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Gross US Debt Surges By $240 Billion Overnight, US Debt To GDP Hits Post World War II High 97.2%, Official Debt Ceiling Increase Only $400 Billion

Tyler Durden's picture





 

Two things happened when the Senate voted in the "Bipartisan" plan into law yesterday: i) deferred debt on the Treasury's balance sheet finally caught up with reality, and ii) as a result of i) America's Debt/GDP just hit a post World War 2 High of 97.2%. Becasue as the Daily Treasury Statement as of last night indicates, total US marketable debt surged by $124.6 billion, while debt in intragovernmental holdings (Social Security, Government Retirement Accounts, etc), soared by $113.6 billion, for a combined one day change of $238.2 billion, the single biggest one day increase of US debt in history. Obviously this is a result of massive underfunding and disinvestment in the various government retirement accounts as well as due to deferred debt which was to be booked since the debt was breached on May 16. However, how marketable debt could increase by a whopping $125 billion without any actual auction settlement is slightly confusing. Just as confusing is that according to the endnote in the debt subject to limit calculation, the new ceiling is not the $900 billion increase as requested, but only $400 billion more than the $14.294 billion previous, or at $14.694 billion. We hope this is some Treasury type or misunderstanding as this new ceiling will be breached in a month. And the last thing we need is this whole debt ceiling drama back again in September. One thing there is no confusion about, however, is that based on the latest gross debt number of $14.581 trillion, and the just reported Q2 GDP of $15.003 billion, total US debt to GDP is now a post World War II high of 97.2% (and that excludes the GSE off balance sheet debt).

 


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Wed, 08/03/2011 - 18:11 | Link to Comment km4
km4's picture

"If debt is the problem, how is more debt the solution"
- Ron Paul

You have my vote !

Wed, 08/03/2011 - 18:13 | Link to Comment JW n FL
JW n FL's picture

so now Ron Paul is Change We Can Believe in?

Like Obama was?

if Lobby Whore Government got us here? how is more Lobby Whore Government going to get us out of this mess?

Wed, 08/03/2011 - 18:21 | Link to Comment wang (not verified)
Wed, 08/03/2011 - 18:50 | Link to Comment Spastica Rex
Spastica Rex's picture

Yeah, but only 3 ZHers bewteen the ages of 3 and 12.

Wed, 08/03/2011 - 20:06 | Link to Comment Almost Solvent
Almost Solvent's picture

ZeroHedge IPO Baby!!

 

/sarc (but not that it wouldn't be the best IPO of the last 10 years)

Wed, 08/03/2011 - 22:34 | Link to Comment CompassionateFascist
CompassionateFascist's picture

Make that 4 as I am 7 years of age. Previous statement has same truth value as any economic stat emitted by US gov't.

Wed, 08/03/2011 - 19:17 | Link to Comment Use of Weapons
Use of Weapons's picture

Don't forget that many readers won't show up on Quantcast tables [nor any other trackers, such as google analytics].

 

Wed, 08/03/2011 - 19:32 | Link to Comment mr66
mr66's picture

i agree

Wed, 08/03/2011 - 19:43 | Link to Comment Chuck Mentzel
Chuck Mentzel's picture

What the heck, those statistics look weird. 55% of US ZH readers are older than 50 years, 77% are male, 87% have no kids and 50% make more than $100k/year.

You guise are pretty hip for some old farts..

Wed, 08/03/2011 - 20:14 | Link to Comment Dapper Dan
Dapper Dan's picture

What does that mean Chuck? want you're ass kicked?

Now help me out of this chair and find my glasses!

Thu, 08/04/2011 - 04:12 | Link to Comment Cast Iron Skillet
Cast Iron Skillet's picture

50 is not old, padawan. ... now 60, 60 is old ... ;-)

Thu, 08/04/2011 - 06:58 | Link to Comment rufusbird
rufusbird's picture

60 is not old, pawdner, now 80, 80 is old...;-)

Thu, 08/04/2011 - 00:56 | Link to Comment jonjon831983
jonjon831983's picture

Wow, that's pretty neat.

That many people's ideas shaped by one site.

Wed, 08/03/2011 - 18:28 | Link to Comment inkarri9
inkarri9's picture

He may not be but can it really get much worse than what we have now?  Obama set the bar pretty low I think in terms of boneheadedness.  

Wed, 08/03/2011 - 18:29 | Link to Comment inkarri9
inkarri9's picture

Besides, Dr. Paul's mottos is "End the Fed"....that's pretty smart if you ask me.

Wed, 08/03/2011 - 19:21 | Link to Comment Diatribe
Diatribe's picture

I'm a Ron Paul-ite myself, but careful:  Obama said he'd have us out of Iraq 3 years ago.

Wed, 08/03/2011 - 19:59 | Link to Comment Vic Vinegar
Vic Vinegar's picture

I gave you a greenie for your avatar.  But man you just don’t get it.

