• BullionStar
    05/30/2016 - 21:24
    The US Gold Market is best known as the home of gold futures trading on the COMEX in New York. The COMEX has a literal monopoly on gold futures trading volumes worldwide, but very little physical...

On This Day In 2016

Tyler Durden's picture




 

For a presidential election taking place when the US debt/GDP has for the first time in 70 years crossed above 100%, in which over 50 million Americans collect food stamps and disability, in which M2 just crossed $10 trillion, in which total US debt is about to pass $16 trillion, and when total nonfarm employees in America (133,235,000) are the same as they were in April of 2005, it is quite surprising that economics has not taken on a more decisive role in the electoral debate. But while both candidates may, for their own particular reasons, not want to bring up the slow motion trainwreck that is the US economy now, in 4 years whoever is running for president will not be so lucky, because as the US debt clock shows, assuming current rates of progression, things are about to get far, far worse.

To wit, this is how America will look like in 2016:

  • Total US debt: $22.2 trillion (an increase of over $6 trillion from today)
  • Total debt per US taxpayer: $180,000
  • Debt to GDP: 130% (30% higher than today)
  • Food stamp recipients: 50 million
  • M2: $14.3 trillion (an increase of over $4 trillion from today)

and:

  • Total US Unfunded liabilities of $147 trillion (or $1.2 million per taxpayer)
  • $950 trillion in currency and credit derivatives, margined courtesy of TBTF banks' cash deposits (forget about the return of Glass-Steagall. Ever). That's in the US alone, which means roughly $2 quadrillion worldwide.

Actually, if those numbers do pan out, there very well may not be a presidential election in 2016. So enjoy this one. It may be the last one for quite a while.

Source: US Debt Clock

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Sun, 08/05/2012 - 11:55 | 2679447 NoTTD
NoTTD's picture

Sure there will be. We'll all get together in our individual villages to elect our tribal cheiftan for the coming year.  Or our Tributes.

Sun, 08/05/2012 - 12:05 | 2679462 dmger14
dmger14's picture

That would be funny as hell if it weren't so sadly true.

Sun, 08/05/2012 - 12:08 | 2679469 economics9698
economics9698's picture

Mitt Romney will save the day.  /sarc.

Sun, 08/05/2012 - 12:41 | 2679492 The Big Ching-aso
The Big Ching-aso's picture

 

 

Running 4 prez now in this situation indicates that defacto one would have to be clinically insane.

 

Sun, 08/05/2012 - 13:16 | 2679616 MillionDollarBoner_
MillionDollarBoner_'s picture

So what does the New Manifesto look like? Here looks like as good a place to start the debate as any:

1) Currency controls - what is "earned" in USA stays in USA

2) End The Fed

3) End fractional reserve banking: government to issue currency, not banks

4) New Gold Standard

5) Devolution of taxation to States

6)...(please suggest/argue/comment)

Sun, 08/05/2012 - 13:45 | 2679709 Michael
Michael's picture

No one actually believes US Tax payers are going to pay back those trillions, do they?

Sun, 08/05/2012 - 14:17 | 2679793 SheepRevolution
SheepRevolution's picture

No we won't pay our debt. Someone else will.

Sun, 08/05/2012 - 15:41 | 2679992 Stackers
Stackers's picture

"Deficits dont matter"

Sun, 08/05/2012 - 17:37 | 2680192 engineertheeconomy
engineertheeconomy's picture

I will gladly pay my share of national debt under one condition:

From now on when the government loans money into the economy expecting that we pay them back the Principle and Interest, they have to print the Princple (marked PRINCIPLE)in GREEN Dollars and print the Interest (marked INTEREST)in RED Dollars. IT'S A MATH PUZZLE. Get it? Or are you too fucking stupid?

Sun, 08/05/2012 - 18:54 | 2680322 spdrdr
spdrdr's picture

The word is actually "Principal", not "Principle".

Trolls who cannot spell.....

