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162 Days Later, The Treasury Finally Updates The Total US Debt Number, And It Is...
On March 16 of 2015, the US Treasury officially hit what was then the US statutory debt limit of $18.113 trillion. At that moment the Treasury started using "emergency" measures to fund itself while the total reported debt remained unchanged and just dollars below the technical debt limit. This prompted much confusion among the punditry, leading to questions how is it that for many months the US has not updated its official debt number.
The reason is that until last Friday, the US had no official debt deal and as a result was unable to show legally the official current debt holdings.
As of Friday, this peculiar situation has been resolved following the latest deal by both parties to suspend the debt ceiling until March 2017 which also means that we finally got an updated total public debt number.
And so, after 162 work days without an update, the latest US debt number is $18,492,091,120,833.99 (yes, and 99 cents), an increase of $339.1 billion since the latest official pre-debt ceiling update. This is also 102.5% of GDP.
And what is the new debt ceiling? Funny you should ask, because as noted above as part of the debt deal, the debt ceiling was "suspended", not revised which means that as of this moment the US officially no longer has a debt ceiling.
Why is the debt ceiling suspended? Simple: as we calculated two weeks ago, to provide enough room until March 2007, the total capacity on the US credit card would have to be $19.6 trillion. The problem is that while "selling" democrats the optics of a number that rounds up to $20 trillion would not be difficult at all (the only complaint would be why it is not $200 trillion), for many conservatives the realization that a GOP-controlled Congress just gave the US a blessing to issue another $1.1 trillion in debt would hardly be enjoyable.
So what did Congress, both democrats and republicans, do? They decided to do away with the debt ceiling entirely, "temporarily" of course, so as not to show what the next debt target for the US will be. And once March 15, 2017 arrives up what then? Why the temporarily suspended debt limit will be extended for another 2 years, "temporarily" again. Because while US representatives don't have the courage to tell their electorate what the number is, they also don't have the guts to do away with the debt ceiling entirely either.
And now: we look forward to the story about the next $43 million gas station somewhere in Afghanistan.
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What difference does it make....
Trending --- UP!
http://hedgeaccordingly.com/2015/11/president-obamas-final-debt-limit-fi...
Boy, it's a good thing our GDP number isn't fluffed up 20% (or more) with frauds like health care and what not.
Otherwise our ratio might look like shit.
Regards,
Cooter
Just who exactly do we owe this 18 Trillion + too?? If the Chinese are selling our debt and not buying it, and the Russians don't own it, then who exactly does? Or is this just the "wool" over our eyes to make sure we keep paying taxes and our mortgage payments, and stay in eternal debt slavery??? Or is the answer we owe it to the Federal Reserve bankers? They create the money out of nothing, and you have to work your ass off to earn it and to pay it back.
THERE IS NO SPOON!!
And obviously, "temporarily" will soon be quickly forgotten and become a quaint memory only to be trotted out occasionally in economic history classes sometime in the not so distant future.
yerssss, if we recall nixons 1971 repudiation of gold backing was and remains 'temporary'
I don't even believe that number from lying Lew
Don't be Debbie Downers, it's nothing that a roll of $1 Trillion Dollar Platinum coins cannot fix. No need to print judefetzen, just some clicks on the magic keyboard and it's gone.
As easy as that would be, underneath the facade they really don't want to eliminate that debt.
Exactly, because its a good way to keep everyone a slave.
It's the Fed. You probably already know that.
The reality is the wall between the Fed and the Federal Government is gone, and the debt ceiling is simply an indicator of how much money has been printed.
The US is funding itself by diluting the currency, and has been for the past 100 years.
So far we've been lucky, being the reserve currency the US is funding itself diluting everyone else's savings, too. We talk about NIRP like it's something new, but the government has being funded via real-value NIRP for a long, long time. That dollar in your pocket is worth less than it was last year, much less than 10 years ago, and is nearly worthless relative to when the US went off the gold standard 80+ years ago.