Re: you question below, only Tyler’s friends get to post pics.  Re: your comment here, have a B9K9 comment on me. 

Exactly. Having seen the exact same movie many times before, it would be the height of foolishness not to be positioned to both survive & thrive during the next iteration.

We've been in Iraq now for 6.5 years - twice as long as WWII. If it wasn't really just a make work program combined with resource consolidation, we would have been done & gone years ago.

Given these facts, one basically has two options: (a) be pessimistic; or (b) be optimistic. You can moan about how 'it will never end', or ... you can get excited about realizing that 'it will never end'. Get the distinction?

Imagine going to Vegas, and knowing that you would never lose. That's what option (b) implies - it will never end; ergo you will never lose. Therefore, a guaranteed means of gaining & securing wealth for oneself.

If you continue to reside in the US, mentally practice being a virtual ex-pat. Shed any vestiges of patriotic attachments and look dispassionately at the host. Do the people & its system even warrant sympathy? Or does it deserve everything it's going to get?

Once you view the world throught the lense of the latter perspective, you'll find yourself free to think clearly about what's goin' down.

http://www.zerohedge.com/article/deflation-vs-hyperinflation-debate-steroids-or-mish-vs-gonzalo-lira-octagon#comment-576140

Wed, 08/03/2011 - 21:17 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

O/T

Japan has intervened in the currencie market.

Wed, 08/03/2011 - 22:39 | Link to Comment CompassionateFascist
CompassionateFascist's picture

It'll end when IsrAmerica attacks Iran. Quite a few things will end about then.

Thu, 08/04/2011 - 07:00 | Link to Comment rufusbird
rufusbird's picture

Sounds like they have to look at a financial statement to know when to end a war...? Rufusbird

Wed, 08/03/2011 - 18:31 | Link to Comment InconvenientCou...
InconvenientCounterParty's picture

maybe he can reach the W. Bush benchmark of quality?

Wed, 08/03/2011 - 19:01 | Link to Comment saulysw
saulysw's picture

Actually, the shock of withdrawal will kill the patient. He will be vilified for actually doing the right thing. Taking on the US economy now as a responsibility is a "hospital pass" - which in football is when you get the ball just before several big guys tackle you and wipe you out. I'm really mixing my metaphors today, sorry about that. It’s an onion thing. Anyway, Ron Paul, as much as I like him, will be used in this game before the end. It will be when there is absolute certainty of failure. Libertarian ideals will be crushed as it will be too late for them to work. Then the drastic NWO desired outcomes are implemented in the dead of night. Now, where are my meds? Ah, here they are – tucked safely inside my foil hat. Yummy.

Thu, 08/04/2011 - 07:03 | Link to Comment rufusbird
rufusbird's picture

I like it...Ron, Hospital Pass, Paul...sounds catchy!

Thu, 08/04/2011 - 08:27 | Link to Comment madbomber
madbomber's picture

lol

 

Thu, 08/04/2011 - 08:27 | Link to Comment madbomber
madbomber's picture

lol

 

Wed, 08/03/2011 - 19:05 | Link to Comment Rainman
Rainman's picture

How bad can it get, you ask ??

How bout the Mexicans leaving California to find a job in Mexico ?

http://www.sacbee.com/2011/07/28/3799513/improving-mexican-economy-draws.html

Wed, 08/03/2011 - 19:20 | Link to Comment Careless Whisper
Careless Whisper's picture

maybe mexico will build that fence to keep their own people from coming back.

Wed, 08/03/2011 - 19:39 | Link to Comment MsCreant
MsCreant's picture

You almost had it Careless, they will build it to keep us OUT!

Wed, 08/03/2011 - 20:49 | Link to Comment FeralSerf
FeralSerf's picture

They're waiting for us to finish building the fence to keep the Americans in.

Wed, 08/03/2011 - 21:24 | Link to Comment decon
decon's picture

Just returned from a week in Mexico last night and I'm really starting to notice that the dollar is not as welcome as it used to be.  I've been going there for a long time and in the last year or two I've noticed that people sometimes say they would prefer pesos rather than dollars.  That never happened until recently.  Many merchants won't give you as favorable a conversion rate as the official rate either.

Wed, 08/03/2011 - 21:45 | Link to Comment Vendetta
Vendetta's picture

that happened to me in Canada

Wed, 08/03/2011 - 18:53 | Link to Comment tmosley
tmosley's picture

Ron Paul has been totally consistent his entire career, which is a LONG one.  If you can't see that then you are just stupid, ignorant, or both.

Wed, 08/03/2011 - 19:25 | Link to Comment mtomato2
mtomato2's picture

Good to see you, Tmos.  Where you been hidin'?

Wed, 08/03/2011 - 20:02 | Link to Comment Blano
Blano's picture

I think you can find him on Turd's blog on occasion.

Wed, 08/03/2011 - 19:36 | Link to Comment Rusty_Shackleford
Rusty_Shackleford's picture

Bingo.