Sun, 08/05/2012 - 22:59 | 2680825 TheFourthStooge-ing
TheFourthStooge-ing's picture

.

No we won't pay our debt. Someone else will.

Odious debt is not our debt. Tell the lenders to send the bill to all current and former senators and representatives that voted for it, the current and all former presidents that signed off on it, and all current and former supreme court justices that gave it their blessing.

For those in the above group who are deceased, the bill can be sent to their estates and descendents.

If the lenders can't collect, too bad. It should have been clear to all of them that governments are high-risk borrowers. As they say in Russia, "tough shitski."

Mon, 08/06/2012 - 00:31 | 2680903 Bomp
Bomp's picture

"Tough Shitski"

 

Hilarious!

Mon, 08/06/2012 - 10:55 | 2681655 Astraea
Astraea's picture

Would someone please explain to me why this "debt" has to be paid to anyone.      WHY does something created out of NOTHING have to be paid at all to anyone?       It is NOTHING.      This drives me mad, that people keep talking about this nonsense "debt."     How can there be a debt if it cost those demanding it NOTHING???      Nobody owes these banks anything since it cost the, NOTHING.     Furthermore, everythign these people behind these banks or who own these institutions have in their possession must be taken from them and returned to the People from whom it has been stolen throug the pernicuious and criminal USURY.      I am sick of this subject.      It could hardly be more simple and straightforward.

 

 

Mon, 08/06/2012 - 01:15 | 2680928 cynicalskeptic
cynicalskeptic's picture

OF COURSE the US will pay off its debt......   the only problem is that when it does so the $US wiill have been devalued so much it'll cost $100,000,000 to buy a loaf of bread.....   If you're willing to inflate the hell out of your currency, NO debt is too large.   And when you're creating money electronically, you don't even have to pay the cost of paper and ink

The Fed's STATED GOAL is an inflation rate of 2-3% (and with the bogus CPI numbers they use , THAT rate is more like 5-6%).   But inflation is a genie that is not readily put back in the bottle......   all this talk of deflation is amusing - the prices are going down ONLY on things you do NOT need - a new house, a new car, big screen TV's.... the little things like FOOD are getting more and more expensive and THAT is what matters.  The current drought should kick food inflation rates into even higher gear this fall.

China and others are decreasing their holdings of US debt - converting paper money into tangible assets (like Australian and South American mining companies, African farmland and long term energy contracts).  The only reason we aren't seeing a wholesale flight from the dollar is that current holders do not want to devalue their holdings further and lose more value....   they're exiting positions slowly.... but meanwhile the Fed has bought over 60% of recent T-Bills at auction   - the US is paying Mastercard with VIsa....   that never ends well.

The Euro is a 'temporary' distraction from far larger problems (eg NONE fo the major currencies are sound - the world's financial system is a Ponzi scheme).  It $US looks 'good' only in relative terms at the moment.  But the truth is we're going to hit the ground and go 'SPLAT' too - it's just going to take a little longer.

Makes you wonder of the currend price suppression of gold and silver is done with the connivance of all involved.... let China buy up physical 'cheap' as a way to 'repay' all the paper debt they hold...... ANYTHING to simply 'buy time' -   'cause otherwise China could cause real problems .....Makes you also wonder if we weren't paying the Saudis for oil under the table in gold after the 70's oil crisis n exchange for supporting the paper $US.......   but the Saudis trusted the banks and left 'their' gold in London - where it's been lent out and sold to China - who's taking delivery''''''    methinks there's going to beb one hell of a stink when everyone wants 'their' gold back

Whatever happens, NO end game scenario is pretty - things are going to get messy.  damn glad I'm near the end of my expected lifespan.

Sun, 08/05/2012 - 13:52 | 2679737 aint no fortuna...
aint no fortunate son's picture

Those numbers also assume no increase in defense/wars - good iuck with that - either one of these guys will no doubt be looking to pick up another Nobel Peace Prize.

