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All In A SecTres Day's Work: Total US Debt Hits All Time Record $14,615,567,348,203.71, $28 Billion Higher Overnight

Tyler Durden's picture


Good thing the whole debt ceiling fiasco taught Tim Geithner a thing or two about being frugal, or else today's $28 billion increase in total debt to a new all time high of $14,615,567,348,203.71 may have been far, far worse. At least congress still has $127 billion in dry powder before it has to authorize the extension of the interim debt ceiling cap of $14.694 trillion. At this rate, total debt and US GDP will achieved parity in 4 months, and if the US actually contracts (negative GDP in Q2 and Q3) and enters recession, that will be one divergence spread we will never want to be on the compression side of.


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Tue, 08/16/2011 - 16:53 | 1566722 George the baby...
George the baby crusher's picture

Who implodes first? I'm guessing the Euro zone...and the runner up is....

Tue, 08/16/2011 - 16:58 | 1566745 trav7777
trav7777's picture

needs to cross at least $16T for the next fiscal year...maybe 16.5

Tue, 08/16/2011 - 20:16 | 1567258 grekko
grekko's picture

Crossing the next leg of the ladder means nothing.  What this means is that the people with no gold or silver are totally hosed...and in short time, to boot.

Tue, 08/16/2011 - 16:58 | 1566724 plocequ1
plocequ1's picture

Thats not good. I think i will order a pizza. Wake up my fat bloated ass when the DXY hits 70 . 

Tue, 08/16/2011 - 17:10 | 1566770 spiral_eyes
spiral_eyes's picture

paul krugman: "there's not enough govt spending. we need much much more. bring on project blue beam"

Tue, 08/16/2011 - 16:55 | 1566727 speconomist
speconomist's picture

uncompression bitches???

Tue, 08/16/2011 - 16:55 | 1566729 dwdollar
dwdollar's picture

Funny how the GDP is contracting, debt is making new highs, yet the Debt/GDP ratio suddenly drops from 110% to 70%.

Tue, 08/16/2011 - 16:58 | 1566740 baby_BLYTHE
baby_BLYTHE's picture

where do you get the debt/gdp ratio drop from?

Tue, 08/16/2011 - 17:00 | 1566751 A Man without Q...
A Man without Qualities's picture

You just change the methodology to ignore intergovernmental debt... and you know they're going to...

Tue, 08/16/2011 - 17:12 | 1566773 spiral_eyes
spiral_eyes's picture

puff the eurobong til it all makes sense.

Tue, 08/16/2011 - 17:27 | 1566808 JW n FL
JW n FL's picture


This week Max Keiser and co-host, Stacy Herbert, observe the British shock that there is no society. In the second half of the show Max talks to former bank regulator, William K. Black about the absence of justice for banking crimes and whether or not the population plays a role in demanding this justice.

Tue, 08/16/2011 - 17:29 | 1566811 JW n FL
JW n FL's picture


University of Missouri Economist William Black Interview

Dec. 27 (Bloomberg) -- William Black, associate professor of economics and law at the University of Missouri-Kansas City, talks about the outlook for the U.S., European and Chinese economies. Black speaks with Carol Massar on Bloomberg Television's "Fast Forward." (Source: Bloomberg)

Tue, 08/16/2011 - 17:32 | 1566817 JW n FL
JW n FL's picture


April 3, 2009

BILL MOYERS: Welcome to the Journal.

For months now, revelations of the wholesale greed and blatant transgressions of Wall Street have reminded us that "The Best Way to Rob a Bank Is to Own One." In fact, the man you're about to meet wrote a book with just that title. It was based upon his experience as a tough regulator during one of the darkest chapters in our financial history: the savings and loan scandal in the late 1980s.

WILLIAM K. BLACK: These numbers as large as they are, vastly understate the problem of fraud.

BILL MOYERS: Bill Black was in New York this week for a conference at the John Jay College of Criminal Justice where scholars and journalists gathered to ask the question, "How do they get away with it?" Well, no one has asked that question more often than Bill Black.

Tue, 08/16/2011 - 17:44 | 1566836 JW n FL
JW n FL's picture

Obama threatens bankers: I'm the only thing standing between you ... - CachedSimilar

Apr 3, 2009 – Free advice from him to me to you: If you're strapped for cash and .... The only thing standing between the DC Dems and the pitchforks is ...


