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$15,OOO,OOO,OOO,OOOBAMA! - It's Official: Total US Debt Passes $15 Trillion
Too sad for commentary, but here is some math: total US debt has increased by 41.5%, or $4.4 trillion, from $10,626,877,048,913 on January 20, to $15,033,607,255,920, under Obama as president.
(as a reminder the most recently updated debt ceiling is $15.194 trillion)
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Theyre all probably tongue punching each others fart boxes in commercial breaks.
Now THAT is nasty...
+ 1
SD1; I believe I just split up blood laughing at your most recent comment. You da man!!!
Just Liesman. He's the only one who really understands it.
Don't worry, Herman or Rick will fix it, or Mitt.The Dems won't/can't.
The only one who stands a chance of remedying it is RP but that's not going to happen. Anyway why should he step in, cop the flac and then be blamed?
I mean, really, what other option do you yanks have but to occupy Zucotti?
I choose "mind my own business," but that does little to stop the rest from trying to mind it for me.
Drink!
Just think, someone is reporting all that as an ASSET.
Plus 15 trillion.
Way better than cash--I mean at least it pays something, right? And then when derivatives have to be centrally cleared, all those many trillions of notional will come into a system where the most efficient form of collateral is...Treasuries.
And then there won't be ENOUGH debt to satisfy demand. Think about that one for a sec.
Which is likely reported as collateral by someone else.
People worry about debt while it is still manageable....then it becomes unmanageable and they say "who gives a fuck...what are they going to do to me?"......then they run up debt like a MO FO.....and then do a BK...and for the US this BK will be a Whooper....
Yeah... Basically, if your plan all along was to 'dine & ditch' (with washing dishes as your backup plan if you got caught)... You might as well go ahead and order the banana split for dessert...
What happens to our credit rating once the Super Committee fails to pass any real deficit spending cuts?
I think it's highly probable that S&P slashes our credit rating once more before the end of the year.
USAAA+++
“WE WILL ALWAYS BE A AAA COUNTRY”
http://www.barackobama.com/news/we-will-always-be-a-aaa-country/
Obama said so!
He got guns.
I don't know about you, but cutting 1T in spending over 10 years sounds like real spending cuts to me.
What do you mean we have a yearly deficit of $1.6T?
Oh.
I think they only agreed to cut spending increases.
But only after they've raised them.
That's bad.. right?
No! It's GOOD!
More of something is ALWAYS better than less of something.
See, that's what I thought, the new up is down. LMFAO!
"I will gladly pay you tuesday for a hamburger today".....
I just got a bill from the IRS for $18,000 from 2005. I'll send out a check out tomorrow and take care of this right quick. Everyone just relax
You need to get Mr. Blond involved......he'll take care of them......
CAN WILLIAM BANZAI POST A PIC WITH SOMEBODY WEARING THOSE NEW YEARS STYLE 15,000,000,000,000 EYE GLASSES???????
DO I HEAR 16, 16 TRILLION. 16.....ANYONE!
In just six months.
3. If we last that long. Christmas bonuses have not processed yet.
Warp speed, Mr. Sulu
Set the controls for the heart of the sun
Doubing every 7 years.
16 trillion will be just over 1 year.
In 7 years, it will be a trillion every 6 months.
In 14 years, it will be a trillion every 3 months.
etc
(as a reminder the most recently updated debt ceiling is $15.194 trillion)
If the SuperCommittee proposal comes out coincident with the debt ceiling re-up, that'd be like crossing the streams to take down the Sta-Puft Marshmallow Man.
Sta-Puft
"I tried to think of the most harmless thing...something that could never, ever possibly destroy us....Mr. Stay Puft!"
Well invested money though, the Kissinger-Brzezinski deal - oil for paper. It's all about strenghten your empire and accumulate war machines you pigs
Congressman Pete Stark should be happy today. He apparently believes debt = wealth for the USA.
http://www.youtube.com/watch?v=UjbPZAMked0
100% FUBAR.
Sweet! Every American gets 100% Debt to GDP for Christmas!
U.S. National Debt Clock : Real Time ...lower right hand corner 'debt liability to each US taxpayer'- $1,034,000.00
We are all millionaires now - soon to be trillionaires. Eat your heart out, Mr Gates.
$15,000,000,000,000,000,000,000,000,000,,,,,
it is just some fat ZEROs.
deficits don't matter
Until they do.
Nice avatar!
yes!!! just think more steak, arugula and peas for all!!
When comes the dip? I want to buy it.
Bullish Ron Paul 2012
The future is looking a little more like Little House on the Prairie then Star Trek....
I always picture the future as more like the Waltons but they did have cars so you may be closer to the truth.