Sun, 08/05/2012 - 15:49 | 2680005 XenoFrog
XenoFrog's picture

Romney could dismantle the US military, hand over soverignty to the UN, and give away every US asset to the 3rd world and they still wouldn't give him a Nobel Peace Prize.

Sun, 08/05/2012 - 17:17 | 2680172 illyia
illyia's picture

That whole thing is so twisted that I cannot come up with a coherent response... but I will try.

The US mil will likely get anything they want, they have the guns, and whoever is Pres will need them. The UN cannot made a decision. We are more likely to take over the UN than they are to take over us - if we get that far... And, it has probably come to your amphibious attention that the "nobel peace prize" has been so undermined that it has no meaning.

End rant.

Sun, 08/05/2012 - 21:30 | 2680617 RiverRoad
RiverRoad's picture

They should move that whole joke of a UN to Yemen where it might actually do the world some good for a change.

Sun, 08/05/2012 - 18:36 | 2680294 kegman
kegman's picture

6. Write in Ron Paul.

Sun, 08/05/2012 - 14:15 | 2679789 toady
toady's picture

That's what I said last time. For the life of me I can't figure out who would want the job, and I actually feel sorry for poor Barry. His will be a sorry legacy ...

Sun, 08/05/2012 - 18:14 | 2680263 gtb
gtb's picture

Down arrow for feeling sorry for the lying racist prick.

Sun, 08/05/2012 - 19:05 | 2680354 toady
toady's picture

What? The guy has zero chance of getting out of this. He had zero chance before he walked in the door!

Yeah, you're right , fuck him. And the next guy too.

Sun, 08/05/2012 - 12:17 | 2679493 Skateboarder
Skateboarder's picture

We didn't spend that. Someone else swiped the cards for us!

Sun, 08/05/2012 - 12:30 | 2679523 derek_vineyard
derek_vineyard's picture

is this covered in the soon to be released movie, 'obamas america 2016' ?

Sun, 08/05/2012 - 12:47 | 2679551 Skateboarder
Skateboarder's picture

Make that Obama's Americas 2016. Out with the Amero, boys - it's time for some brand new fiat.

Sun, 08/05/2012 - 17:41 | 2680208 engineertheeconomy
engineertheeconomy's picture

Monopoly money is so exciting, I can't wait to go shopping!

/sarc off

Sun, 08/05/2012 - 15:32 | 2679968 akak
akak's picture

Coming soon to theaters near you: "Obama's America 2016"!

 

Produced by: Somebody Else

Directed by: Somebody Else

Starring: Somebody Else

Lead Supporting Actor: Somebody Else

With Cameo Appearances by: Somebody Else

Sun, 08/05/2012 - 20:06 | 2680470 TWSceptic
TWSceptic's picture

+1 best yet.

Sun, 08/05/2012 - 12:46 | 2679554 TWSceptic
TWSceptic's picture

Well it can't get any worse than Oba.. oh wait that's what they said about Bush junior.

Sun, 08/05/2012 - 11:56 | 2679452 yabyum
yabyum's picture

2016! Would there be any difference in the suffering if Mittens wins?

Sun, 08/05/2012 - 12:09 | 2679471 economics9698
economics9698's picture

No, unless he has the balls to fire over 50% of the Washington bureaucrats.  That’s a start.

Sun, 08/05/2012 - 14:20 | 2679804 toady
toady's picture

Sounds like the joke about 100 lawyers at the bottom of the river ...

A good start!

Sun, 08/05/2012 - 11:58 | 2679453 1100-TACTICAL-12
1100-TACTICAL-12's picture

I doubt our current system will still be in place in said year.

Sun, 08/05/2012 - 12:11 | 2679477 economics9698
economics9698's picture

What was the USSR?  Two years, three years after the wall fell?

