It must be the opposite of what we are presently doing.

Something that works with nature...


Radical Marijuana's picture

scrappy, thanks for the links to Henry George.

We are living inside a Bizarro Mirror World to the degree that almost every theoretical solution "must be the opposite of what we are presently doing."

Indeed, in the most extreme cases, we should go THROUGH the looking glass!

I do not regard human beings as being separate from nature, but the dominate culture of lies backed by violence promotes alienation and wages a war against consciousness, to try to make people feel like they are separate from the natural world.

Although we actually MUST BE "working with nature," the history of successful warfare based on deceits has created a culture where human systems operate through the maximum possible deceits, with the runaway, apparently irreparable, destruction of the natural world being the worst form of that. The established systems seem to only pay attention to the laws of nature to the degree that understanding those will assist with being more dishonest and backing that up with more violence. Otherwise, any more wisdom flowing from working with natural laws does not seem to interest them.

The history of warfare has driven a natural selection process to create political economy based on enforced frauds, dominated by the most psychopathic people possible, who appear to have the least compassion for other people, or other living things generally. Ultimately, that looks like it will be self-destructive. However, the history of warfare, whose successes were based on being the best at deceits and treacheries, has created the kind of civilization that we are living in now, which is doing the opposite of everything that makes any rational sense, from the perspective of enlightened self-interest, for the human species and life in general on planet Earth in the longer term.

The runaway MAD Money As Debt Slavery System is driving its numbers towards debt insanities. However, the same methods of legalized lies, backed by legalized violence, continue to be successfully working to make a few extremely sociopathic people become even more wealthy and politically powerful, while more people generally are becoming too impoverished in every way to be able to afford to engage in any organized political activities to more effectively resist that.

We SHOULD be doing "the opposite of what we are presently doing," however, we actually are doing more and more, faster and faster, of everything that we SHOULD NOT be doing, such as make MOAR and MOAR "money" out of nothing as debts, supposedly to rescue an economic system suffering from the consequences of too much debt!

Year after year, article after article on Zero Hedge has pointed that out, while those problems only continued to get worse, faster ... because we are already stuck in the rut of the MAD Money As Debt systems, which drive the overall total debts to DOUBLE, FASTER ... OR ELSE!!!

That MAD Money As Debt system has become like a thoroughly metastasized cancer, or a parasite that has spread throughout its host. When those enforced fraud diseases first started to develop, they were not immediately so bad. However, that MAD Money As Debt system has grown at an exponential rate, to become what surely seems to be a terminal sicknesses and insanity for society ... which has no way to be fixed unless we did pretty well the opposite of everything we have been doing, on every level.

However, such political miracles appear to be extremely improbable, while crashing that system into the walls of limits, and then bouncing off of cliffs whose bottoms can not be seen, appear as very probable futures, especially since the longer that the MAD Money As Debt system continues, the faster and harder we will finally run into the walls of limits, and then the further we will bounce back over the cliffs of collapses into crazy chaos!



Our established political economy, based on government enforced frauds by privately controlled banks, has become FAR TOO MAD to be able and willing to take any treatments to resolve its problems, in order to reform and heal itself. Instead, it is continuing to get MADDER & MADDER, which therefore appears practically guaranteed to go through extremely unpredictable END GAME EVENTS ...

grekko's picture

What am I doing here?  I should have taken the blue pill.

joego1's picture

I'm really really feeling like it won't get paid back- ever.

are we there yet's picture

...... Heil  Hydra! ..... resistance is futile

Creepy A. Cracker's picture

Woo, hoo!!!



Consuelo's picture

The debt is meaningless, isn't it - for all practical intents & purposes?   Does not the ever-rising debt, shelving of budget debates, etc., underscore what Dick Cheney said some years back...? What's left is a dirty combination of market manipulations backed up with a Military aparatus ready and willing to strike in order to protect the viability-in-trade, of the $Dollar.    It seems this is the last stand.   We can't dig out.   The U.S. is like unto a cornered animal at this point in history.

kchrisc's picture

What "public" in "public debt" could they mean? Did my neighbors sign something that I was not privy too? I didn't sign a thing making me a party to Uncle Scam's debts.

An American, not US subject.


"My lawyer at AK, AR, and Glock, concurs."

are we there yet's picture

I notice the national debt now seems to have no limit for the first time ever. Congress seems to have given up on any pretense that they set a debt limit. I feel congress will not ever vote on a debt limit in the future now that this presicedent has been set.

angel_of_joy's picture

Yeah, but it's all for a good cause... the children.

Gman1979's picture

Right, the plan of house leadership is not to address the spending via the debt limit, or the budgeting or appropriations process until collapse, and then of course blame it on the Demoncrats.

Great plan Repubicans!!!

kchrisc's picture

"I notice the national debt now seems to have no limit for the first time ever. Congress seems to have given up on any pretense that they set a debt limit. I feel congress will not ever vote on a debt limit in the future now that this presicedent has been set."

Hayek, in The Road to Serfdom, discusses how the legislative body of a republic becoming a totalitarian state will give over its authority to the executive. Slowly at first, then quickly.

An American, not US subject.


"Good morning, welcome to the police-state. You are free to be as free as we're free to let you freely think you're free."


Burt Gummer's picture

Anyone else notice the divergence on that debt/spot gold price chart? Reversion to the mean bitches, buy gold while you still can.

Spungo's picture

Bread, Bath House, and Beyond

nobodysfool's picture

Easy come, Easy go...whatever pass the bisquits please



OldPhart's picture

Let the Bread and Circus continue!

Alhazred's picture

Bread and Colbert you mean.


no one goes to the circus anymore.