  • Obama: I'm “only thing between you and the pitchforks.” (2009) - Cached 

    Apr 15, 2010 – Obama: I'm “only thing between you and the pitchforks. ... Offender (While the wicked stand confounded, call me with Thy Saints surrounded) ...

  • Inside Obama's bank CEOs meeting - Eamon Javers - - CachedSimilar

    Apr 3, 2009 – Obama tells the CEOs that his administration "is the only thing between you and the pitchforks." ... I've been calling him Comrade Obama from the beginning, and people have mocked me for it. What more proof do you need? ...

  • Obama: "My administration is the only thing between you and the ...

    www.democraticunderground.comDiscuss - CachedSimilar

    Apr 3, 2009 – Obama: "My administration is the only thing between you and the pitchforks. ... Pitchforks = society at large minus three meals a day (nt) ..... It is accounts like this, that keep me, a die hard cynic since the age of 4 ...

    “My administration is the only thing between you and the ...
    Obama to Bankers-“My administration is the only thing between you ...

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    Obama - "My administration is the only thing between you and the ... - Cached  11 posts - 8 authors - Last post: Mar 27, 2010

    Once they encouraged the pitchforks, now Democrats are scared of ... “my administration is the only thing between you and the pitchforks. ... Tread on Me ” flags when he was approached by pro-ObamaCare SEIU union members. ...


  • Valorizing Plundering!

    Timmy Pressured ALL Agencies NOT to Investigate any part of Wall Street's Theft(s) from the Tax Payers! by allowing the Criminals to Not Only continue the same behaviors but as well stay in power to promote the same behaviors!


    When the elite of a society develop a Morality of Plundering.. it will be thrust upon the people of that society... not only by permitting Plundering but as well the valorizing Plundering.. and it will be perpetuated at all costs.. for fear of losing power over society.  

  • Tue, 08/16/2011 - 17:46 | 1566837 JW n FL
    JW n FL's picture

     Our Country is OWNED by the PIG MEN!

    Banksters have taken over!!

    Top Lobbying Banks Got Biggest Bailouts – But Gov Helped Create the Housing Crash

    original article written by Net Advisor

    There was a publication released last week by the National Bureau of Economic Research, reported by Lauren Tara LaCapra and published by Reuters.

    The report, “A Fistful of Dollars: Lobbying and the Financial Crisis” written by three economists from the International Monetary Fund (IMF) attempts to draw a link between bank lobbying efforts from 2000-2007 to receiving big bailouts.

    The (now former) head of the IMF has been under some controversy as of late. It should be noted that the United States is the largest financial contributor to the IMF, where the U.S. borrows money to bail-out other governments.

    “All across America, people are suffering from bailout fatigue. At a time when America is already borrowing 40 cents of every dollar it spends, does it make sense for us to borrow more money (much of it from China) to help bailout Europe?”

    — Rep. Cathy McMorris Rodgers (R-Wash.), reported by CBS, 05-15-2011

    With that said, these three IMF economists are indirectly on the U.S. government’s payroll. So any attention to focus a report away from government involvement in the housing crisis, especially nearing a Presidential election year, and instead blame it all on “Wall Street banks,” the better right?

    Report Premise Contains a Fallacy of Logic
    The correlation of banks who lobbied government over the last seven years (2000-2007) does not imply causation to receiving bigger bailouts. I would argue that this is an example of
    a cum hoc, ergo propter hoc or “causal relationship.” The economists are trying to draw a link to banks and their lobby efforts over the past 7 years to equate bigger bank bailouts.

    Let’s take a look at some of the facts:
    1. Banks and all businesses or their affiliated organizations, including unions, environmental groups, farmers, and anyone else who has an axe to grind will lobby for or against regulations that can impact their business earnings or their political social agenda.

    For a business, this is a simple preservation of it’s revenue, which can also impact its bottom-line, and that in-turn impacts stockholder’s equity of public companies. If a company has declining revenue, a company may be forced to move their business to where it is less regulated and more profitable, such as to China, India, Mexico, etc., thus losing American jobs because of such high costs and regulations.

    2. It can also be reasonably concluded that the bigger the business the more money it will have at its disposal for lobbing efforts. Thus, in this case the biggest banks would have more money to lobby than say the smallest banks.

    3. I would agree that some banks were technical failures. I discussed this back in 2007 naming which institutions had financial problems in my view before many, including the stock market or government were willing to admit there was a problem. Scroll down to NetAdvisor’s 2007 Yahoo post here and here to see list of companies with financial problems at that time.

