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It's Official: US Debt-To-GDP Passes 100%
With precisely one year left for the world and all of its inhabitants, at least according to the Mayans, not to mention on the day of the Winter Solstice, it is only fitting that US debt, net of all settlements for all already completed bond auctions, is now at precisely $15,182,756,264,288.80. Why is this relevant? Because the latest annualized US GDP, according to the BEA, was $15,180,900,000.00. Which means that, as of today, total US debt to GDP is 100.012%. Congratulations America: you are now in the triple digit "debt to GDP" club!
(naturally, this is using purely "on the books" data. If one adds the NPV of all US liabilities, and adjusts GDP for such things as today's housing contraction, then the magical triple digit threshold was breached long, long ago).
And here is the breakdown for the forensically inclined ones:
I. Total debt as of December 20: $15,131,979,264,288,80 (source):
II. Net cash settlement of all completed auctions: $50,777,000,000.00 (source):
III. Total GDP: $15,180,900,000,000.00 (source):
=> Total Debt/GDP= $15,182,756,264,288.80/$15,180,900,000,000.00 = 100.012%
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Thing is, the long calander is so long, they've lost the new one.
It's probably packed away in a box in storage somewhere.
Actually, it was stolen and sold for scrap value in the late 880's during the great Rock Default Swap collapse of the Mayan stone currency...one remark I found interesting was inscribed describing the collapse..."They currency stones became as worthless as paper"
Yeah, that Mayan stuff is nonsense. Everyone knows that the world ends December 31st. That's when my calender ends, after all.
Well you got just over a week to prevent the end of the world.
I would not wait till the last minute either!
pods
are you close to the new debt ceiling???
The Treasury Bond Market is going to blow up like an atomic bomb ... you don't believe it's there until you have been erased from planet fiat ...
USA, USA, USA !
Probably because S&P has to do it at the right moment. Whenever the talking heads deem fit. I'm with the other guy on this one though; this long of a wait means 2 notches down.
It isn't my debt so I don't give a shit.
Have you heard of taxes and inflation?
Have you heard of the underground economy? Starve the fucking Beast and stop making excuses.
Anyone found accessing the underground economy will be categorized as a terrorist. All terrorists will be shot at sunrise on Presidential order. BTY; Trials are no longer required.
I agree, but unless you're using junk silver or some other alternative, non-fiat currency, you're fairly powerless at protecting your purchasing power from the beast. At best, you will avoid the IRS, and guess what, they're extremely well-armed, and will loot everything you own if you take them on. Oh, and they have their own court system, where they rarely ever lose.
So many times I've wanted to go the Irwin Schiff route, and make them prove that I'm liable (as no one is, its all "voluntary"). Or demand they provide a legal form (there are none, as then they'd have to abide by the rules of the Paperwork Reduction Act where the form would have to have a valid control number (as the current one is expired and will never be renewed, as they'd have to show the law that authorizes the collection of this info (there is none))).
Buuuuuuuuuuut, I'm not stupid enough to pretend that I have "rights" within this criminal system. So, what can I do, other than to minimize creating transactions that they consider taxable.
http://www.dallasnews.com/news/state/headlines/20100218-Man-who-crashed-...
Listen, I will concede that there is no longer any way to live 100% free of government intrusion in one form or another, however, I try to live as close to that benchmark as possible. One can opt out of the system in many ways without unnecessarily becoming a martyr. Minimizing taxable transactions is one method. Abstaining from debt is another. I happen to live in a user friendly state which allows me to live a more independent lifestyle than one in D.C. or NYC. My greater point is that people must learn to stand up for themselves if they wish to be free. Farmers markets, barter networks, businesses that deal in cash.
it is your debt and you dont live in the world by yourself
Then you will have no issues with armed confiscations of your hard earned wealth (as if you had any) in order to pay off debts you did not create. You are part of the problem.
Time estimate on quadruple digit debt to gdp?
Not long if the Dragon family redeem their "thousands of trillions" of US bonds ;O)
Woohoo! Where is the little emoticon with the party hat and noise-maker? <:-)--?
