• Sprott Money
    05/26/2016 - 05:58
    How many “emergency” “secret” meetings do the central planners around the world need to have before the citizens of the respective countries begin to fully understand and take notice that something...

US Debt Soars By $100 Billion On Last Day Of 2014, Hits Record $18.14 Trillion

Tyler Durden's picture




 

It seems like it was only yesterday when we reported that, in yet another sleight of hand for the US Treasury and Social Security Administration, US debt rose by $32 billion on the last day of November sending total US debt above $18 trillion for the first time ever.  As we further noted, it also meant "that total US debt has increased by 70% under Obama, from $10.625 trillion on January 21, 2009 to $18.005 trillion most recently."

Fast forward to today when we are happy to report that according to the US Treasury, America's debt-funded spending spree, while supposedly slowing down if looking at the declining monthly budget deficit report, never actually has.

As of the last day of 2014, total US debt soared by $98 billion in one day (driven again by Social Security debt surging on the last day of the month to a record $5.117 trillion), and closing off 2014 with a new all time high total of $18.141 trillion in Federal debt - an increase of $136 billion in the month of December and $790 billion for all of 2014.

Source: US Treasury

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Fri, 01/02/2015 - 18:09 | 5616382 Hitlery_4_Dictator
Hitlery_4_Dictator's picture

Sad Trombone...waa...waa...waaaaaaa

Fri, 01/02/2015 - 18:13 | 5616396 Pure Evil
Pure Evil's picture

With over 18 trillion in debt, are they really keeping track of that measly .30 cents?

Fri, 01/02/2015 - 18:14 | 5616406 summerof71
Fri, 01/02/2015 - 18:22 | 5616440 knukles
knukles's picture

A trillion here and a trillion there and pretty soon ya' got a whole buncha bazillions.

Fri, 01/02/2015 - 18:22 | 5616448 FreedomGuy
FreedomGuy's picture

But the stock market is at record highs so all will end well.

Fri, 01/02/2015 - 18:27 | 5616477 Anusocracy
Anusocracy's picture

Imagine what $18 trillion could have accomplished if sane people had spent it.

Fri, 01/02/2015 - 18:34 | 5616506 McMolotov
McMolotov's picture

This calls for one of those "USA! USA!" chants like we had for the martial law fiasco in Boston.

Fri, 01/02/2015 - 18:51 | 5616544 Shocker
Shocker's picture

All this debt and look around, not much to show for it... Recoverywise

Layoff List: http://www.dailyjobcuts.com

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Fri, 01/02/2015 - 18:59 | 5616595 Save_America1st
Save_America1st's picture

I thought we were already in the nigzillions

 

 

Fri, 01/02/2015 - 19:00 | 5616618 SoberOne
SoberOne's picture

-- buy phyz today?

-- wait for fomc

Fri, 01/02/2015 - 19:04 | 5616630 Save_America1st
Save_America1st's picture

we bankrupted some folks...

Fri, 01/02/2015 - 19:13 | 5616662 Save_America1st
Save_America1st's picture

Lest we forget...

 

Kyle Bass interview regarding senior member of obammy administration's statement:

"We're just going kill the dollar..."

Fri, 01/02/2015 - 19:20 | 5616695 TeamDepends
TeamDepends's picture

...,it's the only way to be sure."

Fri, 01/02/2015 - 19:46 | 5616800 cnmcdee
cnmcdee's picture

Iceland incarcerated their bankers.. Come on America you have enough politicians  that need jail time you could man a prison walmart factory..

1. Who (as in PEOPLE and NOT BANKS actually OWNs the federal reserve?) 

Fri, 01/02/2015 - 20:24 | 5616913 Jeff the Terrible
Jeff the Terrible's picture

Overwhelming the system is one of the primary strategies of Obama and his socialist handlers, going back decades. This is the plan. And it's why anyone who thinks the FED will do anything on its power to keep the system up doesn't understand the long term objective.

 

http://y2u.be/VI6tBwVjyOY

Fri, 01/02/2015 - 22:22 | 5617270 European American
European American's picture

Could someone please explain, in simplest terms, what this means to American citizens? How this "Debt" affects us? What would happen if it was just wiped off the board, who would suffer (most)? Who is it owed to? Who is the interest supposedly owed to? Sorry for the my lack of understanding here, but it simply resides in the abstract and I don't personally feel any connection to this debt, at the moment.

Fri, 01/02/2015 - 22:31 | 5617291 old naughty
old naughty's picture

"A trillion here and a trillion there..."