    Government Forced TARP on Banks, not the Other way Around
    4. The big
    TARP bailout was forced upon the major banks by then U.S. Treasury Secretary Henry “Hank” Paulson. Paulson forced the big banks to take up to $25 Billion each even if they didn’t need the money. Paulson didn’t want to show that some banks were having bigger financial problems than other banks. Paulson thus wanted to put all the big banks on an even playing-field: everyone will hate you equally. Maybe that was not the intent, but Paulson did not want to show which banks were the weakest fearing panic after what happened when Lehman Brothers collapsed.

    Paulson also thought that if the big banks took government money in exchange for partial government ownership, then the little banks would be eligible for government bailouts too.





    Tue, 08/16/2011 - 19:07 | 1567115 Young Buckethead
    Young Buckethead's picture

    Has anyone noticed that now Met Life is now advertising they are a bank, in addition to State Farm?

    How much will it add to bail out the world's insurance companies?

    Tue, 08/16/2011 - 17:55 | 1566876 JW n FL
    JW n FL's picture

    can anyone here tell me what city is in the back ground of Bill during this bloomberg interview?

    Tue, 08/16/2011 - 19:00 | 1567093 Vic Vinegar
    Vic Vinegar's picture


    Why do you sometimes go in like this, firing off epic infowarrior comment after another, but at other times go in with only one post?  Why the inconsistency?  Inquiring minds want to know.

    Tue, 08/16/2011 - 20:56 | 1567392 Hi Ho Silver
    Hi Ho Silver's picture

    Bipolar disorder.


    Just another broken algo.

    Tue, 08/16/2011 - 17:07 | 1566756 dwdollar
    dwdollar's picture

    Lie-pedia already has it:

    EDIT:  Nevermind, I guess that's an old image.  That lie is being spread around though.

    Tue, 08/16/2011 - 16:58 | 1566744 Herman Strandsc...
    Herman Strandschnecke's picture

    They're using a Greek Abacus?

    Tue, 08/16/2011 - 17:00 | 1566750 hambone
    hambone's picture

    all about changing the definition of what "is" is. 

    Just throw out that ludicrous 4.6T "intragovernmental holdings" cause it's not like we already spent it and now need to sell more T's to pay them back...oh, we do!?!  Hmmm.

    Tue, 08/16/2011 - 17:11 | 1566772 NotApplicable
    NotApplicable's picture

    Roll, roll, roll your debt.

    Gently down Wall St.

    Merrily, merrily, merrily.

    Life is fuckin' sweet.

    Tue, 08/16/2011 - 17:47 | 1566847 andybev01
    andybev01's picture


    Tue, 08/16/2011 - 18:04 | 1566918 walküre
    walküre's picture

    Does it really matter?

    Tue, 08/16/2011 - 16:55 | 1566731 Gubbmint Cheese
    Gubbmint Cheese's picture

    Yes we can

    Tue, 08/16/2011 - 16:55 | 1566732 Jasper M
    Jasper M's picture


    Tue, 08/16/2011 - 16:56 | 1566733 sabra1
    sabra1's picture

    have the raided pension plans been replaced? i figured not!

    Tue, 08/16/2011 - 17:13 | 1566776 NotApplicable
    NotApplicable's picture

    Why waste a trump card with an election coming up? Gotta save something to trade to the federal employee unions for some votes.

    Tue, 08/16/2011 - 16:57 | 1566735 hambone
    hambone's picture

    Just a sign of our wealth!!!  Obviously, no one would lend it to us if they didn't believe we'd pay it back...Fuck yeah AMERICA....hahahahahahhhaha

    Tue, 08/16/2011 - 16:57 | 1566737 zorba THE GREEK
    zorba THE GREEK's picture

    So what...It will be paid back in monopoly money.

    Tue, 08/16/2011 - 16:58 | 1566739 Smiddywesson
    Smiddywesson's picture

    Somebody's been eating the Debt to GDP ratio.  Maybe it's mixed in with the peas we are supposed to be eating.

    Tue, 08/16/2011 - 16:58 | 1566741 ThisIsBob
    ThisIsBob's picture

    I think the spent about a million of it to get a big ole bus.

    Tue, 08/16/2011 - 16:59 | 1566742 Racer
    Racer's picture

    ChairSatan and Getnerwank mutter under breath while pushing huge snowball up snowy mountain....

    Sh!t or bust....

    Shh!tttt or b...