Wed, 08/03/2011 - 19:14 | Link to Comment Sgt.Sausage
Sgt.Sausage's picture

"lobby whore" and ron paul in th same sentence???

Bwaaahahahahahahahaha

Not too familiar with Mr. Paul, are we?

Wed, 08/03/2011 - 19:43 | Link to Comment JW n FL
JW n FL's picture

he is one man surrounded by a sea of lobby whores.. does it make more sense now that it has been dumbed down to a 3rd graders level?

you fucking idiots are the problem.. if there was a sea of ron pauls you stupid fucks would elect Bush again

Wed, 08/03/2011 - 21:06 | Link to Comment XenoFrog
XenoFrog's picture

Go tell it to your Iranian handlers. They might care.

Wed, 08/03/2011 - 22:43 | Link to Comment CompassionateFascist
CompassionateFascist's picture

Go tell it to your Zionist handlers. They might care.

Thu, 08/04/2011 - 08:04 | Link to Comment tarsubil
tarsubil's picture

Can I give you a hug? You are right, we are stupid. But aren't we all?

Wed, 08/03/2011 - 19:32 | Link to Comment YesWeKahn
YesWeKahn's picture

debt has never been a problem. But getting elected or reelected is.

Wed, 08/03/2011 - 20:39 | Link to Comment clymer
clymer's picture

Either you are a troll, or clearly clueless about Ron Paul. Lemme guess: Obama supporter, 2008

Wed, 08/03/2011 - 20:45 | Link to Comment XenoFrog
XenoFrog's picture

Do you have a solution that doesn't involve genocide?

Wed, 08/03/2011 - 22:45 | Link to Comment CompassionateFascist
CompassionateFascist's picture

Where Jews are conerned, it always involves "genocide"...only question is "who/whom".

Wed, 08/03/2011 - 23:28 | Link to Comment mason5566
mason5566's picture

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Thu, 08/04/2011 - 12:15 | Link to Comment Gold Man-Sacks
Gold Man-Sacks's picture

Lobbyists just walk right past his office.  They know he can't be bought.

Wed, 08/03/2011 - 18:16 | Link to Comment MarketTruth
MarketTruth's picture

It's like telling a fat guy to lose weight he needs to eat more donuts.

Wed, 08/03/2011 - 20:27 | Link to Comment Animal Cracker
Animal Cracker's picture

More like telling fat people that it's the bun on a bacon cheeseburger that makes them fat.

Millions of people bought into that as well.  

Wed, 08/03/2011 - 18:31 | Link to Comment bbq on whitehou...
bbq on whitehouse lawn's picture

Because without increaseing the debt you will have no fresh money. Like a wife who maxi's out your credit card. Do you get a home line of credit on your 10million dolar home to pay for a 1million balance on your credit card. Or do you default on that card and take aout a 3million creditline on your home?

 

Kids, pets and lawn aside there are reasons to increase the credit limit...if done in a non-stupid way.

But doiing so to make another shoping trip to the  Walmart may not be the best.

Its not the limit on the debt its the ability and willingness to pay. Like a crackhead with a HELOC your going to end in court.

 

Wed, 08/03/2011 - 19:39 | Link to Comment karzai_luver
karzai_luver's picture

no , it's not when you can't pay, it doesn't matter then, it's all the damage you did trying to keep paying that crushes you.

 

By the time you can't pay you are already deadmeat.

get a clue.

 

 

Thu, 08/04/2011 - 04:03 | Link to Comment dolly madison
dolly madison's picture

By the time you can't pay you are already deadmeat.

 

It feels like that, but in hindsight it was not so bad.  October, 2007 was the last month I could afford to pay.  It was horrible when it happened.  I envisioned losing everything even though just months before my debt had only equalled 1/2 of my real estate assets.  So anyway, I had no choice, I defaulted.  I had tried to put a loan on my fully paid off home to not default, but they thankfully turned me down.  I lost 1 property to foreclosure, and was able to keep the rest.  Only 2 banks have tried to sue me, and only 1 of them won.  So, in 2 months when the statute of limitations are up if no others try to sue me before then, I will only owe $8,000 of the $300,000 I defaulted on.  I lost 1 property worth about $180,000 at that time that had been worth $400,000 the year before.  In hindsight it did not turn out too bad at all.  It was my own personal bailout.  I opted to just ignore the phone calls for the last 4 years rather than go bankrupt.  If I'd have went bankrupt, they'd have made me sell my properties for pennies on the dollar until they were all gone and still the banks would have not been paid off.  The government bailed out the banks, and I found my bailout in just ignoring the creditors.

My personal experience with defaulting shades my opinion of the country defaulting.  The sooner you default, the less you make it worse by borrowing more, and the sooner you recover.

Wed, 08/03/2011 - 18:11 | Link to Comment JW n FL
JW n FL's picture

for a combined one day change of $238.2 billion, the single biggest one day increase in US debt in history!