 

100 B a day...it will take about five years to double to 36 t, hummmm.

Fri, 01/02/2015 - 23:55 | 5617503 Fun Facts
Fun Facts's picture

the government's ability to tax the labor of the citizens is what gives a fiat currency its value.

In other words it is an iou {in this case an iou from a private corporation composed of known criminals} backed by the future labor of the citizens and the governments power to levy an income tax upon them on behalf of the private corporation {the FED}.

In this case, every man, woman and child in America already owes over 4 million dollars so the debt {fiat money is really debt not money}, is impossible to repay, which of course means that the currency is trading above it's actual tangible value which is based on the net present value of the future tax receipts.

So the summary is that the "money" is actually an unpayable debt. Not the sort of thing that inspires confidence once understood.

Sat, 01/03/2015 - 11:12 | 5618236 new game
new game's picture

and since by theory, that would make the monetary system debt seritude. so, believe it or not, most humans by stupidity or lack of choice or both, live under the guise of debt slaves with some freedom. like weekends and evenings, ha...

hope you luv your job, ha...

lets go shopping honey, ha...

as long as rates of interest trend lower towards zero we can keep marching to the reset/cliff when the chaos begins.

2 years? 5 years? i don't know, ha...

but when it happens i'm thinking better dead than alive, no not ha...

 

Sat, 01/03/2015 - 12:58 | 5618442 TruthIsAPeskyThing
TruthIsAPeskyThing's picture

What would happen if it was just wiped off the board?  Overall, it would cause an international financial calamity that would make the Lehmann default look like a fly speck on an elephant in comparison.  To describe the calamity would probably get us away from the simplest terms that you would request; so let us look at would suffer.  First of all, American citiizens who own U.S. Savings and Treasury Bonds would suffer.  Many people on fixed income have bought these bonds for their retirement, etc.  Second, The Social Security Administration would be devastated.  Over 25% of the debt is owned by Social Security, and they are counting on it to pay Social Security recipients over the next 25 years.  Third, foreign entities own about 40% of the debt; if they are not repaid, the international crisis would be hard to understate; prices of imports -- and products that depend upon imports -- would probably double.

An important key to financial stability in the U.S. and in the world is the order REfinancing of the U.S. debt.  Bonds are coming due and every month, and the U.S. Treasury issues new bonds (borrow new money) to pay off maturing bonds (repay past investors).  If there is any hint that the U.S. cannot or will not refinance its debt, there will be an international calamity.  Fortunately, there is no serious thought that the U.S. will not refiannce, and the world is flush with wealth that developed with the fall of coummunism and with the free enterprises boom in second-tier countries; so there is no shortage of investors willing and eager to refinance the U.S. Debt. 

There are a couple of looming problems with the debt.  One problem is that interest payments could crowd out other priorities for the federal budget.  The problem is masked right now by low interest rates, but no one expectes low interest rates to continue forever.  Another problem is that there could be a call for austerity at some point in time, and the huge debt and interest payments make austerity especially difficult.

Sat, 01/03/2015 - 14:08 | 5618576 TheReplacement
TheReplacement's picture

We has solution.  We rounds up alls the peoples living/working on government and sells them to creditors as slaves.  They works off debt.  We starts over.

Sat, 01/03/2015 - 17:37 | 5619045 Incubus
Incubus's picture

I heard the going rate for Yellen's pussy is a sweet 600b.

 

 

Sat, 01/03/2015 - 17:56 | 5619090 Anusocracy
Anusocracy's picture

600b Zimbabwean dollars?

Way too high.

Sat, 01/03/2015 - 09:14 | 5618077 post turtle saver
post turtle saver's picture

"We're just going to kill the dollar..."

those dumbasses couldn't even get that right... well, that assumes they actually wanted to in the first place... kind of like when prior administrations would puff up their chests about their "strong dollar" policy when they actually wanted a weak dollar to spur exports...

the only way these clowns could come up with something that doesn't suck is if they made vacuum cleaners... it's always the opposite of what they say when it comes to monetary policy...

Sat, 01/03/2015 - 11:43 | 5618282 brown_hornet
brown_hornet's picture

If you like your deficit, you can keep your deficit.

Fri, 01/02/2015 - 19:08 | 5616639 TeamDepends
TeamDepends's picture

Do you (state dupes name), take this FRN to be your lawfully wedded fiat, to love and to spend, 'til debt do you part?

Fri, 01/02/2015 - 21:55 | 5617202 Anusocracy
Anusocracy's picture

I don't wed out of specie.