    Tue, 08/16/2011 - 16:58 | 1566743 A Man without Q...
    A Man without Qualities's picture

    The debt number is straight forward to prove - just count the bits of paper.  The GDP, well, that's the work of wizards and warlocks and I've got about as much faith in its accuracy as I have in my dog's ability to make pasta. In other words, we went past 100% debt to GDP a while back...

    Tue, 08/16/2011 - 16:59 | 1566746 Eireann go Brach
    Eireann go Brach's picture

    Obama is heard screaming in the Oval office, "Do they even have calculators that go to a Trillion"

    Tue, 08/16/2011 - 17:08 | 1566765 NotApplicable
    NotApplicable's picture

    Well, he does have it tougher than Lincoln, after all.

    Tue, 08/16/2011 - 17:17 | 1566788 Shameful
    Shameful's picture

    Sure he does, Abe Lincoln had a plan, and he was quite honest about it.  Though Barry has been honest about it to, just have to listen up for it.  Spread the wealth around (to the oligarchs) and the necessarily skyrocket energy prices.  All is proceeding full steam ahead!

    Tue, 08/16/2011 - 17:03 | 1566754 Racer
    Racer's picture

    Analyse Debt Target

    Target locked



    Target hit




    Tue, 08/16/2011 - 17:06 | 1566761 Nolsgrad
    Nolsgrad's picture

    trillion dollar promo!

    Tue, 08/16/2011 - 17:07 | 1566763 Cdad
    Cdad's picture

    I'm so glad that Eric Cantor, Paul Ryan, and John Boehner so publicly expressed their pride at the debt ceiling negotiation and deal.  By the way, it is not too late to write your letters to Mitch McConnell and John Boehner asking them to resign.  Since this board, in general, knows that Ron Paul is the BEST candidate for president, you could consider your letter writing efforts to be part of supporting Mr. Paul.

    All of you guys constantly express the view that right and left are the same.  All of us need to do more than bitch on Tyler's blog, exerting whatever pressure we can, and donating to Ron Paul's campaign.

    This debt spending shit has to end...or it will destroy the Republic.  And it does not matter, the economic depression that will come when the Federal Government stops this nation NEEDS a Greater American Depression just now.

    Tue, 08/16/2011 - 17:17 | 1566777 hambone
    hambone's picture


    your desire to work within the system is admirable but unfortuately we have gone beyond what a democracy can handle.  I love Paul but imagine him trying to get anything done w/ Congress.  It's a bad joke.  Asking the American voter to elect Paul is akin to asking the patient to take the scalpel and make the incision w/out anesthetic and remove the cancer within them.  The course Paul proposes would have London's cookout last week like good natured fun.

    America will not choose to fix what ails will be chosen for them and at the worst possible time.

    Tue, 08/16/2011 - 19:11 | 1567128 Young Buckethead
    Young Buckethead's picture

    We can either ask for it, or it will be handed to us on a platter.

    Either way, the innocent will suffer the most. Maybe that's who Krugman wants to go to war with.

    Tue, 08/16/2011 - 21:43 | 1567537 SIOP
    SIOP's picture


    Tue, 08/16/2011 - 17:35 | 1566821 cossack55
    cossack55's picture

    Bring on the creative destruction. Its what the people want. Its what they vote for. Fuckin' give it to the morons. Let Darwin sort it out.

    Tue, 08/16/2011 - 17:58 | 1566887 NotApplicable
    NotApplicable's picture

    This debt spending shit has to end...or it will destroy the Republic.

    That thinking is sooooo 1971.

    Tue, 08/16/2011 - 17:14 | 1566779 machineh
    machineh's picture

    Gotta love them 'Hope bonds' that don't even count within the ceiling!

    A Hope bond and five dollars will buy you a cup of coffee.

    Time to try something new: Dope bonds, backed by California's largest crop.

    Tue, 08/16/2011 - 17:18 | 1566792 Shameful
    Shameful's picture

    When can we just start expressing the debt in scientific notation?  Forces us to learn and is way more tidy :)

    Tue, 08/16/2011 - 17:20 | 1566797 FLIP THAT BOND
    FLIP THAT BOND's picture

    Does that number include the 100s of billions raided from federal pension funds during the "extraordinary measures" period?

    Tue, 08/16/2011 - 21:50 | 1567559 mayhem_korner
    mayhem_korner's picture

    That will be vaporized as a...ahem...prior period adjustment.

    Tue, 08/16/2011 - 17:21 | 1566799 John Law Lives
    John Law Lives's picture

    Rasmussen Reports: GOP Primary: Perry 29%, Romney 18%, Bachmann 13%

    Ron Paul is in 4th place... and fading fast.