Of course, now other countries are doing nominal NIRP, which is a big fucking clue the party is about to end. At some point holding savings in a different currency is going to be the safer store of money, and things will rapidly unwind. At that point, the US will have to hyperinflate and then jack taxes to the stratosphere to keep the engine going -- but total taxes are already right about at the Laffer limit, so net real revenue will plunge. So at that point they have to choose more hyperinflation or cutting services, they'll likely go with more hyperinflation until the entire thing is a joke and the services simply cannot be provided. At that point expect attempts to implement all sorts of backward thinking schemes -- think Venezuela, price controls, communism, god knows what else. We'll either end up with a dictator and a crumbling police state, or we'll get a real reset resembling the USSR collapse.
The clowns in charge either have no clue, or already know this and are looting things and trying to set up the next con.
Stop being so optimistic. I see a 99.999% chance of a major chimpout that will last weeks to months before subsiding with all major cities burned to the ground and millions dead (mostly democrats though). Assuming you survive, the rebuild should be epic.
Dindu Nuffin
4.5 trillion to the fed res. bank, 1.3 trillion to china, 1.2 trillion to Japan and the rest is owed to other governments, corporations and individuals.
Aaaannnddd - that's a fucking lie number.
Real number is so fucking north of that number that the penguins there are frozen solid.
But again, I ask, to whom do we owe this debt too? Who owns this "mortgage"?
As it says in the breakdown above about 13 trillion is held by the public which means everyone. Pension funds, Mutual Funds, Hedge Funds, You, Me, the .001%, Rich Chineese. The other 5.5 Trillion roughly is held by governments. Here is the best breakdown I could get. http://www.treasury.gov/ticdata/Publish/mfh.txt Crazy Shit 6.06
So in other words, we owe most of this debt to ourselves. In other words, its mostly rehypothycated debt. Another ponzi scheme. In the end, part of the debt you "owe" you owe to yourself. But TPTB use it as a tool to keep you a slave to the system.
No, Scotty. Re-read Wizard's comment. You don't owe it to yourself, you owe it to a myriad of pensioners, local, state and federal employees, their contractors and since my brain is starting to sizzle a li'l bit- pretty much everyone who expects to be paid for doing nothing worthwhile in particular.
Pay attention, will ya'?
But not China, who the MSM likes to tell us we "owe". My point is--"we owe, we owe, so off to work we go".......
We owe about 1.463 trillion to the Chinese Gov. Who knows how much we owe to private Chinese Lenders? 6.06
Never mind China. Their economy was almost totally dependent on ever-increasing debt- somewhere. The US filled that bill, aided by the fact that China itself was willing to buy Treasuries in order to keep the ponzi afloat- for awhile.
That is only beginning to unwind, and the wizards of financialization are already shittin' in their knickers. They know there are not nearly enough physical assets to backstop the notional 'wealth' of all the folks I mentioned earlier.
The only ones who don't know are the ones I mentioned before who expect to be paid for doing nothing worthwhile, in particular. They don't wanna know.
Buy some extra popcorn.
You certainly are right about the Ponzi. Must feed the Ponzi. More all the time. Or it dies.
How the fed "normalizes" monetary policy is anyone's guess at this point. Two percent hedonically adjusted inflation per year and maybe over twenty years sell a trillion or two of those bonds might do it. We still have a couple hundred trillion in unfunded liabilities mostly healthcare and pensions but that is irrelevant proly. It can't be paid out so it won't. This may be the last generation where every old lady and every five hundred pounder gets a ten thousand dollar electro scooter
Gibsmedat electro scooter!
Sorry the link doesn't work because I posted it wrong, You can cut and paste it and it will work. 6.06
It doesn't matter! !
It's all about control. If you think it's your government debt you'll work and pay taxes.
Taxes are a worthless exercise in the new economy. ...... used solely to control the sheeple! !!
Yes, its all about control. And that is my point.
But again, I ask, to whom do we owe this debt too? Who owns this "mortgage"?
The FED owns what percentage of outstanding Treasuries again? Almost half is what they admit. They're holding those motherfuckers to maturity so in reality the national debt is half of what is reported. And let's just take SS out of the equation. A ponzi scheme has no business being recognized as any type of legitimate debt to be re-payed. The Boomers get their retirement on the back of the rest of us. There will be nothing when our time comes. It is what it is.