2017 — My Worst FEAR
That sucked. I'd rather see civil war.
Thanks for the link.
That link is slanderous to gold.
Remove it immediately.
He sure doesn't have much of an imagination. He just glosses over all of the horrible events, and focuses most of his effort on food prices and politics. What a hoot!
Maybe he doesn't want to scare his son?
Yeh, what about the lord hughmungus and the gangsta rappers coming to get the white women?
Not a bit of it. Goddam bread and food stamps....
What about the ZH good guys with the gun stockpiles taking over their communities and getting all the hot chicks?
And sayin' gold was useless - i didn't red him b4 but i will now.
Great find! Cool that the former mayor has such insight and wisdom.
120% before we start to feel the pain.
If the USA were not country of reserve currency, with A 100% ratio it would be toast. They say beyond 90% all countries are toast. So USD is living off a false cushion of hopium with a trade balance the size of a grand canyon wide.
Argentinaaa and the Perons, Is USA with the Bushes and O'banana!
80% is the irresponsible point according to my old textbooks.
It's a new paradigm, however, everything has changed and....is under control by the way, so no need to worry.
I just picked 120% because it seems to be posing a problem currently for Portugal, Spain, Italy etc.
Any guess as to the date we hit 120%?
Regards.
Next Tuesday, 2:34pm EST.
Falak, don't you know that nothing bad can ever happen to the USD, because we have the world's reserve currency and the world's biggest military? Thats the trend and the trend is your friend! USA -- Empire forever! Unicorns with little flag hats and red white and blue skittles for everyone!
but this time is different
Amerika is Debt Nation...
And pretty much all of the Republican candidates for President arn't going to do jack shit about this except for Dr. Paul. In Romney's and Gingrich's sick minds, this deficit spending is mandantory.
and blame Bush - you're quick
Why fucking not?The 911 occured on whose watch?the Bogus war i and II started on whose watch?Obummer is third term bush.
More like 6th term Bush 41/Clinton/Bush 43. Same ol' same ol' foreign and fiscal policies.
I hope and pray that no one here is still stupid enough to say "But Clinton balanced the budget"--by simpling taking Social Security and Medicare/Medicaid OFF budget.
No U.S. debt--none--has been paid off in the last 50 years, just rolled over.
For those with amnesia or a fetish to feel more pain, there's always Bush III on the plate!
Let's not forget the GDP will be revised down to AT LEAST 15 trillion flat.
Is there a Hallmark card for such an occasion?
How's this.
http://images.icanhascheezburger.com/completestore/2008/10/24/1286937229...
At the rate we are climbing it probably ain't going to take long for 120%.
Revised GDP down. Pshh they will spike up somehow.
man, 2011 has been a great year for celebration. Not only did we receive an AA+ on credit mid-term paper. we received a 100% on our debt end of year power point project! USA USA USA USA!
If you look at debt to income like buying a house, it appears that we're subprime!!
Given government receipts vs debt service, we were below subprime a long time ago. Excluding ridiculous "stated" or "no income" subprime loans, the worst allowed DTI I ever saw allowable was 65%
Subprime is contained!
You have seen nothing yet, the next president will do 100% increase.
I'd like to thank the global bank cartel and the politicians and central banks they own; and a shout out to the military-industrial complex as well. Of course special thanks to China for empowering us to achieve this level of debt burden. Finally, a special thanks to the 50% of Americans on the government teat and the sub-par educational system that creates them. Well done everybody! Now go watch some more reality television...
Ballin!
The crooks in DC are giving it a 110% effort in keeping this zombie alive
Funny we hear so much of PIGS countries deficit-to-GDP ratio, yet never for the United States, even though they have had 2 years of deficit-to-GDP over 10%. I just wonder what driver it will take for USA to collapse. Just don't get how it is possible to print all this money, and not have massive inflation, doesn't make sense to me.
So what was the debt ceiling they gave Obama? Guessing he will just slide through before it hits.
what ceiling
"Ceiling" is a euphamism for "target".