Yes Federal debt crossed $15 trillion and unfunded liabilities crossed $116.4 trillion and growing at $6.55 trillion a year while debt grows at only $2.162 trillion a year. Nice total gowth of debt and unfunded liabilities of only $8.7 trillion a year. Bernanke can print that in less than a minute - party like it's 1999.
http://www.usdebtclock.org/2015-current-rates.html
If you want a good laugh, look at 2015 CBO Projections debt-GDP ratio...it actually goes DOWN in 2015!!!
CBO had projected of a surplus of about a trillion dollars by 2011 in 2001. We got a deficit of 1.7 trillion. But they got the trillion right.
@ drink
Maybe I'll shed a tear into my drink tonight when I start in...
1> Mix 3 parts apple schnapps with 1 part cinnamon schnapps and dash of cinnamon over ice
2> Give drink to female companion
3> Mix 1 part whiskey with 1 part whiskey for yourself
4> Wait 9 months
5> New debt slave created
2015? That's the year they start investing in Powerball tickets.
Leverage, bitchez!
I know. Just have a 15 trillion dollar powerball jackpot. The winner will use the jackpot to pay off the national debt and become a national hero!
That would work wouldn't it?
JustObserving, is that right about unfunded at $116T?
How long ago was it half of that? How soon can it double?
impeach this socialist pig already!
They can't impeach him because that would lend credibility to his unlawful position in the White House, they have to straight up go in and arrest him for being a felonious cock sucker of Rham Emanual. Ahh, memories of the good ole Chicago Bath House dayz..
He's a puppet anyway, impeaching him won't do any good.
do NOT look at this link
http://usdebt.kleptocracy.us/
"Deficits don't matter"
-Dick Cheney
It is just a bunch of zeros
The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents – #43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back — $30,000 for every man, woman and child. That’s irresponsible. It’s unpatriotic
-Presidente Hussein Obama
...6 trillion later
For the record, Dick never said that. Stalanistic tactics don't work in the company of smart people. Sell that to the OWS crowd.
And no, I'm not a Cheney fan, just a stickler for REAL data
Context and truth mean nothing when your selling a dream..
MSNBC Reporter:
Dr. Alan Greenspan:
only following the lead of his hero - J.M.K.
At least Obama is trying to bail out the banks from their self-imposed mortgage quagmire.
Bullish.
US Treasury has hired the unemployed Zimbabwe currency designer to help resolve this problem........
See? Green Chutes.. I mean shoots. Problem solved.
The top talent is not cheap....have you seen how much teleprompters cost?
And oddly enough, THAT is probably true.
Excellent Lizzy! + 1
They should put this on the cover of Time magazine....classic!
National Debt increase in eight (8) years under G W Bush: $4.9 trillion.
National Debt increase in three (3) years under Obama: $4.37 trillion.
Pocket Change...we can believe in.
This is important enough to be worth repeating: Medicare D's a monster. AS IF our prior Medicare expenses weren't bad enough, this massive payout to the pharmaceutical industry has to come from somewhere.
Obama sucks, but you've got to be in complete denial to blame him for the majority of the deficit. Most of the spending that's driving debt through the ceiling is non-discretionary. SS, Medicare, and the military. That's it. Obama didn't do that.
The health-insurance subsidy, the wars, the complete lack of enforcement of any kind of financial law--THOSE are the reasons Obama should be tarred and feathered and/or impeached.
The debt problem was created decades ago.
A "Black Swan" for an " x-mas" tree ornamate, and an "United States", flag as a base for Chinese presents!
PATHETIC!
Barry chillin' in the outback of Oz. Hope a crocodile munches his leg.
Thanks for the reminder. He ( Otool) ,is doing the Asian ( end around) and opening a Military encampment in Darwin ( AU ) Northern Territory.
I'm guessing this is due to US forces abandoning mainland Japan, along with wealthy Japanese demanding Okinawan real estate? Add that to the average Okinawan who hates the occupation, and I can see it getting some traction.
Seems like the only thing that can dislodge the US military is mother nature (Mt. Pinatubo, for example), or a closer launching pad to an enemy state (Iraq->Afghanistan->Iran).
...so that's why you feel much better than Europe?!?!
And to celebrate we crush Gold and Silver the only currency that has any value left.
So for starters this is about $50K for each person in the USA. Then adjust for people who can actually ever pay anything.....well, let's not go there (it is not polite).
Keep on counting on your social safety net.
END THE FED
RON PAUL 2012
USA! USA! USA!
http://usadebtclock.com/
It's fun to watch this sucker... sorta like watching the electric meter outside your home - it just seems so unstoppable!
It's fun to watch maybe if you're high.
Otherwise it makes most people feel like wallstreet pro
http://www.youtube.com/watch?v=J67X1K9pDOw
That dude is externalizing everything I internalize. HOLY SMOKES. That is CATHARTIC.