Fri, 01/02/2015 - 19:28 | 5616706 Escrava Isaura
Escrava Isaura's picture

 

 

Shocker

not much to show for it...

 

You’re clueless, darling!

 

Of course US Empire has a lot to show for the financialization of its economy as well as dollar globalization.  

 

How can you tell?

1953 US population = 160 Million

2003 US population = 290 Million

2013 US population = 316 Million

 

Now, check the link below. Look how many jobs created since the 70’s compared to the 50’s and 60’s.

 

Note: Besides 130 million more people in 2003 than 1953, US had to import about 10 million barrels of oil a day. In the 50’s and 60’s, US was, pretty much, oil sufficient.

 

Import 10 Australia in oil, everyday! Try to do this in a ‘Real’ free-market capitalist society to see how far you would go.

 

http://research.stlouisfed.org/fred2/series/CIVPART/

 

“America’s elites know that capitalism is totally unworkable. We try to impose it in the 3rd world so we can destroy them”Noam Chomsky

 

Fri, 01/02/2015 - 19:39 | 5616772 cnmcdee
cnmcdee's picture

2/3 of the African nations quadrupled their economies and it didn't cost them a cent.  This is not an accomplishment.

Fri, 01/02/2015 - 20:11 | 5616872 Escrava Isaura
Escrava Isaura's picture

 

 

Africa?

How does your brain work when you have to focus on breathing?

 

Africa knows how to Ponzi scheme (to distract the sheeple in believing “we are rich”) as well

 

ON SATURDAY, April 5th, South Africa was Africa’s largest economy. The IMF put its GDP at $354 billion last year, well ahead of its closest rival for the crown, Nigeria. By Sunday afternoon that had changed. Nigeria’s statistician-general announced that his country’s GDP for 2013 had been revised from 42.4 trillion naira to 80.2 trillion naira ($509 billion). The estimated income of the average Nigerian went from less than $1,500 a year to $2,688 in a trice. How can an economy grow by almost 90% overnight?

http://www.economist.com/blogs/economist-explains/2014/04/economist-explains-2

 

Fri, 01/02/2015 - 21:07 | 5617036 NidStyles
NidStyles's picture

It is not capitalism if you are using a fiat currency. A fiat currency is inherently communist.

Fri, 01/02/2015 - 21:52 | 5617179 Escrava Isaura
Escrava Isaura's picture

 

 

So, change the money system.

I favor Sovereign Money.

 

http://sovereignmoney.eu/

 

 

Fri, 01/02/2015 - 22:00 | 5617217 Anusocracy
Anusocracy's picture

I favor the freedom to choose.

Fri, 01/02/2015 - 22:20 | 5617265 Escrava Isaura
Escrava Isaura's picture

 

 

Anusocracy

My darling! You are intoxicated by Kool-Aid, again.

 

There are NO freedoms. There is NO knowledge. And NO choices.

 

Life is an illusion. How can you be so sure?

 

Wait when we run out of coal and oil.

 

Fri, 01/02/2015 - 22:32 | 5617293 Anusocracy
Anusocracy's picture

The external world is separate from your internal world, your mind, and is knowable.

The problem is that most people commingle the two which leads to unreality becoming real and reality becoming unreal.

Fri, 01/02/2015 - 22:43 | 5617312 Escrava Isaura
Escrava Isaura's picture

 

 

So,

We would be better advised to tell the truth and plead insanity, because we are merely servants of our genes.

Believing in the principles of Growth and Progress (such as in our religion and education believes) represented not just economic heresy but a dereliction of moral duty….. yet these excuses constitute our primary defense.

Alternatively, as spiritual beings, we were “just obeying orders.”

Our time bomb is mysticism. Its delivery system is language. And its hiding place? The unfathomable coils of our DNA.” -- Reg Morrison excerpts

 

http://www.amazon.com/The-Spirit-Gene-Humanitys-Illusion/dp/0801436516

 

 

Sat, 01/03/2015 - 00:03 | 5617523 Anusocracy
Anusocracy's picture

You are an emotional servant to your genes as long as they have significant control over your behavior. That is, that you innately believe that they are in some way beneficial to your survival and you react emotionally if you can't "have" that behavior.

I do not need to control others, rather voluntary interaction is how I envision the best way of survival and the basis of my world view.

Sat, 01/03/2015 - 09:59 | 5618127 Benjamin123
Benjamin123's picture

Ridiculous. What is voluntary anyway? Do i go to work voluntarily? No one points a gun to my head yet i would rather be on a beach with a girl but, gun or no gun, i still go to work. At least for now and the near future.