How much of that went back to the Lobby that paid for this mess?

Wed, 08/03/2011 - 18:28 | Link to Comment Sancho Ponzi
Sancho Ponzi's picture

Not to worry, JW. Chevy sold 125 Volts in July, and they're building 5,000 more. The O team is chock full of business wonderboys & girls. They'll pull us out of this hole, no problem. /sarcasm off

Wed, 08/03/2011 - 18:56 | Link to Comment Spastica Rex
Spastica Rex's picture

I'm not picking on you specifically, but why have people decided that they need to let others know when they are being sarcastic in print? If you have to tell someone something was a joke, was it funny? One of the funniest things is watching people respond to obvious sarcasm while not "getting it." I love that.

Wed, 08/03/2011 - 19:03 | Link to Comment knukles
knukles's picture

Not getting what?

Wed, 08/03/2011 - 19:06 | Link to Comment Spastica Rex
Spastica Rex's picture

Milk went out my nose.

Wed, 08/03/2011 - 19:41 | Link to Comment karzai_luver
karzai_luver's picture

split peas..........................

Wed, 08/03/2011 - 20:28 | Link to Comment Animal Cracker
Animal Cracker's picture

Are you gonna eat those?

Wed, 08/03/2011 - 19:12 | Link to Comment kito
kito's picture

/sarc off

Wed, 08/03/2011 - 20:38 | Link to Comment Sancho Ponzi
Sancho Ponzi's picture

True, and duly noted.

Wed, 08/03/2011 - 20:41 | Link to Comment clymer
clymer's picture

Are you collecting down-mods?

Wed, 08/03/2011 - 18:12 | Link to Comment john39
john39's picture

"mission accomplished"- greasy, hairy annonymous central banker.

Wed, 08/03/2011 - 20:33 | Link to Comment Tortfeasor
Tortfeasor's picture

I'm thinking not.  This makes QE3 (at least in the most recent historical form of QE) impossible.  Debt ceiling would be breached before the Dec 23 deadline of the debt bill.  Banks wanted QE pretty badly, so I can't think they think this is mission accomplished.

Wed, 08/03/2011 - 18:13 | Link to Comment caerus
caerus's picture

shocking...what a surprise

Wed, 08/03/2011 - 18:13 | Link to Comment surfersd
surfersd's picture

I thought the last week's debt debacle was fun. It focuses the mind and helped gold to rally $80. If we can do this ever month until the election we can maybe get over $2500. :)

 

 

Wed, 08/03/2011 - 21:15 | Link to Comment XenoFrog
XenoFrog's picture

It's not a debt ceiling, it's a debt target.

Thu, 08/04/2011 - 07:27 | Link to Comment earnulf
earnulf's picture

I think they put helium in that target, it keeps going up!

Wed, 08/03/2011 - 18:13 | Link to Comment TK7936
TK7936's picture

Question, when i check wiki

http://en.wikipedia.org/wiki/List_of_sovereign_states_by_public_debt

it displays US debt 2010 at 59% of GDP and states CIA Factbook as source. Does anybody know the difference between the Debt calculated here and the Debt the CIA calculates?

Wed, 08/03/2011 - 18:16 | Link to Comment knukles
knukles's picture

One's a lie, the other's a fucking secret.

Wed, 08/03/2011 - 22:12 | Link to Comment Cathartes Aura
Cathartes Aura's picture

hahhahh, brilliant!

Wed, 08/03/2011 - 18:18 | Link to Comment kaiten
kaiten's picture

The debt grows so fast that Wiki cant keep up with updates ;p

Wed, 08/03/2011 - 18:26 | Link to Comment Hansel
Hansel's picture

The CIA doesn't include intragovernmental holdings (SS trust fund, etc) in their debt/GDP calculations.  It's a scam.

Wed, 08/03/2011 - 18:30 | Link to Comment TK7936
TK7936's picture

I see. Thanks. So much for FACT Books...

Wed, 08/03/2011 - 20:51 | Link to Comment mailll
mailll's picture

Why is this? Because they are required to pay back the public debt portion of the national debt (Wall street, China, etc.), but not the intragovernmental portion of the national debt (Social security and Medicare trust funds, pensions funds, etc.)? They can just cancel it?

Wed, 08/03/2011 - 22:50 | Link to Comment CompassionateFascist
CompassionateFascist's picture

Ah, no....in general they don't "pay back" any portion of the ND...the Ponzi artists just roll it over with more debt issuance.

Wed, 08/03/2011 - 18:13 | Link to Comment papercanteen
papercanteen's picture

Whatever you do, don't stop and don't look back.  Put the pedal to the metal and pay no attention to the horrible grinding noise and shaking of the automobile.  And definitely ignore that tire that just bounced past.

This will end well. 

