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Fed Quietly Revises Total US Debt From 330% To 350% Of GDP, After "Discovering" Another $2.7 Trillion In Debt
Everyone has seen the chart of "Total Credit Market Instruments", which as of its most recent update on March 31, 2015, was just over $59 trillion, or 330% of US GDP.
For those who have not seen it, as well as for those who are familiar with this chart, take a long look, because this is the last update of this particular data series, pulled straight from the Fed's Z.1 Flow of Funds (section L.1), you will ever see.
So did the Fed spontaneously terminate the reporting of what until the second quarter's update of the Flow of Funds, was the most comprehensive official summary of Household, Financial, Corporate and Government debt in existence? And if so why?
Many Fed watchers assumed that this is precisely what happened, and indeed, searching high and low for the infamous L.1 Section revealed nothing.
We can only assume that the vocal outcry that emerged in the aftermath of the Fed's release of its Q2 Flow of Funds statement missing this most critical of data sets on September 18, was so loud that three weeks later, this past Friday on October 9, the Fed released an official follow up explanation what exactly happened.
Here is what happened to the missing so very critical data series, straight from the horse's mouth:
Q: In the September 18, 2015 release of the Z.1 Financial Accounts of the United States, some tables in the summary section on credit market instruments seem to have disappeared. What happened to these tables and where can I find the equivalent data series?
With the September 18, 2015 Z.1 release, the classic presentation of the instrument category "credit market instruments" has been discontinued and replaced with two new instrument categories, "debt securities" and "loans". Reporting debt securities and loans separately brings the Financial Accounts more in line with the international standards for national accounts. The debt securities instrument includes open market paper, Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds. The new loans instrument includes depository loans not elsewhere classified, other loans and advances, mortgages, and consumer credit. Together, debt securities plus loans include all of the financial assets or liabilities previously included in credit market instruments. While the underlying instrument categories that make up the sum of debt securities and loans are the same as those in old "credit market instruments" concept, changes to a few of these categories make the new sum of debt securities and loans larger than in previous publications.
This change has had three major impacts on the table structure of the publication: (1) summary tables focusing on "credit market instruments" have been eliminated; (2) remaining summary tables have been renumbered; and (3) new instrument tables for debt securities (tables F.208 and L.208) and loans (tables F.214 and L.214) have been created.
That's the "what", as for the why, note what the Fed said above: "the new sum of debt securities and loans larger than in previous publications." Which means that not only did the Fed stop reporting a consolidated total debt series, it admits that the actual debt was higher. Some $2.7 trillion higher.
Oops.
Here is the Fed's mea culpa on that particular topic:
Q: Why is the level of total debt outstanding in the September 18, 2015 release of the Z.1 Financial Accounts of the United States so much higher than it was in the previous Z.1 release?
Total debt outstanding was revised upwards due to methodology changes to both Treasury securities and security credit. Total debt outstanding is now the sum of two new instrument categories: debt securities (table L.208) and loans (table L.214). The aggregate of these instrument categories was previously called credit market instruments.
Treasury securities, part of the debt securities instrument category, now include nonmarketable Treasury securities held by federal government defined benefit retirement plans (FL343061145). The inclusion of federal government defined benefit retirement plans resulted in an upward revision to the level of federal government debt of about $1.408 trillion for 2014:Q4. See the published FEDS Note "Federal Government Defined Benefit Retirement Plans" for more details http://www.federalreserve.gov/econresdata/notes/feds-notes/2015/federal-....
In the domestic financial sector, borrowing previously classified as security credit liabilities (see release highlights) are now included as part of loans for the securities brokers and dealers sector. These are: (1) U.S.-chartered depository institutions loans for purchasing or carrying securities (FL763067003); (2) foreign banking offices in the U.S. loans for purchasing or carrying securities (FL753067003); and (3) Households and nonprofit organizations cash accounts at brokers and dealers (FL153067005). The revision to broker dealer debt for 2014:Q4 was roughly $962 billion.