Sun, 08/05/2012 - 11:57 | 2679454 tuttisaluti
tuttisaluti's picture

Petreus will be president in 2016

Sun, 08/05/2012 - 11:58 | 2679456 CrockettAlmanac.com
CrockettAlmanac.com's picture
On This Day In The Year 2525

 

http://www.youtube.com/watch?v=izQB2-Kmiic

Sun, 08/05/2012 - 12:02 | 2679459 koaj
koaj's picture

secession doesnt seem like such a bad option after all

Sun, 08/05/2012 - 12:14 | 2679484 economics9698
economics9698's picture

Communist Yid California, communist Yid NE, Libertarian middle states, Alaska, Hawaii, socialist Miami.  If we can separate the Yids and 85 IQ crowd from Middle America we can live free once again.

Sun, 08/05/2012 - 12:29 | 2679522 resurger
resurger's picture

commi yids ftl

Sun, 08/05/2012 - 12:15 | 2679485 economics9698
economics9698's picture

Repeat, opps.

Sun, 08/05/2012 - 16:04 | 2680046 kentmills
kentmills's picture

"secession doesnt seem like such a bad option after all"

RP 2012 - you are correct.  It would get us out of the UN, disentangle us from IMF dues, dissolve government contracts with bloated defense firms, stop federal funding of Monsanto and pharmaceutical adventures, and we wouldn't be responsible for bailing out California.  Unless we dissolve the union, these things will continue until we're all dead.  If America stays on this course, we may all be dead before the 2016 elections - from war, cancer, going postal due to depressant usage, etc. 

I say dissolve the union on day 1, start another honest republic on day 2 - without big corporate contracts or national debt repayments - or, praise the Lord - FRNs.

 

Sun, 08/05/2012 - 19:10 | 2680178 ArmyofOne
ArmyofOne's picture

Thats right unions that represent less than 7% of the private workforce are the arch enemy of the state.  Oh, thats right, the state is your problem.  Ok, let pretend we de-evolved to pre-human monkeys and make you head banana.

 

Like labor need another foot of oppression from the oligarchs by disbanding the only means wherein they can "attempt" to find a fair price for their product.

Sun, 08/05/2012 - 23:09 | 2680839 TheFourthStooge-ing
TheFourthStooge-ing's picture

.

Thats right unions that represent less than

He said union. Singular. As in union of the states of America.

Now go stand in the corner for half an hour.

Sun, 08/05/2012 - 12:05 | 2679460 Haager
Haager's picture

There can't be any election in 2016 due to the fact that there aren't enough real dollars out there to fill the candidates pockets...

 

Oh yes, hasn't (madman) Soros planned the big reset anyway to take place between now and 2013?

Sun, 08/05/2012 - 12:06 | 2679463 Cdad
Cdad's picture

To think...in my lifetime...how this once great nation has turned entirely into a Banana Tree Republic...because of The Federal Reserve Bank.  This one institution, above all others, has facilitated this preposterous spending in D.C.  Were it not for the "work" of the Fed, this federal spending drama would have ended many years ago with punitive interest rates.

And here we stand now, counting uncountable numbers, and ADDING to the spending.  Where out thou bond vigilantes?  Fight the FED!

Sun, 08/05/2012 - 13:14 | 2679514 francis_sawyer
francis_sawyer's picture

Federal Reserve... Concieved by?... Shepherded by?... Run by?... Beholden to?... [insert response here & let the accurate dialogue commence]...

Note: the 'snarky' & all too obvious WHITE MALE response is acceptable if your goal is to divert or deflect what might be a more sober dialogue as to facing up to what the real hidden agenda is... But most people (even on this blog ~ as will be evidenced by the imminent 'junks' this comment will provoke), are too comfy, & therefore would rather cast a blind eye towards acknowledging the underlying conundrum for the sake of political correctness...

Metaphorically... FOXES & WOLVES, (even MICE), on balance, are cute & fluffy animals... But if you own sheep, chickens, or store grains & want to shield yourself from theft... Then guess what?... You'll soon decide that it's a good idea to build yourself a viable defense perimeter rather than invite them to the dinner table...