    Tue, 08/16/2011 - 17:37 | 1566825 cossack55
    cossack55's picture

    Rasmussen has the credibility of Spiro Agnew.  Shop it elsewhere.

    Tue, 08/16/2011 - 17:48 | 1566851 hambone
    hambone's picture


    you and I will probably vote for Paul but his message is far too eurodite to be discernable to the masses.  Don't get your heart broken that the best candidate won't win.

    Tue, 08/16/2011 - 17:56 | 1566881 John Law Lives
    John Law Lives's picture

    "his message is far too eurodite to be discernable to the masses"

    Give me a break.  Ron Paul does not convey leadership to the masses.  He is perceived as a milquetoast.

    BTW, the correct words are "erudite" and "discernible".


    Tue, 08/16/2011 - 18:02 | 1566899 hambone
    hambone's picture

    lack spiel cheque - but you get the point.  General voters have no idea what he's talking about nor does he have that stamp of credible leadership.

    Tue, 08/16/2011 - 18:18 | 1566964 John Law Lives
    John Law Lives's picture

    Ron Paul is a man of integrity.  Unfortunately, he is not perceived as a strong leader.  Perception goes a long way with the general public.  Many voters won't take the time to consider his positions.  That is unfortunate, but that is how it is.  Ron Paul is not going to win the GOP nomination.

    Tue, 08/16/2011 - 17:51 | 1566861 John Law Lives
    John Law Lives's picture

    Don't get your heart broken when Paul is swept aside.

    Get on board with Perry. We can not afford another 4 years of Obumble.

    Tue, 08/16/2011 - 21:30 | 1567495 I Got Worms
    I Got Worms's picture

    Perry? Fuck me. You obviously don't live in Texas. I consider myself very conservative, and am an Aggie to boot (Rick's alma mater), and that dude is snake oil selling piece of excrement.  You think W. and O. were bad for civil liberties? Rick gets elected, and you ain't seen nothing yet!

    Tue, 08/16/2011 - 17:27 | 1566806 Caviar Emptor
    Caviar Emptor's picture

    It's good news because now we can get some politicians that are 'pure of heart' to rail about it before expanding it again. As always

    Tue, 08/16/2011 - 17:31 | 1566814 Caviar Emptor
    Caviar Emptor's picture

    In the second quarter, 11.2% of student loans were more than 90 days past due and the rate was steadily rising, according to data from the Federal Reserve Bank of New York

    Tue, 08/16/2011 - 18:03 | 1566913 NotApplicable
    NotApplicable's picture

    Look closely and you'll notice no form of ZIRP anywhere near this type of debt.

    My loans are at 9%.

    Tue, 08/16/2011 - 22:44 | 1567702 Larry Darrell
    Larry Darrell's picture

    Did you get them from some guy named Guido in a back alley?

    Mine are at 1.875%


    Tue, 08/16/2011 - 17:33 | 1566819 electronpaul
    electronpaul's picture

    Hi Tyler,

    What's the projected date of ceiling breach at this burn rate? I'm sure a bunch of folks would love

    to know when the circus is coming back to town...

    Tue, 08/16/2011 - 17:37 | 1566826 Seasmoke
    Seasmoke's picture

    hopefully the federal pensions were made whole.....i wouldnt be able to sleep if they werent

    Tue, 08/16/2011 - 17:43 | 1566835 Long-John-Silver
    Long-John-Silver's picture

    Exponential Debt Bitchez!

    Tue, 08/16/2011 - 21:52 | 1567564 mayhem_korner
    mayhem_korner's picture

    I can name that debt in three digits...$999

    Tue, 08/16/2011 - 17:44 | 1566838 johnnysize
    johnnysize's picture

    Seriously? Who the fuck cares? Spend more NOW so our default is BIGGER and we can pay off more. Id throw in a "make all mortgages go away" clause overnight! Whats another 10 Trillion!!!!! Pay up Ching Wang Duk!

    Tue, 08/16/2011 - 17:46 | 1566844 gwar5
    gwar5's picture

    Records were made to be broken.

    "Well, I never did mind the little things." --Timothy Giethner, Sec. of Treas.

    Tue, 08/16/2011 - 17:52 | 1566865 gwar5
    gwar5's picture


    "The faster we spend... the more time we have to pay it back!" --Joe Biden, VPOTUS, explaining how more spending actually makes us richer.