Similarly, borrowing previously classified as security credit liabilities of the household sector are now classified as loan liabilities. Margin accounts at brokers and dealers (FL663067003) are now included in the household sector's other loans and advances instrument category. This change resulted in an upward revision of $370 billion to the outstanding amount of household sector loans for 2014:Q4.
The bottom line:
The total revision to the level of debt outstanding (debt securities plus loans) due to these methodology changes is approximately $2.74 trillion 2014:Q4.
And so the Fed has managed to kill two birds with one stone: it no longer provides a simple, one-stop-shop way to reconcile the total US credit stock, and it quietly boosted total US consolidated credit by $2.7 trillion to $62.1 trillion as of June 30, 2015.
Luckily, for those who still care about such trivial memorandum items as "data" - made up as it may be - and would like to keep track of total US credit exposure, now better known as total debt and total loans, they can simply add up the two line items, with debt (found here) and loans (found here).
This is how the old and new data look like: as noted, the consolidated total has risen by $2.7 trillion as of March 31, the last time the Fed reported the "old" series, and is currently a total of $62.1 trillion.
Not surprisingly, with GDP not revised higher, it means that the two most important data sets for the US economy, total debt (or credit) however defined, and total GDP, now look as follows:
The end result is that the ratio of Consolidated Credit to GDP, has quietly risen from 330% to 350%, without anyone in the broader public saying a word and without any of the official institutions, so seemingly concerned about the total stock of global debt, even noticing. And why should they: the S&P500 is back over 2000 so all is well.
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rent a tent
faster now......ticktockticktock boom
Oh to be on the US$ and be able to print print print - just what is the GDP to debt ratio for the PIIGS? No where near 350%
That’s proof God favors America…
He made OURS the reserve currency!
And we thought only the Pentagon could lose track of trillion$
CRASHGURU showed this earlier....
and the discussion point for September 16, 2015...there was massive buying to protect Glencore.
So where does this all end up ? Now we know how/why the market is taking off again now (the recent massive short squeeze)...the market knows there will be bailouts for critical resource companies and it is now 2008 all over again.
That is the extra money they spent to suppress PM's
"What difference does it make at this point?"
None of it's getting paid back. NONE. OF. IT. Endless rolling of debt until the implosion.
They did the same thing in the opposite direction at the beginning of the year. Total credit market debt to GDP is one of the most telling charts there is. When it breaches 100 trill 2.7 isn't going to make that much of a difference, if we make it that far.
The point is that in a debt based monetary system total debt must grow faster than the money supply which causes the ability to service that debt to lag particularly if money velocity is falling. This forces extreme monetary policy, and eventually a dog whistle is sounded and market participants reverse course, monetary velocity skyrockets and it's game over. Tick tock.
Debt is no big deal. I've been in debt my entire life. I'm a broke dead dick. And I'm loving it.
Just imagine what the ratio would be if they actually added in the long-term unfunded liabilities of SS and Medicare / Medicaid... Yet the people never question the lies of their masters... Truly amazing...
Look at the chart above... as long as exponential debt growth is in play, you can play games with debt.
What did we learn about exponential debt functions?
They can't persist forever.
When this breaks down, "I'm lovin' it" will not longer be the motto of choice.
BTW, the exponential debt growth in the original article exposes the criminality of the Fed - their sole mandate is to ensure that debt growth is commensurate with GDP. That chart is exponential to GDP growth.
Exactly lose 1.2 Trillion and the next day you have planes flying into buildings destroying the offices investigating said lost money.
Wonder what tomorrow will bring, Evoporating gold from 33 liberty?
sneaky phuckers, its all transitory and racist.
That's some real coincidental shit BD, all the media outlets musta picked up and ran with that one.
It is now 11:59:58.......
Reminds me of the time I misplaced a couple trillion in debt. I was dusting under the refrigerator and there it is. Can you imagine my surprise? Of course, I can look back now and laugh since it was all monetized.
too funny
Bush's fault.