Ponzi milestone, THANKS Federal Reserve, took less than 100 years
Yeah, yeah but as Tyler well knows this is just the headline number. Then there´s the looming off balance sheet stuff and you have a more realistic 800% ratio.
nice to be part of something bigger than myself
1000% in UK. We need to catch up
As feared and painted: here
or at Saatchi: here.
You all cry, but really, the debt increase rate has been going down.
2008 deficit : 1.47 trillion
2009 deficit : 1.683 trillion
2010 deficit : 1.73 trillion
2011 deficit : 1.148 trillion
Republicans and democrats are both scum, but at least republicans (this time) are spending less than the democrats.
oh boy.
you know they play for the same team right. i mean the republicrats and democants. i hear what you're saying, but you gotta get over the idea that anything will ever get better with our current system. what are we going to have newt as our next president?
our political system is a sad joke.
I know all about them. Was just saying that some of the tea partiers at least did SOME good...
But yeah the whole system needs an enema. And Newt needs to go to PRISON.
Ron Paul 2012 or WW3, that's your choice America.
I'd assume they've just learned to cook the books better to appease the Tea Party folks.
They sell sizzle after all, not steak.
Corzinomics for all!
and of course today they announce that scientists have create an avian bird flu that is highly contagous between humans and the government says they shouldnt do that but they cant "legally stop them from doing it." So there you have it, its going to be the mad scientists unleashing this next year. Something tells me its all orchistrated and the vaccines will be available only to the privelaged inner circles of soceity. Funny how the news is released in a manner like oh you diddnt see that one coming but we told ya so.
it will probably fix the economy though and lower the unenployment rate. Great way to usher in a NWO and global currency & WWIII.
What is scary is that if my wife and i could put ebola genes into the virus foot and mouth disease then just about anyone can. It takes about 50,000 dollars of equipment. Oh. And a couple of viruses.
Foot and mouth disease is the most contagious virus to mammals with recorded transmissions documented up to two hundred miles away without a carrier.
If we could do it, then it is simply a matter of time ane a couple of crazy suicidal psychos before it happens.
Obtain antisera from the two or three percent who survive. It is your only hope.
Those "crazy suicidal psychos" are better known as the CIA, and I've no doubt they are well aware of what you speak.
There's likely more than two of them as well.
Beyond parabola. Spiral out, keep going...
Build the pipeline!
ugh, i think i'm gonna be sick /sarc/
It doesn't matter. Paul Slugman says so.
Now seeding The Financial Report of the U.S. Government as per 9/30/2010. Enjoy.
http://thepiratebay.org/torrent/6904100/The_Financial_Report_off_the_U.S...
Fitch warns on US AAA rating again, but no action until 2013.
What a bunch of shills.
Though really S&P will likely downgrade again before both other two do one. What a game.
Today is like the doomers Christmas dinner come early, Tyler you have excelled today with the tasty courses of heads up information. We just need a sovereign default before midnight for pudding.
Go long Tums!
So, how does anyone get all this debt down?
Obviously, the normal channels are out, otherwise it would have been done by now. So, without resorting to conspiracy theories about old men in an old house carving up the globe, seriously, what friggin plan do these fucking lunatics have?
There is no need to get it down.
In 20-30 years a relatively small tax on citizens of China will handily cover retirement and medical unfunded obligations of the west. It´s the great evening out wave we find ourselves in presently. Systems will merge. It has been a foregone conclusion for decades now. Just look at the trading channel of U.S. Govt. debt since 1985. It will undoubtedly keep heading down towards zero as yield is concerned.
They will print, simple. After all, it isn't real money, it's FIAT!!!!!!!!!!!!!!
That is the plan.
Chocolate Starfish for sale. Arrr Tuggahh...( Russell Crowe)... Sailing the F/X Seas!
Obama it's time to double up! Paul Krugman would be in his glory if we boosted doubled it to 30 trillion.
Obama has used Europe as an ideal economic model. Here we come Greece!
We don't care about any debt ceiling, just get rid of it.
F..King Krugman. I like that guy @ the Financial Times. He has balls!!!