    "You can't just make money selling trucks and SUVs!" -- Barrack Obama, POTUS, hopping aboard his new $1.1 million "Greyhound-1" touring the midwest. 

    Tue, 08/16/2011 - 21:54 | 1567571 mayhem_korner
    mayhem_korner's picture

    "Greyhound-1" LOL.  Ah yes, a man of the common people.

    He should take GH1 on a bus tour of Pakistan.

    Tue, 08/16/2011 - 17:46 | 1566845 Irish66
    Irish66's picture

    Can you just tell us when he doesn't spend our money..
    I'm getting heartburn from the run rate.

    Tue, 08/16/2011 - 17:54 | 1566869 Caveman93
    Caveman93's picture

    That was quick, :/

    Tue, 08/16/2011 - 17:59 | 1566894 BlackholeDivestment
    BlackholeDivestment's picture

    ...I love Zero Hedge.

    Tue, 08/16/2011 - 18:04 | 1566897 valuetrader
    valuetrader's picture

    28 billion in a day! This is a really good job by TG. This is more than the value of the total gold production of the world for 2 months. This is very high productivity. I am impressed.

    I think that if we put all this debt on top of gold prices then gold prices are sure to collapse. Indeed, what wouldn't collapse under such weight. I doubt the economy is going to be able to take the weight of that much debt. What on earth are they spending it on when they even save a few million that is needed to check how much gold is at the FED.

    Tue, 08/16/2011 - 18:03 | 1566915 Totin
    Totin's picture

    $3,988,690,299,290.70 since 20-Jan-09  

    $127,570,052,216.12 per month  

    $31,892,513,054.03 per week  

    $4,252,335,073.87 per day  

    Clearly we don't have a spending problem. We just have an insufficient revenue stream. Tax the rich!

    Tue, 08/16/2011 - 18:05 | 1566927 max2205
    max2205's picture

    TD, did timmaugh pay pack the GS pension funds he looted in June?

    Tue, 08/16/2011 - 18:58 | 1567087 markar
    markar's picture

    Get on board with Perry someone said here? Are you fuckin kidding me?--a globalist of the first order and a Bilderberger to boot. He will complete the NWO agenda in short order if he gets elected

    Tue, 08/16/2011 - 19:17 | 1567139 Hugh_Jorgan
    Hugh_Jorgan's picture


    Tue, 08/16/2011 - 20:18 | 1567261 Silverhog
    Silverhog's picture

    28 Billion dollars, just a drop in the bucket. That's only 700 million oz of Silver. Comex will cover that, funny though, all I get is a busy signal. 

    Tue, 08/16/2011 - 21:56 | 1567576 mayhem_korner
    mayhem_korner's picture

    Pretty soon it will be only 70 million oz...

    Tue, 08/16/2011 - 22:48 | 1567711 Larry Darrell
    Larry Darrell's picture

    And yet Comex still can't cover half of that in physical.

    Tue, 08/16/2011 - 21:06 | 1567424 El Viejo
    El Viejo's picture

    Debt shmedt.  60% of that debt is savings of Americans and most of that probably baby boomers preparing for retirement. Get a grip.

    Tue, 08/16/2011 - 21:18 | 1567474 El Viejo
    El Viejo's picture

    And another thing:

    China doesn't own US they own 8% of our debt. Big deal. And Japan another 7% so what. The rest by Europeans scared shitless. No wonder US Treas rally every time Merkel and Sarkosy meet. (that's a marriage made in hell) If you were a European where would you put your money? And so what if Americans are in debt. Who are they in debt to? Why the US economy. So let me get this straight. Americans owe the US Economy and the US govt owes mostly Americans and Japan is twice as in debt as the US and every body is runnin scared. This country was far far greater in debt after the Revolutionary war. I'm sick of this whining. When the going gets tough the tough get ... something.

    Tue, 08/16/2011 - 21:59 | 1567584 SIOP
    SIOP's picture

    May I paraphrase?  "How can we be running out of gas if we're still going 60 miles per hour?"

    Wed, 08/17/2011 - 08:12 | 1568321 El Viejo
    El Viejo's picture

    Maybe you would prefer that we be like Russia or Lybia on the chart below:

     Nice analogy too. Maybe you would like to explain it in a little more detail.

    Tue, 08/16/2011 - 22:08 | 1567607 papaswamp
    papaswamp's picture

    97.33% debt to GDP now...assuming it doesn't get revised lower...

    Do NOT follow this link or you will be banned from the site!