In theory they are going to sell it someday cuz otherwise it is obvious money printing. I don't see how that is ever accomplished without rates going way up. I have never seen a realistic way out but as long as we remain the international reserve currency maybe we don't need one
They Claim they own about 2.4 Trillion of US T bonds, but we all know that # is most likely a Lie. With the funny stuff that has been taking place from 1913 the real number is anyones guess including Janets. How much of the currency swaps of the last 8 years to the EU were designated to keep long rates down will only be known once Rand Paul finally gets Audit the Fed to a Vote in the Senate. This will happen about the same time Unicorns shit Rainbows in Prague. 6.06 check this for what they claim ... http://www.federalreserve.gov/releases/h41/current/h41.htm
Not to put too fine of a point on it, but Penguins live near the South Pole... however, I understand what you're getting at.
Maybe that's what he meant, Hoss. We're so far gone at this point...
North is now south.
Truth hurts isn't it 'downvoters'?
Bach n' Roll man
https://www.youtube.com/watch?v=AZa8jHi1nkk
Johnny's use of contrapuntal rhythms is sublime but tastefully not Rococco.
Better get that war started soon. And cart out Caitlyn with fake tits to sell war bonds
Should she tape back the junk or just allow the package to show through the extra tight mini-skirt.
(Obviously the adams apple will be difficult to conceal)
18 trillion...
yeah - sure bet ya...
FUCK OFF US GOVT....
That 99 cents was for a quick 16 ounce cup of coffee from the QuickTrip! :)
Just a quick 3-pack of condoms from the Quickie-Mart for one of Obama's trysts on the back 9.
The way they "adjust" reported figures on everything, we should "adjust" our credulity regarding these figures, too.
$18.5 trillion? That's like six F-35s, isn't it?
It's not enough for one that works.
That black budget sure is a bitch.
Dov Zakheim ships them to Israel for $6 million shekels a piece.
If it had been: $18,492,091,120,834, I'd be upset.
buy food, bullets, booze, and stack the rest...
How do you know if a bankster is well hung?
You can't fit your finger between the rope and its neck.
My firm would have built that gas station for $42,999,999.99 because we put US taxpayers first.
But, first you have to a minority owned business or you're SOL.
Just for fun somebody write the IRS a check for 18.7 trillion and send it to them, we would be debt free...
I think you would actually need two checks as the zero's would run off the edge of the first check.
You better make sure you have that amount in your checking account because no doubt the dumbasses at the Treasury would try and cash it.
I think they need to increase interest rates, that chart is flattening off and needs some boost upwards.
Another socially engineered stunt to breathe death into a unmanageable Zionist banking system.
Did you hear? China and Twain are talking. Should we expect a proxy attack based on loosely presented intelligence?
EBN - Get Down Get Down - YouTube
19 trillion of federal debt PLUS about 90 trillion in social security and medicare.
Which of these will be repaid?
And to think why Gold isnt @ $50,000USD.
You have to do your own estimates if you have access to reliable data. Take the total number of paper shares multiply it by the spot price of gold to find the total cap. Then divide by the actual amount of gold in existence and you might get close to $50k per ounce. Or maybe it's closer to $200k.
Anyway you get the idea.
Temporary like ZIRP!
USA debt is just "monopoly money" - the actual number is irrelevant because the regime has many schemes to cope with it, including just monetizing it as the FED has been doing.
Just astonishing and entertaining how much attention this gets and how upset people get about it - kind of like getting upset about the immense size of the expanding universe - which also has zero practical relevance.
Oh sure. Just look at the Great Depression. Same circumstances. Everything was fine. :: eye roll ::
1920s: Federal Reserve monetary expansion caused DepressionThe "forgotten depression" of 1920-21 was brought on by the Fed's printing money for Woodrow Wilson's war. Why is that depression so little known? Because President Harding refused to intervene. He let businesses and banks fail and prices fall. The fever broke, and America, after slashing Wilson's wartime tax rates, took off into the Roaring Twenties."
Then, as Milton Friedman related in "A Monetary History of the United States," which contributed to his Nobel Prize, the Fed began to expand the money supply in the mid-1920's. Cash poured into equity markets where stocks could be bought on 10 percent margin. The market soared. When the market stalled and stocks began to fall, margin calls went out. Americans ran to the banks to get their savings. Panic ensued. Banks closed by the thousands. Stock prices fell by almost 90 percent. A third of the money supply was wiped out. Thus did the Federal Reserve cause the Depression. Smoot and Hawley were framed."