Sat, 01/03/2015 - 14:16 | 5618589 TheReplacement
TheReplacement's picture

You are a slave to your own mind.  YOU choose not to go to the beach.  You could go but you do not.  The reasons really matter not.

Sat, 01/03/2015 - 17:32 | 5619035 MontgomeryScott
MontgomeryScott's picture

This is illogical.

Sitting on a beach, not working, may have some short-term emotional 'benefits' (becoming lazy and doing nothing SOMETIMES does), but eventually, when one becomes hungry or thirsty or cold after the sun sets, one understands that he could have been working to earn trading stock in order to aquire the necessities (like food, clothing, shelter, etc.).

A reward is unappreciated if it is not earned; and if not working, there is no earning; and therefore there is no appreciation or gratification in leisure time (you get fucking bored of the same shit every day anyways).

Here, in the CONUS, a few people borrowed a shitload of money from a few others, and the CONUS ZOG government is making it the problem of the vast majority; who benefitted NOT. You see, most will NEVER get the opportunity to sit on the beach NOW; due to this fact. There isn't a CHOICE involved at all. The debt issue has passed the full saturation point (the GDP per annum does not meet the total 'official' debt number any longer), and there is no mathematical way to solve the problem. Gravity has no choice but to work, and the weight of the water exceeds the capacity of the vessel's bouyancy (the fucking ship MUST; therefore, SINK).

Sat, 01/03/2015 - 17:50 | 5619078 Anusocracy
Anusocracy's picture

Please stay on topic.

What you do with yourself as an individual is separate from voluntary interactions between people.

You can play with your own private parts but playing with someone else's would require their permission.

It is a major distinction between not-quite-humans and humans.

Sat, 01/03/2015 - 19:16 | 5619265 logicalman
logicalman's picture

Cost - benefit analysis.

We all try to find a place where we can live with the 'cost - benefit' analysis we have done for ourselves.

Some are more fortunate than others in this regard, but all else being equal, that's how most humans work.

I think you are looking for a world where things make logical sense. THIS ONE ISN'T IT.

Sat, 01/03/2015 - 09:57 | 5618120 Benjamin123
Benjamin123's picture

Not granted. You need to obey.

Sat, 01/03/2015 - 11:04 | 5618215 GoldSilverBitcoinBug
GoldSilverBitcoinBug's picture

I choose Gold, Silver and Bitcoin (for international electronic transaction).

Fri, 01/02/2015 - 19:56 | 5616824 TeamDepends
TeamDepends's picture

Ah yes, ol' Noam "what does it matter even if it was true, it wouldn't be significant" (referring to critics of the laughable 9/11 Official Story) Chomsky. He also believes Oswald killed JFK. Capitalism is "unworkable" to America's elites because they DON'T WANT TO WORK.

Fri, 01/02/2015 - 20:22 | 5616910 Escrava Isaura
Escrava Isaura's picture

 

 

Chris Hedges

A public that can no longer distinguish between truth and fiction is left to interpret reality through illusion.

 

When opinions cannot be distinguished from facts, the world becomes a place where lies become true, where people can believe what they want to believe. This is the real danger, far more pernicious that stereotypes.

 

 

Fri, 01/02/2015 - 21:08 | 5617042 NidStyles
NidStyles's picture

I wish you would take your own advice, or at least learn to shut up.

Sat, 01/03/2015 - 19:20 | 5619268 logicalman
logicalman's picture

Nid, you have zero style.

 

Fri, 01/02/2015 - 21:30 | 5617057 TeamDepends
TeamDepends's picture

Nice non-argument, but we'll bite! You believe that 19 non-pilots jumped into jumbo jets and flew like top-guns on that fateful day. Could that happen? NO, it could NEVER happen. Your ridiculous quote mentions "truth, fiction, opinion, facts". Since 9/11 revolves around airplanes, let's consult one of the worlds' great pilots, John Lear. Yes, his father invented the "lear jet". Lear states, in a sworn affidavit which can be found easily online, that human pilots could not have flown those planes the way the official fairy tale claims they were flown on that day. In other words, they were either remote-controlled or there were no planes. We could go on and on about how ridiculous the official story is, but when the public is fed lies, and they can't muster the courage to question them, their opinion IS illusion. Oh to be a Brazil Nut, basking in the sun!

Sat, 01/03/2015 - 14:16 | 5618597 TheReplacement
TheReplacement's picture

Um, you quote Chomsky talking about capitalism when it is not capitalism at all.  Talk about not being able to distinguish truth from fiction...

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