… that’s for the NEXT revision.
It's not Bushes Fault....... It's Nixons !
Technically speaking, it was Franklin Delano Roosvelt's fault, or arguably Woodrow Wilson's. But FDR is definitely on the hook for the Fed.
No. No. No.
It is the fault of the Debt-Money Monopolists!
Sure, it is fun to make fun of the morons they put in place to pretend the voter has power.
But the oligarchs do that for a reason - to keep you talking about the puppets.
Talk about the Puppet Masters - the Debt-Money Monopolists.
Help others understand the system.
Is not Nixon's. Is Wilson's.
Well yes it is Bush's fault. Well it was Bush, Obama, Clinton and the 12 year HW Bush admin (can't blame Reagan he was brain dead post 3/30/1981). So yes, 20 of the past 34 years of unreal in-debtedness created by government were *A* Bush's fault.
In reality though, it was a bi-partisan effort of captured Deep State traitors who wanted to put our country into debt so deep we can never get out. The whole red team, blue team thing is soooooo out dated.
THANK YOU, Tyler
But quite honestly even you dropped the ball on this one. Normally you'd have been applying constant pressure for the us govt to update its frozen $18T from, what? 18 months ago. I even messaged you about 3 months ago to say whats the goss on the REAL figure, but you happily reprinted articles that all spoke of $18 as the figure without question
rare fail, dude. Not that you were alone - other contrary sites also failed to put the blowtorch on this topic and remind the public that $18 was a frozen fixed amount
(then theres the unfunded future liabilities issue...)
"A trillion here a trillion there, it is not like it is our money" Overheard in DC
it's not like it's money.
you try doing this with real money and see what happens.
Put Krugman in charge and ramp the debt from $18.4 trillion to $50 trillion. Send checks out to everyone.
Let's have a good time before everyone around the world realizes the game and no longer accepts the currency.
The US debt number of $18.112975 trillion is frozen and will remain frozen as long as the US does not increase its debt ceiling of $18.113 trillion which is where the official debt number tops out. What the US is doing is merely burning through the emergency measures of cash which we calculated will be fully exhausted in one month absent a debt ceiling deal.
How is that still news to anyone after we covered it extensively in 2011?
There are many things to be disgusted with and/or report on. This is absolutely not one of them, especially since one can easily calculate what the real stock of US debt is simply by tracking the increase in the monthly budget deficit.
http://www.telegraph.co.uk/finance/markets/questor/11923223/Commodity-co...
Common corpse math
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MOAR!!!!!
On another subject...Putin just said the following hours ago:
As I said the other day, US has to make a choice.....either US will support Russia/Assad/Syria/Peace/Iran/Iraq.....OR....support ISIS.
I was right. US has chosen the side of ISIS instead of peace in the world!
Russian President Vladimir Putin discussed the ongoing anti-terror operation in Syria during an interview with Russian journalist Vladimir Solovyov in Sochi, Sunday.
SOT, Vladimir Putin, Russian President (Russian): "If we speak about the military component, we tell our partners, when we hear them blaming us for our strikes not hitting ISIS or other terrorist organisations like Jabhat al-Nusra and others, but the allied part of the opposition so to speak. And we told them: If you know the situation on the ground better than we do as you have been there for more than a year - unlawfully, but still you are present there - if you know better, though I doubt it but let's say, give us the targets. We will work on them."
SOT, Vladimir Solovyov, journalist (Russian): "Have they declined?"
SOT, Vladimir Putin, Russian President (Russian): "Yes, they declined. They said 'No, we will not be working on this level', it is not clear why. If they really know better and want to fight terrorism, tell us the direct locations where the terrorists are sheltering, where they have command points, ammunition depots and equipment, give us the targets. What could be easier? But so far we haven't reached such level of joint work, but I'd like to repeat that the first steps in establishing the contacts on the military level have been made."
https://www.youtube.com/watch?v=PKmydfR5pZo
this is no surprise, if the US can't have its way in Syria/Iraq - we're on the way to the next goat rope...
bend over taxpayers
ISIS is just the four last letters of the word CRISIS.