Wed, 08/03/2011 - 19:27 | Link to Comment mtomato2
mtomato2's picture

Good visual

Wed, 08/03/2011 - 18:15 | Link to Comment TwelfthVulture
TwelfthVulture's picture

"And the last thing we need is this whole debt ceiling drama back again in September."

 

BULLSHIT!  This is exactly what we need.  In fact, we should be having a real conversation regarding the spending of Washington DC EVERY SINGLE DAY until the American people begin to realize the enormity of the problem.  That $400 Billion increase that will last ONE MONTH is EQUAL TO the "proposed" average spending cuts FOR FOUR YEARS.  YES, WE CAN have this conversation.

Wed, 08/03/2011 - 19:10 | Link to Comment RockyRacoon
RockyRacoon's picture

The time for talking is over.   Let this sucker crash.   Talking does not work.

Wed, 08/03/2011 - 19:28 | Link to Comment Incubus
Incubus's picture

Yeah, I've been saying that for years.  Glad more people are realizing it. 

 

People should take note of Fight Club, and what the fuck Palahniuk's Tyler Durden was saying, anyway.  Penguin says, "Slide." So slide, bitchez.

Wed, 08/03/2011 - 19:33 | Link to Comment Incubus
Incubus's picture

My power animal is Kim Jong-Il.

Wed, 08/03/2011 - 20:47 | Link to Comment DonnieD
DonnieD's picture

Mine is Michelle.

Wed, 08/03/2011 - 22:05 | Link to Comment tip e. canoe
tip e. canoe's picture

mine is Incubub

Wed, 08/03/2011 - 20:50 | Link to Comment Manthong
Manthong's picture

There are no cuts.

There will be no cuts.

There will likely only be reductions of funding increases.. if it holds together.

Wed, 08/03/2011 - 22:39 | Link to Comment Nikao7
Nikao7's picture

Obama will be "The raiser of taxes in the glory of the kingdom"....  It's his destiny

Wed, 08/03/2011 - 23:43 | Link to Comment Bill Blackstone
Bill Blackstone's picture

A reduction of an increase flattens out the curve at the derivative level, looking good on paper, but doing nothing in reality.  Derivative-Level thinking brought us the series of bubbles we're seeing nowadays.  Derivative-level thinking, considered in a vacuum, away from any real goods, commodities, or things upon which it might possibly be built, which the People bought hook, line, and sinker.  They think that the Derivative level is the only thing there is.  They've been conditioned to consider the tertiary economy as the only economy.  Thus, they will see reductions of the increases as if they were actual cuts, and not so much bullshit.  There are cuts, but there are no cuts.  This is to be considered by those who would be warriors.

Wed, 08/03/2011 - 18:14 | Link to Comment knukles
knukles's picture

Marketable debt surges without an auction.
Who's keeping the books, the BLS?
New seasonal adjustment fucktors?

Or is the Gimp missing something?

http://www.youtube.com/watch?v=wAv4s8050hs

Wed, 08/03/2011 - 19:57 | Link to Comment MsCreant
MsCreant's picture

Let that guy loose in congress!!! I hear he likes bananna clips.

My guess is PDs were bypassed entirely. The Fed is loaning/printing directly to the US Treasury now, no check kiting or other pretense any more (probably been going on) now it is out in the open. Too many auctions to fake.

Wed, 08/03/2011 - 18:16 | Link to Comment Astute Investor
Astute Investor's picture

Now Congress will have something to do when they all get back from the August recess instead of discussing what they did during their summer vacation.

Wed, 08/03/2011 - 18:24 | Link to Comment knukles
knukles's picture

You know how much my wife ran up on that fucking AMEX over the recess break?  I put a stop to that shit, had a limit put on her card.  Teach that bitch to spend without thinking.

                                        -Anonymous Congresscritter

Wed, 08/03/2011 - 18:18 | Link to Comment kito
kito's picture

so thats the big rally barton biggs was talking about!! 

Wed, 08/03/2011 - 18:17 | Link to Comment Long-John-Silver
Long-John-Silver's picture

* What happens when Drunken Sailors have been out to sea for 3 months with no place to spend money?

 

*Read the above article.

Wed, 08/03/2011 - 19:11 | Link to Comment RockyRacoon
RockyRacoon's picture

Ain't the same.   Drunken soldiers are spending THEIR OWN money.

Wed, 08/03/2011 - 20:01 | Link to Comment Citxmech
Citxmech's picture

Someone please explain how I can get drunk and and get hookers using someone elses money. . .

Wed, 08/03/2011 - 20:19 | Link to Comment Rodent Freikorps
Rodent Freikorps's picture

Run for congress?

Get a job as a government regulator, or buyer, or the big time, union shop head.

Wed, 08/03/2011 - 21:41 | Link to Comment Vendetta
Vendetta's picture

Work for Wall Street bankers

Thu, 08/04/2011 - 12:24 | Link to Comment Gold Man-Sacks
Gold Man-Sacks's picture

Just complain that access to booze and hookers is your civil right.  I mean, if cell phones are now a civil right, this can't be far behind.