The Great Depression was the fault of the Federal Reserve"Bernanke's comment to Milton Friedman at a dinner honoring Professor Friedman's ninetieth birthday on November 8, 2002, reveals it all. He apologized to Professor Friedman and said Friedman was absolutely right--the Depression was the fault of the Federal Reserve. It wasn't the fault of the central bank managing a fiat currency or participating in credit expansion or debt monetization; the problem lay only with the Federal Reserve's inability or unwillingness to inflate the currency early and massively starting in 1929."
Bernanke closed his remarks by directly addressing Friedman: "You're right, we did it. We're very sorry. But thanks to you, we won't do it again."
Source: End the Fed, by Rep. Ron Paul, p.110-111 , Sep 29, 2010
http://www.ontheissues.org/Celeb/Milton_Friedman_Budget_+_Economy.htm
http://www.businessinsider.com/stock-market-margin-debt-2015-6
Hell, I'll pay the 99 cents for them and make it a whole number.
.99 cents makes it look like a smaller amount.
People act like somehow this can be fixed. The train is off the track and over the cliff. Go to the grocery store and look at the bill. Think back two years and what the bill was at that time. The best thing that a person can do is store food and water and wait for the boom which is coming. Think about Big John Boner's parting gift. The republicans are as much a part of this as the democrats. The empire has run it's course and been squandered away. After the inflation peaks then deflation will surely come.
"After the inflation peaks then deflation will surely come."
Or the other way around....matters not, we're on the same page.
Squid
Get some back bone !
http://www.usdebtclock.org/
Nah, 99 cents no more, it has increased a bit as we speak..
99 cents was only good for however long a clock cycle is in the computer doing the calculation...
Are you sure it would be good for that long? We are only talking giga hertz you know.
So Obama can go on A Shopping SPREE
So, Obama's granny-inlaw finally broke us, along with Muchelle's numerous tranny operations. I feel so abused and trashed by this freakin' muttzlim.
Sux being you 'cause it's not my debt. I singed no contract and I have no obligation to pay it back.
Nobodies gonna pay that shit back.........EVAR!
You should probably read about adhesion contracts.
"Without Prejudice", U.C.C. 1-308
Hey hey hey debt doesn't matter.
According to a Ben Bernanke interview I listened to he supports 'infrastructure spending' by government.
Yes building a new road or bridge will be enough to give the economy lift-off and pay back the ridiculous amount of debt accumulated in line with Keynesian LUNACY.
The Keynesians will sink the US economy and its a matter of WHEN not if.
If that's true then building the Death Star is shovel ready!
Lets build the starship Enterprise instead. At least we could go somewhere.....
Fly to Neptune?
Blow up Neptune?
Or at least park it at the edge of the solar system and wait for Nibiru.
Oops, Nibiru's coming in at the other end of the solar system better build two!
"Just who exactly do we owe this 18 Trillion + too?? If the Chinese are selling our debt and not buying it, and the Russians don't own it, then who exactly does?"
The big Ponzi master owns everything. It's called the Federal Reserve. Prints money from thin air and buys the debt.
Greatest financial magician on earth. you see debt, poof, it's gone.
Paul Eberhart thanks our hard working politicians for all their great work. www.pauleberhart.com
So obviously the fed needs to raise rates to be able to service that debt, oh,wait.....
right now most people on this site wouldn't believe the government if they said rain was wet
I'm still laughing from hearing them say First "lady."
Very, very, subtle.
You can almost hear it pass over the heads of most of the trolls.
no, i distinctly heard them say First "Wookie"
I wouldn't believe .gov any farther than I could throw it.
Sad part is they just passed it and there is only 8/900 billion left to spend. Ha, that ought to last until about March.
Not even enough for a good bank bailout.
looks like they spent most of it propping the stock markets and crushing pm's
DOW nears 18k and all is well.
I don't have debt - so FUCK OFF!!
If you only paid seven measly dollars a day more in taxes each then the debt would remain at 18.4 trillion. If you paid yet another seven dollars a day you could wipe out the debt in about 30 years assuming no interest payments. Won't you think of the children and pay your 14 dollars a day to keep America strong. That's like only 7 cups of coffee!
I would if they would stop creating more debt.
Until they do there is no way on God's Green Acre that you could pay off the debt.
That's like trying to pay off your credit card while continuing to rack up more charges while paying the monthly minimum.