I think the CR stands for CREDIT
Apart from that I believe that the only thing that is propping up the dollar is the predicament of the rest of the world that has US dollar debt in its reserves and does not want to lose that "asset" by admitting that it's rubbish.
donald rumsfeld said that the pentagon cannot account for 2 trillion...and now 2 trillion more in debt...where the hell is all this money going? Didnt I read somewhere that total federal tax revenue was around 1 trillion or 2 trillion? Cant remember but at the same time, printing money must be lots a fun. little boys and cocaine for everyone! how about having CDS kidnap some more kids so you can drink their friggin blood? sick bastards...
1trillion for Islamic state and 1 trillion for undercover cia prisons or some other dirty duties
Probably more like 1.9 trillion to the Rothschilds and their cohorts, and .1 trillion to the Islamic state and cia prisons. It doesn't cost a trillion to arm some radicals just to keep up the illusion that the West is under constant threat. But controlling the entire world and living in obscene luxury is expensive.
That must be where the used Toyota pick-ups are going
I'm keeping mine
The local Toyota dealership has been calling my cell, home, and emailing me about how they need late model used trucks because business is booming so much now...
Disgusting.
So it's still Bush's fault?
There is much more to write, but to keep it short, I will just give you a tiny bit of the puzzle...The bankers had nixon go off gold standard, which gave bankers more power...But there were still laws, so they had bill clinton get rid of the glass steagle act...Bush ran with the ball and used 911 to invade the middle east for the bankers..Then george bush handed the baton to obama, and they are correct when they say that niggers can run faster than whites.
It goes back centuries, thomnas jefferson fighting the bankers, or even two thousand years ago when Jesus turned over the tables of the money changers and was crucified for it. Or 1913, or the civil war etc...All wars are banker wars....Some think God is bad in the old testament.. ALl He was doing was fighting the banksters. The same thing you would do if you had the fucking balls to do it. But you dont.
Bankers is the word I use...but they have many more names..rothchild zionists, and crap, what is that word for the jews who are not jews? I cant remember...something like autistic jews or something lol... It starts with an "a" I think ...sorry cant remember, but you get the point.
kennites... which means sons of cain
It was all downhill from the time Andrew Jackson died so the real republic only lasted about 50 years, After the takeover in 1867 and illegal 14th amendment which made us all equal debt slaves things progressively and slowly got us where we are today boiling frogs
oh ffs not that bullshit again - the money is not gone, it's just not accounted for properly.
think of going to the supermarket 10x but throwing away the receipts. you know you spent the money, you know where it is - but you don't know if it was spent on milk or bread.
love your sarcasim
A nice healthy upward revision of the GDP will fix everything. Please stand by.
The NFL players are wearing pink to protest these reporting changes.
Actually, how much GDP would there be left if you took out drugs, prostitution, entertainment and military expenditure ?
Hahahahahahhaah. Well who do you figure is the new bagholder for this pile?
… straight from the horse's ASS
(Not YOU, Andy… the other horse’s ass)
like
What's a trillion dollars here or there, between friends? Who would notice?
I mean, it's only a line of shipping containers full of $100 bills 1.27 miles long.
Stout manilla rope and lamposts come to mind.
2.7 Trillion? *Yawn*. Quadrillions is where the real action is at.
Moving the decimal point three spaces prolly sounds pretty good to the krugster right about now. Think a single trillion dollar coin was ok? Just think how awsome 1000 of um would be.
Mystery stock purchases? The PPT has been busy, apparently.
Its just a 45 degree angle. not a 90 degree, so there.
And we made it look like we actually paid something back in 08. See
Pardon mir Sir,
Do ya mind if I pick up that shiney quarter
out from under your pointy toed boot?
gdp is a meaningless number if it includes gov spending and taxes.....