My favorite:
by Phil Gramm
on Sun, 08/09/2009 - 17:48
#31090
Mr. Durden, I suggest that you respect the opinion of a former US Congressman, US Senator, Ph.D. of Economics, and UBS Vice Chairman of the Investment Banking. I was the co-sponsor of the Financial Services Modernization Act of 1999 which opened up the markets between the banking, securities, and insurance companies. I will say that I am very proud of the work that I have done in trying to modernize investment banking. Deregulation will prove to be critical in our economy's recovery as free market enterprise is the only way growth is going to happen in our new world economy. The gov't regulation and mandates in the mortgage industry caused the housing crisis we see today. We don't need to compound the problem with more regulation based on outdated economic theories, such as the Glass-Steagall Act of 1933. What is the point?
by Phil Gramm
on Sun, 08/09/2009 - 17:08
#31056
Yes, since the repeal of the Glass-Steagall Act of 1933 the banking system has done very well to police itself (sarcaism). Like hiring child rapists for teachers in an elementary school.
I'm switching to the hard stuff tonight
I have moved well past the hardstuff to absinthe.
King of Gold. 100mg thujone.
Czech republic, but you can have it sent to an american address.
Mi. Independant? 4th grade? Can you even syllabalize ( risk)??????
You need some humor to enjoy the gatekeeper's side of a conversation. Crass thought defines what you are not who. I wish the best to you and all who are working for the best outcome for our community and family in a free market we wish all to see. Sorry not to elaborate on the topic but I do miss Phil and his grace of commentary. Yours is typical of the day and always will wish you well forward. I also find more relavance in fourth graders than some thought's around the forums most days.
Thank You, I see your points. Merry Christmas
America used to be the land of the free.
We did what Ben Franklin warned us not to do.
Now we are the land of the lazy, entitled, and self centered.
This article is misleading. $4.7 trillion is intergovernmental debt, which should be eliminated when consolidated. This is just debt that the government owes to itself - so no real debt at all. It sits as a liability at one department and as an asset in another department.
Isnt most of that social security?
Where government debt is an asset of the SS trust fund but a liability of the treasury?
It may look like a circle jerk but that seems like it most definitely should count.
It should not count because an entity can not owe money to itself. The point that you are trying to make, if I take it one step further, is whether the US goverment should accrue liabilites on its balance sheet for future promises. I believe that they should, but that is a completely different issue.
Even so, it still impacts the reality of gov. debt and spending, regardless of whether or not it's on the books. So it really isn't that different of an issue. Because, in the end, the money isn't owed to itself, but to SS recipients.
In other words, it "shouldn't count" only in a flawed accounting sense where all has not been accounted.
So, yes, you are correct, but Tyler is right in including it.
Let's just hope it's Congresses Pension plan.
The Feds don't owe Social Security money to itself. They stole it from all the people who paid in and left them with IOU's. It has to be paid back. Why is that so hard to understand?
They were just rehypothicating. Everybody's doing it.
The Social Security money that is supposed to be sitting in assets waiting to find it's way into the hands of it's appropriate owners, is about as safe as the segregated funds were, with that gambling addict and his kleptomaniacal creditors over there at MF Global.
Kind of like if someone borrows from their 401k, say, to buy a house. Money owed to self. Makes sense. No worries at all.
Let's all hope Million Dollar Bonus will pipe up with words of wisdom for us.
He's a Great Man. And we need his advice now, more than ever.
I'll drink to that!
You guys keep things in check. Thank You
+100%. Would read again.
Whed does this inflation from China bounce back to the USA? I just bought a cahsmere sweater on Ebay for $29.99! Some reported cotton/cashmere/etc rose 70% this year and The Gap, etc warned prices of cotton would soar. I don't see it....
Add to that the increased labor costs in China of about 40%, yet I see stuff from China all over WalMart, JCP, and so on even cheaper then last Christmas.