Wed, 08/03/2011 - 19:33 | Link to Comment Rodent Freikorps
Rodent Freikorps's picture

From my experience, it involves hookers and booze in large quantities.

Wed, 08/03/2011 - 18:23 | Link to Comment Tracerfan
Tracerfan's picture

Can you spell BANKRUPTCY, bitchez?

Wed, 08/03/2011 - 19:08 | Link to Comment Spastica Rex
Spastica Rex's picture

No, "b-i-t-c-h-e-z" does not spell "bankruptcy" in any language, to my knowledge.

Wed, 08/03/2011 - 19:14 | Link to Comment kito
kito's picture

hey spas, are you prepping to be obama's new grammar czar. it pays well, just dont hold your breath for the pension....

Wed, 08/03/2011 - 19:29 | Link to Comment mtomato2
mtomato2's picture

... I got it...

Funny. 

 

Big Hat.  'sa funny hat.

Wed, 08/03/2011 - 18:24 | Link to Comment Aquiloaster
Aquiloaster's picture

So how long until we get to see the next episode of "Pennsylvania Ave. Shore" with all of the gloriously entertaining barbs, jabs and vomit inducing drama? How much more will they mind-fuck the public?

Wed, 08/03/2011 - 18:27 | Link to Comment Atomizer
Atomizer's picture

Cash in flow vs. cash outflow. The lie cannot be contained any longer.

Wed, 08/03/2011 - 18:28 | Link to Comment nmewn
nmewn's picture

Federal pensions are financed by public debt issuance...was there ever any doubt?

Wed, 08/03/2011 - 20:51 | Link to Comment DonnieD
DonnieD's picture

I think I'll get a Pay Day Loan to fund my IRA this year.

Wed, 08/03/2011 - 18:29 | Link to Comment Charles Mackay
Charles Mackay's picture

If this year's budget deficit is similar to last year's, we could well reach the debt limit by September 30.  Since the fiscal year also ends on September 30 and a new budget for 2012 must be presented by that date, it appears that - yes we will have this 'debate' all over again. 

 

Wed, 08/03/2011 - 22:56 | Link to Comment CompassionateFascist
CompassionateFascist's picture

"A new budget must be presented" ???? US Congress has not done a budget bill in more than two years. It's all "continuing resolutions" now....that's another measure of how fast they are bleeding red ink, and how close we are to EndGame.

Wed, 08/03/2011 - 18:29 | Link to Comment MoneyWise
MoneyWise's picture

"Gross US Debt Surges By $240 Billion Overnight"
Strange approach.. Surges? Well yeah, they still have
to service debt unless you forgot,
BUT the Ultimate low Interest rates
actually should help save some money. If you take a look at 2011 spending it's actually quite low, compare
to previous years. Yes, Debt has to be serviced, other
than that, what else they spend on? It's like unemployed dude trying to cut on some Beer intake,
instead of finding a JOB. They have to care about INCOME and then spending (at some extend), but Income
is a main priority. Put people back to work and collect taxes, simple as that.

Wed, 08/03/2011 - 19:49 | Link to Comment r101958
r101958's picture

I believe, currently, servicing the debt is 'only' about 30 billion a month.

Thu, 08/04/2011 - 07:35 | Link to Comment earnulf
earnulf's picture

"Only" (snicker) That's 'only' 23x the value of the ENTIRE COMEX registered silver stocks.   (Registered stocks about 30 mil ounces x 42 is 1.26 billion dollars).

Wed, 08/03/2011 - 18:29 | Link to Comment Strider52
Strider52's picture

It's just fucking amazing that the .gov is this tremendously fucked up.

Scotty: "Captain! She's gonna blow any second!"

Total freaking insanity.

Wed, 08/03/2011 - 19:51 | Link to Comment r101958
r101958's picture

I think 'amazing' is probably a fairly strong term to use here. Perhaps, 'normal', is more apt.

Thu, 08/04/2011 - 12:27 | Link to Comment Gold Man-Sacks
Gold Man-Sacks's picture

If Scotty were in charge of the Fed, I wouldn't be nearly so worried.

Wed, 08/03/2011 - 18:29 | Link to Comment Dr. Acula
Dr. Acula's picture

Which is worse?

Food stamp participation up 2% in one month (yesterday's story)?

Or debt / GDP ratio up 2% in one day (today's story)?

USA isn't circling the drain, it's hurtling through the event horizon.

 

Wed, 08/03/2011 - 20:06 | Link to Comment Citxmech
Citxmech's picture

"USA isn't circling the drain, it's hurtling through the event horizon."

Best line today.

Wed, 08/03/2011 - 20:48 | Link to Comment Incubus
Incubus's picture

liberate tutemae ex inferis

Wed, 08/03/2011 - 22:45 | Link to Comment JR
JR's picture

You know, that obnoxious person in front of you talking on the cell phone may be using a phone that you pay for…because 35 states have programs that provide free cell phones to "persons who can't afford them."  