For fucks sake, IT'S A NUMBER PUBLISHED BY THE GOVERNMENT. If anything else it is amazing the government could be so efficient in packing so much bullshit in a single number.
Testing, testing, testing... What happened to Johnny Dangerouly and my post that all US gold is now in Israel???? testing, testing,,, I've never sceen my, or other posts vanish....
JD,
My guess, in answering your post, is that the stolen gold would be in Jerusalem. Under or near the Temple Mount.
Do you think the Elites are building space craft to leave the Earth................WTF else would you spend that sort of money on.
Penis pumps and space dildos?
Hey! Let's mandate everyone have them and add it to the GDP! ;-)
Underground tunnels/accomodations.
You can't eat charts.
but you can eat iPhones
Food Screensavers
https://www.google.com/search?q=food+screensavers&biw=1274&bih=640&tbm=i...
due to methodology....
that means that the debt total can be 200 or 300 or 400 trillion.
It all depends on how you think math should work.
Over $20T and pushing. YEAH BABY!!111!!11ONE!!1
What's a few Trillion between friends?
Because industrial society needs expanding debt to function, we should celebrate these updated figures.
Numbers never lie but liars with numbers do ;-)
Kudlow was last seen stroking his tiny cock moaning "king dollar, deficits don't matter, king dollar". 2 extra trillion in debt is like a heroin viagra cocktail for that peckerwood.
I remember I heard some asshole named Bob Brinker on a radio show one day saying debt doesn't matter, it's not intended to pay back only to provide interest payments. As long as you can service it's golden. This is an asshole who tells other people how to invest
And that asshole probably has 3 Bentley's and a private island. The bigger the douche, the bigger the bank account in the financial game.
Eventually (how soon is the question?) societies won't even be able to SERVICE the debt. Hence, no rise in interest rates.
Nice work ZH. We all know that many numbers out of the government have been faked in many ways, this is yet another example.
No wonder they have to start considering NIRP. Sorry to go off on a tangent, but we should actually not use the term NIRP. We should use the term THEFT. On top of cooking the books, the Fed and banking system have decided that to "help" the economy and "make it better", it is important to outright steal from hardworking citizens, taking money right out of their bank accounts and keeping it. Watch for Dudley to reiterate that this week.
Since when have tax increases/theft of someone's hard earned savings EVER made the economy stronger?
This is my favorite website. I'm sad to see this country hijacked by a bunch of thieving academics, bought off government bureacrats and and bankers. The Founders would be appalled.
Yes yes we should call things by the proper name. Theft would be the word for this.
Yes, time to end the Orwellian BS game of allowing terms like Quantitative Easy, ZIRP, NIRP, financial repression, etc. to be used to put one over on the population. It's about time people beyond the purview of this website started understanding what is going on.
Personally, I thought the term financial repression summed up the rotten ideas rather nicely. I suppose "oppression" coulda/mighta been better, but why sweat the semantics? As for the specific policies, it is helpful to have a name for each.
Sad that a year's worth of taxes is now a rounding error. Wonder what this will do to the dollar.
IS THERE ANYBODY
... I mean Anybody
... who honestly thinks that the USA can ever pay back $61.2 Trillion dollars?
... REALLY ????????
The US debt market is the biggest Scam on the planet.
The worst part is - all the people who perpetrated this on the Next Generation of Americans will be retired in armed enclaves, or dead from attending wine-and-cheese soirees.
SICKENING !!!
That doesn't look too bad.
On the 'Old vs New series is is only a little different between the black line and the red area, how much can that be. . . . . . . . $2 or $3 . . . . . . . trillion.
That's not so bad. . . wait, billion or trillion? Trillion!
WTF?
How do you miss a 'few trillion'.
That doesn't look too bad.
On the 'Old vs New series is is only a little different between the black line and the red area, how much can that be. . . . . . . . $2 or $3 . . . . . . . trillion.