Foxes, Wolves, & Rats are going to be & behave like Foxes, Wolves, & Rats... If you want to make their life easier, that's your prerogative... It's your choice...

~~~

Edit: Classic 'knee jerk' junks (as expected), from the usual suspects... The joke is on you ~ you'll never quite understand what steamrolled you in the end because you are, in fact, facilitators... It's a deviant form of 'Stockholm Syndrome'...

Sun, 08/05/2012 - 13:22 | 2679646 Cdad
Cdad's picture

So what is your rank in the Water Army, sir?

As for your response...just brilliant.  In no way is the Federal Reserve NOT responsible for the transfer of debt to the American citizen.  While one may quibble what or who is behind the curtain that is behind the curtain, the Federal Reserve Bank IS the instrument which distorts and debases the currency, and allows for Federal gov't spending to proceed well beyond its market based means.  The point is not arguable.  And if somehow you think it is, perhaps you could reply in such a way that is not so heavily diverted into the subject matter of animals, both domestic and wild.  This is not the Nature Channel.

Your junks are well deserved...for the irrelevant nature of your commentary.  

Sun, 08/05/2012 - 15:13 | 2679681 francis_sawyer
francis_sawyer's picture

It appears you completely missed my point... ~LOL... BTW... I was 100% in agreement with your comment, gave you a green ^, & was just trying to further the dialogue... I suppose I'll have to shuffle back to RETARD mode now that otherwise mentally challenged ZH'ers might fail to comprehend metaphors...

Your comment = "It's the Wizard's fault"

My comment = I agree Cdad... "Let's pull back the curtain to see WHO the Wizard really is... hint...hint...hint... [totally missed]"

~~~

Figures... ZH is becoming a den of dipshits more every day... Here... let me climb back in the saddle...

- fuck you Bernanke

- gold bitchez

- Obamney is a horses ass

Is that easier to understand?

~~~

Edit 2: For ALL of my life on this planet... The Palestinian issue has gone UNRESOLVED... Why?... Because nobody ever has the courage to look at what's at the root of the problem... WORSE... They're paid & bribed to look the other way... Feign indignation all you want... Junk away at comments which speak the truth... The issue WILL NEVER GO AWAY... Hearts & minds WILL NEVER BE WON until there is TRUTH...

Fortunately ~ francis_sawyer is just a jackass commentator on a blog... There are, HAVE BEEN, & WILL BE worse things in the world... You can count on that... & if you listen real closely, you can actually HEAR the high nasal whiny sound of the junks I'll collect here...

Sun, 08/05/2012 - 15:39 | 2679987 Cdad
Cdad's picture

Uh...errr...okay.  Seriously, control your content, man.  There isn't a law against "being clear" or "germane."  And as for "it's the wizard's fault"...WTF kind of medication are you on?  I didn't totally miss anything.

As for ZH becoming a "den of dipshits", you must have been looking in a virtual mirror when you wrote that.  I don't agree that ZH is full of dipshits.  There are some smart chaps in here...but it IS full of provocateurs....LIKE YOU!  And you prove my point by dragging my comment into the Palestinian issue.  Good grief.

Piss off!  If you are unable to think or communicate clearly, and/or you exist entirely to throw dirt into the gears of everything you touch...go post your inane commentary on Yahoo.  They will dig you there.

Love,

Cdad

Sun, 08/05/2012 - 15:54 | 2680013 francis_sawyer
francis_sawyer's picture

Although I may, (& have the right to ~ last time I checked), have opinions on many different issues...

Sadly ~ If I follow your suggestion to go post my 'inane' commentary (as I imagine applies to this topic), on Yahoo... I would immediately be moderated by ENTHUSIASTIC &/or MOTIVATED types who occupy the space 24/7 so that only CORRECT THOUGHTS should only ever be published on infowebspace... IOW ~ They would be 'Corzined' or 'vaporized' licketysplit...

Congrats... Today you've achieved 2nd lieutenant rank in the THOUGHT POLICE command heirarchy...

~~~

"Seriously, control your content, man."... Really?... REALLY?

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