Cell-phone-lans.net: “When it comes to free government cell phones, there are three big free cell phone vendors...There are an estimated 3,774,109 Safelink subscribers, while there are an estimated 1,837,700 Assurance Wireless subscribers. Rounding out the top three is ReachOut wireless, with an approximate subscriber base of 741,618.

 “Free government cell phones are adopted by the states, with 35 states currently... The program is regulated by the FCC (Federal Communication Commission) and paid for by the USF (Universal Service Fund). If you’re not familiar with the USF, take a look at your next phone bill and that’s the fee that’s on every bill you get. There is some debate as to whether or not this can be considered a tax or not, however, free government cell phones serve a vital purpose and the states that are (sic) participating missing out on a combined billions, $3.7 billion to be exact.”

And, on Monday, the Obama Administration announced the nation's health insurers will have to cover birth control next year for millions of needy women – and eliminate the copay.

Free food, free housing, free healthcare, free cell phones, free sex...  It just doesn’t get better than this! Unless you have to pick up the bill, of course.

Wed, 08/03/2011 - 18:30 | Link to Comment moofph
moofph's picture

...looks like a job for the super congress...all they need is a super eraser.

Wed, 08/03/2011 - 18:32 | Link to Comment Cman5000
Cman5000's picture

I'm kind of getting tired of the Sheeple and their "normalcy bias " What will it take for people to go off ? It's like we live in the Twilight zone ...

 

Wed, 08/03/2011 - 19:35 | Link to Comment Row Well Number 41
Row Well Number 41's picture

I suspect alot of voting age people are on anti-depressents.  Keeping people on happy pills is probably the only thing holding this back the dam. 

They feel the stress, and they are afraid, but they are told "These are not normal feelings, there is a problem with YOU." 

#41

Wed, 08/03/2011 - 20:14 | Link to Comment Jena
Jena's picture

Antidepressants and weed.  (Or medical marijuana, depending on the demographic.)

Wed, 08/03/2011 - 20:56 | Link to Comment Incubus
Incubus's picture

Trust me, you don't want to be anywhere near the masses when they break.  The only thing keeping people from rationality is big pharmacorps.  Otherwise normal people led to believe that there's something wrong with themselves pyschologically will tend to try to maintain some smiles-and-happy-thoughts perception of the world:  when that facade falls away, they'll become violent--because they'll have nothing else [mentally/psychologically] to fall back upon.  They don't have the mental training to handle themselves in negative situations.

 

Always be very wary of those happy, smiling fuckers.  They're the worst ones. 

Wed, 08/03/2011 - 22:33 | Link to Comment Cathartes Aura
Cathartes Aura's picture

you make good points, I'll only add that the liver metabolises all those prescription drugs, and a reliable symptom of an inflamed liver is anger.

as you say, the lack of "mental training" for coping in stressful situations is a time-bomb you don't want to be around when it explodes. . . all to just "fit in" with the unaware, mindless herd. . .sigh.

Wed, 08/03/2011 - 21:14 | Link to Comment WebWeasel
WebWeasel's picture

When the card stops working in the ATM the wheels will come off.

Wed, 08/03/2011 - 18:53 | Link to Comment Cman5000
Cman5000's picture

 US debt shot up $238 billion to reach 100 percent of gross domestic project after the government's debt ceiling was lifted, Treasury figures showed Wednesday.Bastards ...

Wed, 08/03/2011 - 18:56 | Link to Comment baby_BLYTHE
baby_BLYTHE's picture

No government in history has been able to spend, borrow nor print its way out of the hole when debt/GDP breaches that level which means there is no stopping what is coming now.

Wed, 08/03/2011 - 19:53 | Link to Comment karzai_luver
karzai_luver's picture

USA USA USA USA USA !!!!!!!!!!!!!!!

 

exceptionally wonderfull.

 

We can go to MARS now?????????????

 

 

 

Wed, 08/03/2011 - 21:18 | Link to Comment krispkritter
krispkritter's picture

"We can go to BARS now?" Fixed it. But. Where the F you been? If we ain't drinking at home dreading the oncoming iceberg, we're on the Poop Deck trying to get the band, Little Timmay and the Ben Wa Ballers, to stop playing "Happy Days Are Here Again!"...ah, shit, where'd I put the vodka...

Wed, 08/03/2011 - 18:54 | Link to Comment cccmachine
cccmachine's picture

Like the beer commercial

It doesn't get better than this!

Wed, 08/03/2011 - 18:55 | Link to Comment Goatboy
Goatboy's picture

97.2% debt/GDP including all the stuff thats crammed into GDP but doesn't belong there and has nothing to do with productivity?