That's not so bad. . . wait, what, how much, billion or trillion?
Trillion! Of dollars?
WTF?
How do you miss a 'few trillion'.
couple trillion, that's the war in Iraq, which they ran off balance sheet anyway
A trillion here, a trillion there...pretty soon you are talking about real money!
Nothing can fix this except for RESET. Call it the Great Reset, call it restart. Whatever fits your fancy ..
How do I put this? What is going on in Syria at this very nanosecond, is simply poetic justice. At the very least, the beginnings of it.
The Federal Reserve System. The Federal Reserve Bank was built quite frankly on Romanov gold. So, in short, we owe the Russian people in spades. We The [American] People facilitated the Rothschild theft ..
https://youtu.be/2h_V-ARe_nE (Mullins at the 15:00 mark)
So when Lon Gibby for Leo Wanta mentions Mullins in the full two hour discussion on 3/24/15, we know what he is talking about now in full context. Why in the Reagan-Mitterrand Protocols, Russia (RF) gets $30 billion, whereas everyone else gets $5 billion ..
https://app.box.com/s/hfgvcqg7gqh7i27at6sv53ywu87lwarp
No problem.
I appreciate this article, but is this really news anymore? I don't even think it's even anywhere near 330-350% of GDP. There's so much shell game economics going on here I think the real truth is so much worse.
There's no other reason agencies like the post office and the EPA, and so forth, are arming themselves like freedom fighters. It's over folks, but how the ending plays out is anyone's guess. I'm not on the SHTF or Mad Max side of things but I do see a very prolonged and very tough time for a lot of people. I don't have cash in the bank anymore outside enough to pay bills. Have a couple months' worth of cash in the safe. Mostly metals, land, guns, and ammo. I have a fairly significant brokerage account through my company that I'm not sure what to do with since I'm over 15 years away from even considering retirement.
-Argenta
Tyler Durden...In Jim Willies latest radio interview, he gave you major kudos. He likes you :-) He says you worked at wall street for 15 years, and got sick of the corruption and started this website....Is this ture?
I told you to look under the couch Yellen!
What's a trillion here or there? It's all just zeroes magicked into existence on bank computers.
Sorry I must be chart blind. Can anyone confirm what the amount of household, financial and corporate debt LESS govt debt is? It would give another clue as to why the FEd won't raise rates.
57 or 60 or 100 or 1000 trillions $, what's the difference for FED? They can create any amount of USD as they please.
In the Grand Scheme of life in the US or for that matter the planet, does any of this debt matter, whatever its size?
Go out of your house, talk to the first 10 people you see about this issue. Guess what you will find? 10 of 10 would not know what you are talking about or would not give a damn.
Off the tracks again, this time on a global scale, and the plebs don't give a fuck as long as they can get a cell signal, their plastic works at the store and the TV works.
To quote LawOfPhysics... "Same as it ever was..."
What difference does it make? It's been quite a while since it was sustainable... and you cannot print forever, not going to work.
With the FED, and US Government for that matter, propensity to lie out their ASS, safe to assume it's worse than 350%. Probably over 500%...
and no reaction at the open
Oppenheimer's famous quote is the Fed's mantra, as it is with all central banksterz.
You people are death, destroyers of our world.
Yes indeed, Worlds, But what I want to know is, are the American people aware now that the evil scum Isis and the murdering Al-quaida 9-11 monsters are oficially, American allies or creations and are by admission being protected by us?? No massive street protests? No "down with our presstitute enablers"? No accounting for millions of murders and a vast human migration? For the destruction of irreplaceable World Heritage Sites? Huh?
LOL, looks like the Fed is doing everything to try and trigger hyperinflation.
Instead they get deflation for now.
On ABC's This Week, Ben Bernanke's only advice to improve the U.S. economy was for the Federal Government to spend more money.
Infinite printing and debt is the Fed's policy until a currency crisis.