And the kids won't listen to me...."turn down the heat, keep your showers down to 15 minutes" etc etc....they think I am their own personal Fed that can create endless debt.
Play Fed then. Dilute the hot shower water with newly printed cold water.
15 minutes? Earlier last century, a bath a week was the norm...
$15 Trillion, huh? I'm thinking about putting it on my chase card as a gift to Uncle Sam. Everyone cares if Uncle Sam defaults. No one will care if I do. ;)
Does " WE THE PEOPLE " , come to mind?
51 day of accurate gold,silver,oil forecasting:
http://www.tfmetalsreport.com/comment/88527#comment-88527
And our recent graduates are worried about their college loans and the debt they owe.
What did they learn?
That wage garnishment is ineffective if you're unemployed?
I don't know about you, but I'm planning to eat a celebratory Ipad!
Can anyone please provide a link or information on good places to expat to? also a guide to moving all of my assets there.
Criteria must include:
1. free-markets
2. low or no tax on capital gains
3. dictator/socialist/warmongerer free zone
4. Relatively low cost of living
5. good looking women
thanks in advance
Pay Pal founder and early Facebook investor Peter Thiel has given $1.25 million to an initiative to create floating libertarian countries in international waters, according to a profile of the billionaire in Details magazine.
http://news.yahoo.com/blogs/lookout/silicon-valley-billionaire-funding-creation-artificial-libertarian-islands-140840896.html
Otherwise known as captive targets. Anybody that thinks they can escape this global gulag is an idiot.
Try this: http://www.korea-dpr.com/
Just a joke.
1., 2., and 3. = BVI [British Virgin Islands]
4. = Barranquilla or Cartagena, Colombia
5. = absolutely Colombia
htp://vegasxau.blogspot.com
Uruguay:
http://www.lewrockwell.com/spl2/5-best-countries-to-escape.html
Planet Claire
http://www.youtube.com/watch?v=1EPP3gkh_00
10-yr. yield collapsing, already back to 2%
Give me ES at 1,000, we'll have 1% yields, easy.
Excellent!
And by the time ES is at 150 again, the 10-year yield will be around 15%.
Oddly, that's where both of those benchmarks were in 1980, right before Ronnie Raygun came in and put us on the path to indebtedness - er, I'm sorry, prosperity.
Yeah, that's it. Prosperity.
It's mourning in Amerikkka, Mr. Raygun. Congrats!
Debt $15T, revenue $2.63T, debt/revenue 5.71
UST is unsecured. Like credit card debt there is no collateral backing it. Unlike credit card debt, if Uncle Sam decides to default or inflate, you cannot go to court and sieze his assets or garnish his wages. And the average credit card borrower doesn't have a dollar printing press in his basement.
An individual with a debt/revenue ratio of 5.7 couldn't even get a credit card. But combine a few hundred million over-indebted individuals together, and the market is falling all over itself to loan them money at 2%.
Take a bunch of crap, combine it together, and produce pure gold. Where have I heard this before?
"All of this has happened before, and it will all happen again."
not to worry. i'm sure the greatest central banker of all time as you call him will save your buy and hold portfolio of widows and orphans stocks.
robottrader: when prayer is your only investment strategy.
From what to what? Correction please....
um..." from $15,033,607,255,920 on January 20, to $15,033,607,255,920...." sorry, I don't see the increase??? Everythings fine!
...got updated,thanks! thought I was losing my mind and my money.
John Williams (www.shadowstats.com) estimated today that on a GAAP basis the ratio of gross U.S. government debt and obligations to GDP is now 600%, which is the highest in the western world.
We're #1!
Does ZH now have the $161 Billion Dollar Countdown Clock before the shit hits the ceiling?
The only way to win in such diversity, is to overwhelm the system. Congratulations, Mr. President.
I for one would like to contribute my 2 cents so that number rounds to the nearest debt dollar.
This is how one organizes a community!!! -- COMMUNITY ORGANIZER!
If the bulls cannot hold the ES for another day.
You are going to witness one of the fastest Treasury rallies of all time.
Let's hike the debt to $20 trillion!!!!
Everyone is clamoring for our paper!!!
We're just the least shitty place to park money right now... until we're not, then we'll be like Greece. If China, or any other large country, decides to back their money with gold (or any other commodity, and they don't have to actually do it, just say they will) then the dollar will lose it's reserve status overnight. Then the market will be flooded with dollars that nobody wants. Then your fucking treasury yields don't exist, we'll have to 'cancel' the auctions, like Italy.
There's nowhere big enough to put the money that's in treasuries. The dollar can't lose its reserve status until the folks holding all the big sums acknowledge that most of their wealth is gone. Commodity-backed currency can only be expanded to whatever the maximum leverage on the commodity is.
You can't temporarily store all the water for your swimming pool in a coffee pot. It doesn't fit.