Wed, 08/03/2011 - 18:56 | Link to Comment markar
markar's picture

would love to see them play the debt ceiling charade again in Sept. Should do wonders for Obama's poll #s

Wed, 08/03/2011 - 22:36 | Link to Comment Cathartes Aura
Cathartes Aura's picture

10th anniversary.

Wed, 08/03/2011 - 19:01 | Link to Comment MoneyWise
MoneyWise's picture

Sheeple my A$$. You think, for example, JAPAN any better? Leaving on the Nuclear Volcano with ZERO natural (except nuclear sea grass) resources and Agriculture, with 200% Debt to GDP? It's amazing how you guys compare some f* Greece to USA.. US farmers actually feeding half of the world, Grain, Meat and Weed :), if you will, Still great Country.. So, we wold watch everyone else collapse long before something happens here. Wanna bet? USA still the best bet between Europe/Japan.
I repeat Japan is at 200%/GDP, but Debt is mostly Internal (I know)and also next
tsunami, can wipe out entire country in the flash.

Wed, 08/03/2011 - 19:20 | Link to Comment karzai_luver
karzai_luver's picture

Japan was here long before the ussa and will be here long after you and your fukin inbreeds are gone.

Praise be to ALLAH/buddha

pull the plow and maybe we will let you eat your peas, fool.

 

Wed, 08/03/2011 - 19:27 | Link to Comment SmittyinLA
SmittyinLA's picture

Actually USA became a net food importer in 2005 http://www.washingtonpost.com/wp-dyn/articles/A11540-2004Nov25.html

......and we've been exporting less food and importing more food every year since and the more food imports we get the greater the threat is to domestic food production, alien food comes with non-native insects, alien fungi , alien bacteria and even alien virus.  

Should the dollar collapse millions of Americans will starve and our domestic food supply could be annihilated at any moment by a non-native pest or worse a genetically engineered pest.

 

 

Wed, 08/03/2011 - 19:59 | Link to Comment r101958
r101958's picture

Consider the following comparison. We witnessed Fukushima as it happened in Japan. (sarc/on)I'm sure you noticed all the looters and gangs running around (sarc/off). Now, for a comparison, imagine Fukushima was located 5 miles north of downtown L.A. What would you have seen then?

Wed, 08/03/2011 - 21:11 | Link to Comment XenoFrog
XenoFrog's picture

To be fair, we could become a huge food exporter again if we stopped wasting food on biofuel scams.

Wed, 08/03/2011 - 22:52 | Link to Comment Cathartes Aura
Cathartes Aura's picture

there are many countries opposed to GMO food, and resistant to amrka exporting both the food & the "technology" surrounding it.

Thu, 08/04/2011 - 03:12 | Link to Comment zuuuueri
zuuuueri's picture

Not a net importer in terms of nutritional content or calories- a net importer only in dollar terms. So they export a ton of wheat or corn or rice, for , say, 150 bucks, and they import 50 pounds of exotic tropical fruits in january for 200 bucks. You see the opposite in countries which export cash crops and import the bulk calories needed to keep themselves actually alive..  On paper they might look like net exporters but if they dont have a way to convert their coffee or apricots or whatever, into tons of grain, they starve. The US can feed itself and a lot of others today.

 

Wed, 08/03/2011 - 20:19 | Link to Comment Greenhead
Greenhead's picture

My Dad used to tell me "The good is the enemy of the best".  Mediocrity is ok if you don't really care about what we could be.  It's ok, things could be worse... I guess.

Wed, 08/03/2011 - 19:01 | Link to Comment Gold Member
Wed, 08/03/2011 - 22:27 | Link to Comment krispkritter
krispkritter's picture

Posted that on FB. One of my friends actually asked if it was a serious article...I might need new friends. Either that or they're catching on...

Wed, 08/03/2011 - 19:10 | Link to Comment saulysw
saulysw's picture

Hey, if they keep this rate of spending going ($240B per day), and the reported ceiling is correct, wont they be out of money ... today?

Wed, 08/03/2011 - 19:26 | Link to Comment ColonelCooper
ColonelCooper's picture

They only spent that enormous sum of money because the first thing on the agenda was paying back the Federal pension Fund.

Spastica can decide whether or not that was sarcastic.

Wed, 08/03/2011 - 21:39 | Link to Comment V in PA
V in PA's picture

Oh wait. Thats right. I owe my left pocket $20. Shit I almost forgot.<move money from right to left poket> Now everything is better. Viva la hopium!

Wed, 08/03/2011 - 19:13 | Link to Comment SmittyinLA
SmittyinLA's picture

Congress is going to have to do away with those inconvenient and embarassing "debt increases" before the next debt increase, either that or schedule a debt increase vote via internet before lunch everyday.

Wed, 08/03/2011 - 19:14 | Link to Comment karzai_luver
karzai_luver's picture

"HOSNI" then all.

 

ship them to some ME hellhole and after a little enhanced questioning put them on cage trial.

 

 

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