How about another $4.5 trillion in off-the books debt? Maybe a lot more.
The Fed operates like it's member banks.
Mark-to-fantasy accounting.
Don't like the debt on the books? Move it off-balance sheet is their solution.
Anyone heard of the debt in Maiden Lane recently??????
Two economies. One for food, clothing, and rent. The other for ownership. Pretty much the same as old USSR and China except with smarter men in charge. LOL LOL LOL LOL LOL
Totally irrelevant -- after the first $4 a Trillion, there was never any hope that it would be repaid. The only hope is for the Frd to keep rates at zero, and issue trillions more in QE to buy up all the debt.... wait now... isn't that what they are doing?
The last QE had little effect.
The next QE and debt has to be a lot larger.
Like heroin each has to be more until the patient dies.
The fact that mortgage backed securities is still mentioned as government debt in any significant way should illustrate how involved in the housing bubble they truly are culpable for.
Remember, it was originally estimated that for the government to bail out toxic assets; I.e. Mortgage backed securities, it would take about 4-6 trillion dollars.
The whole financial crisis has been an economic attack that was meant to be sustained until it can't be. THATS WHEN THE RESET WILL HAPPEN!
Until then it's just pissing in the wind.
Learn it. Love it. Live it!
Anyone who believes the government debts matter, that public debt has an impact, please take note of this and get back to me when you find the repercussions of this increased debt level.
Please let me know what this number effects.
Wake up out of your Obama utopia stupor fool. You are so screwed!
Who cares; what we are witnessing in this surreal world is a shadow of the substance of things to come; yet unseen. Got Christ? You better.
Stop the fricking lying.
The U.S. Government debt is stuck 100% at INFINITY! or is it INFINFRICKENITY?
The U.S dollar is so screwed!
As Lacy Hunt has pointed out many times, economic growth slows dramatically once combined debt (public and private) exceeds about 280% of a nation's GDP. Since the year 2000, the year we breached that threshhold, real GDP growth has averaged 1.8% annually, about half the rate of growth of the previous 130 years. Interestingly, the relationship is nonlinear, meaning that the rate of growth will slow exponentially as the debt level grows. And so the Fed, in all its wisdom, tries to find new ways to encourage more debt!
Duh!.... Okay, maybe "Stupid!", okay maybe, "You Morons!", okay how bout just, "Those IDIOTS!". (I love when Shwartzenager says that!) And then, they run the dollar! It's going to run alright. Head for the shelters. (Physical ANYTHING!!!!)
The Old Man
So revise it from 320% to 1000%, who cares anymore? The Fed does helicopter money soon. Saves the school loan defaults.
The Federal Reserve won't let the lenders take a hit and cleanse the system.
Prop it up and kick the can further is the Fed's PhD's motto. Can keeps getting larger.
Eventually a huge dollar crisis is assured.
ABOLISH THE FERAL RESERVE SYSTEM!!!
they will create another "fucks everything up system"
2 trillion ! Is that all?! That's not what the math would suggest.
Whoa, easy there.
Turns out the extra $2.7 trillion in debt was just my mother-in-law out shopping.
Just a litle covert QE added to the bill. Banks can't live without it now, although the economy is so healthy they can quit at any time. Bwwwhhhhaaaaaa.
So, what are the young people to do? Never has a generation of young people been so hated by their parent's and grandparent's generation. Those that weren't aborted were severely neglected in every way that mattered, packed full of brain-destroying drugs, fed "food" not fit for swine, and raised by TV. On top of all that the few that are trying to be productive, sane, and healthy are being economically bled dry by a system they did not create and lack the power to stop.
Paying into Socialist Security for years, will they ever see a penny of it?
Home ownership in this economy?
Capital investment with such instability?
Starting a family and keeping them afloat?
Forget about it...
The only thing prior generations have passed on to the younger generation is STDs and Debt slavery. Those who are slaves or would be made slaves by another [generation] have every right to revolt and take back their freedom by every means necessary.