Don't get me wrong, i love the inexpensive goodies but am wondering where this inflation is that Goldbugs and other warned about?
just ask'n....
food and feed= Grains. Meats. Dairy. Hay.
how's that synthetic $1.99 Walmart T-Bone steak tasting?
ZIRP = deflationary. only temporary though. the central planners have no choice but to print unless they're willing to let their franchise go down in flames.
not in food & feed
increasing demand from India and China, decreasing areable land sources. more leverage and financial vodoo does not equal higher yields in food & feed production.
compare prices yoy on hay in your area
29 I love your posts. Stay flat.
Can I hear a Bank Holiday ?
Italy's economy is sliding into the abyss. Q4 GDP ugly and FUBAR!
U.S.A. U.S.A. U.S.A. Bitchez!!!
Now can we go beast mode? It will be too easy with our Plunge Protection Team and TPTB.
Disclaimer: "No Bankers Were Harmed During The Creation Of This Debt. The World Economy Got Sick And Somebody Shot The Taxpayers But That's About It."
Kudlows ass clown , is weak!!! BUT YOU HAVE BIG EARS AND (A) j.d. ( jURIS SOMETHING?)
Obama is going to be judged as the worst president in our history. His financial geniuses of Bernanke and Geithner, staffs of Lawrence Summers, Romer, Jarret and countless others simply are epic failures. Nearly 5 trillion more in debt in 3 yrs is so irresponsible words can't express my disdain.
And by looking at the GOP field they are making sure Obama gets to stay in the drivers seat for four more years. Would You want to be in charge of this train wreck.
I don't disagree this is going to be a difficult assignment. In 1980 Carter was leading against Reagan up until the final debate. Carter is not much different than Obama. Both are progressive idealogues. Neither one were/are good for economic growth. The media is going to portray the GOP field as they always do. Incompetant, stupid, war monger, etc. The playbook remains the same. The left's problem will always be that they need capitalism and businesses to succeed so they can fund bigger government. The bigger government gets though the slower and less efficient the economy becomes.
Anyone who goes into ths mess better realize that major sacrifices/cuts need to be made and the public is going to hate him for it. Ron Paul's trillion dollar cuts are what is necessary and if not we will be Greece in very quick order. Growth can get the US economy out of this mess but with the large debt bearing down it is indeed almost an impossible problem to solve.
mY IMPERITIVE IS (2 SOMETHING).
It's not that bad for the world reserve currency. 300% would be a level 1 alert, 500% would be fatal.
Lotsa wiggleroom.
That is. US Federal debt exceeds Fannie Mae and Freddie Mac debt. Clinton's greatest con!
http://confoundedinterest.wordpress.com/2011/12/16/housing-starts-and-ho...
This makes me want to max out my credit card on a bender in Vegas, really.
WOO HOO!
Looks like we made it.
http://www.youtube.com/watch?v=PRkeWBljZpU
What's the Underground Economy? A blow job for some legal help? That kind of thing?
Yabut, debt is money.......we're RICH!!!!
BIG leverage, baby. We want to follow in the footsteps of the Motherland and get to 1000% GDP in 4 years. Can we do it?
did i miss something or didn't this happen in late october/early november?
I wonder what the real-debt to real-economic-activity ratio is? I'm sure it's quite a bit worse than 1::1.
Brain fart
The number has passed a while ago, godamn that number is staggering. I had to go back and wince......... now to cheer myself up......robin meade and kimberly guilfoyle soapy shower invite, They are both 5'2, makes you feel like a giant. kerplaaaa!
Most excellent choice in women, jack stephan.
That waa what Democrats called a "Lock Box" back in the day. The only thing coming out of that box is a big fat turd.
That waa what Democrats called a "Lock Box" back in the day. The only thing coming out of that box is a big fat turd.
The Bamster is W inning T he F uture:(
Or just plain ole Winning ala Charlie.
Can we now go ahead and ask the IMF for a bailout? Somehow, that gold and silver is looking mighty precious about now.
Nothing that a good world-wide depression, followed by a total global currency collapse and WWIII won't fix. Then, of course, we get one currency and one-world gov't.
I mean geesh, what are you people worried about?