Your speculation is flawed.
Wrong. It's all based on confidence or the lack thereof. Ironically, it's the poor serfs who determine the value of money. They are the ones who make the economy function why the big holders sit on their sums. Without serf confidence, the whole thing comes tumbling down. You're thinking in quantities. Money is more than just a quantity of something.
There may be a misunderstanding, so I'll clarify. This is what I was responding to:
If China, or any other large country, decides to back their money with gold (or any other commodity, and they don't have to actually do it, just say they will) then the dollar will lose it's reserve status overnight.
My point is this: if you have $700B in some dollar-denominated piece of paper, there will not exist any mechanism by which you'll be able to convert that into the new gold-backed (or whatever-backed) currency "overnight."
The fact that the dollar market is so much bigger than any other competing currency or commodity makes it impossible for everyone to jump out of dollars.
(To be honest, I don't understand what you're trying to say, so I can't say if I agree or disagree.)
You would think that a commodity say gold could/would be revalued or perhaps find its true value very quickly under such circumstances, h/t FOFOA
Gold isn't a lottery ticket. If it pays off, you win by keeping what you had, not by leapfrogging to the top of the heap.
If a global revaluation of gold threatens to make a bunch of small investors into "billionaires," possession by little people will end up outlawed until the sovereigns sputter out.
robottrader: when a bullish investor turns into disillusioned cynic.
Time for some blues
http://www.youtube.com/watch?v=HFWOqWM5kGw
I think you can do much better than that and more appropriate too:
http://www.youtube.com/watch?v=zYrVwGxlcFA&feature=results_video&playnex...
or some Champagne and Reefer
http://www.youtube.com/watch?v=oHowqKYSXNI&feature=related
or Bernanke to the Banksters
http://www.youtube.com/watch?v=fQ4NFsw4bOU&feature=related
Or what must be done when the people wake up to this shit.
http://www.youtube.com/watch?v=HPzqxy__giM&feature=results_video&playnext=1&list=PL49E66A436E4B601A
Saw Willie Dixon at ChicagoFest in 1982. Kick ass.
Muddy Waters at Harry Hope's about 78.
Wait until the dollar turns into confetti.
libertarian86.blogspot.com
Bernankonfetti
Time for the government to start raiding 401Ks and IRAs to pay the bankers. Quietly the government will take the untapped wealth.
Yep. First all new deposits will be forced to go into TSY's. Then everything will be converted to TSYs.
I'll make my last withdrawal from the 401k in Jan, under historically low income tax rates.
Long physical anything.
Cain + Obama + Bachmann + Gingrich + Perry + Romney = different wrappers, same s**t
All puppets, all working for the same 'Tribe'
Time to flush them all down the toilet
You're gonna need a bigger toilet.
And remember, this doesn't count all the GSE debt outstanding, and anything else off the balance sheet!
Holy solyndra! Was there no way for Obambi to keep this under wraps until 2013?
Repeat after me: Most Important Election, EVAR!
Shouldn't Obama be challenged by someone else in the primary?
At least Obama recuse himself out of next election for the good of the country.
The hills are alive
With the sound of fiat
With debts they have wrung
For a thousand years
Go USA. Because we are exceptional. Exceptionally broke and busted out.
I should post in this thread for posterity. But it has all been said, above.
Merry Christmas grandkids.
Pardon me waiter....this can't be my bill; I only had the burger & fries!!!
....and pretty slick of Obama to be on the other side of the world as this event comes to pass!
Laughing, smiling Obooba makes being a horrific leader seem like a great time.
Foreclose the White House bitchez!
No Can Do - Public Housing
And the European debt is a problem? Just wait 'till this one blows..
Are you kidding? MMTers are celebrating this major milestone with champaign!
48K of debt per person in USA as of this moment... If I can figure out how to create a synthetic derivative and sell it, I'd be... oh wait... crap...
$15,033,607,255,920.32 / 312,619,965 = 48,089.08
Sources:
http://www.treasurydirect.gov/NP/BPDLogin?application=np
and
http://www.census.gov/main/www/popclock.html
WHY WOULD YOU WANT TO BE BORN HERE?????
I'M PISSED.
And gold isn't trading @$10k on this why exactly?? what am I missing here, please advise
Let's do some math:
$48,089.08 per person in USA (see my prior post for sources).
at current gold price of $1,762.20 per ounce, you can pay off the debt if every individual in the USA forked over 27.29 ounces of gold...
HAHAHAHAHAHAHAHAHA
Total USA population at the moment is 312,619,965. So, 312,619,965*27.29 =
8,531,157,931.27 Ounces of Gold...
BWHAAHAHAHAHAHAHAHAHAHAH
Hmmmm..... say, which country has that much gold??? where do we go next?
I hope you catch the absurdity of this....
Clearly gold prices are not where they should be