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Total US Debt Update: $14.86 Trillion; $162 Billion Increase In Three Days; 98.9% Debt/GDP
Little to say here: total debt is now at, obviously, a new record high of $14,856,859,498,405.73, which is a $20 billion increase overnight, $67 billion in the past two days, and $162 billion in the last three days. We will repeat the last part: total US debt has increased by $162 billion in three days. Said otherwise, total US Debt/GDP is now 98.9%. Please carry on.
Today's debt summary.
Yesterday's Debt summary:
And from the day before:
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so, which bank in europe is being fed, and when will those pensions be replaced? well, i'm waiting over here!
hey ma! look! i'm first!!!!
someone is being bailed out secretly....who it be?
Everything is just fine over at BOA.
Just pass a new regulation to mark national debt as wealth. Why worry?
yeah, lol, I am sure they ginned up the FY10 number to look better than it was. Now we see $162B of what should've been last year's deficit showing up in the first 3 days. Lying as a High Art
The real question is, Tyler, can we PLEASE have an open thread tomorrow once we pass 15,000,000,000,000 (15 trillion)?
No soup for you!
If consumption with borrowed money = growth, then surely debt = wealth?
Absolutely, since they count gov't spending as part of GDP, and half of that = debt creation. DEBT is now America's most important product.
I can't wait for that!!
Yo T - what would you or I or most any other poor bastard on ZH say bout this tomorrow we haven't already said...Fuck saying any more about this and preaching to the converted.
Time has come for ZH'ers to form the "fight clubs" city by city, ZH local chapters...we need to take this message to "the people". The time for chatting bout how to invest to enrich ourselves is behind us. The problem is becoming a bit larger than returning alpha.
It looks like the '#occupy...', folks have already started this.
My flight leaves Tues, meet you in Liberty Square?
I'm in for the Portland, OR event - anyone in PDX...here is the info
Occupy Portland is Portland's answer to the Occupy Wall Street movement happening in New York City. The demonstration of solidarity with the Wall Street protesters will begin at noon on Thursday, October 6th, 2011 with a march out of SW Waterfront Park. Following the march, a public space in Portland will be "occupied" and used a a central location for meetings, events, and communications.
I thought about it, but I still have a job. Also, when the Portland anarchists inevitably show up and start acid etching/breaking windows, it'll make everyone look like a douche.
Yeah, I've got my trepidations about attending (I work in PDX and manage a team of folks...not sure I'm ready to come out of the ZH closet quite yet) and worried this event could be hijacked by jackass' who want more socialistic programs...but that's the point, it's gotta start somewhere than normal people (or whatever I am) start saying no fucking more. No more lying, warring, fraud, socialism run amok, no more golden bailouts for Countrywide, BAC, Lehman, AIG, no more money printing to pay for shit we can't afford, no more politics as usual. Blah blah blah.
Marching doesn't do much. I'm using the Iraq war demonstrations as an example. They will either die down or turn violent in the end. IMO the best we can do as individuals is deprive the beast whenever possible the fruits of our labors, in order to hasten the inevitable implosion.
Either way, good luck!
DoD,
I can respect your POV and thanks man...not overly optimistic about it but I'm willing to try anything to attempt to save this b4 it turns really ugly..I know it's a low probability gig but better than no chance if I resign myself to "the inevitable".
Hambone, the Portland crowd is too whacked out. I won't even go downtown anymore. You could end up in jail. Your boss might not like that. When the middle class starts protesting, I'll join in. Besides, I'm not much of a follower. I don't follow orders barked out by some smartass kid with a bullhorn. I am repulsed by the mob, and run the other way. Imagine if those Portland fruit loops got power. I don't even want to think about it.
Unfunded Liability........
Ready???
115 800 000 000 000$
Thats 115 800 billion dollars. Big picture. Bankrupt.
"The real question is, Tyler, can we PLEASE have an open thread tomorrow once we pass 15,000,000,000,000 (15 trillion)?"
Perhaps a Parity Party instead, a kegger? I can bring homemade salsa- garden fresh tomatos.
That is more than the net worth of both Buffett and Gates if we confiscated all their wealth.
We could confiscate the entire forbes 400 list's wealth and be able to cover our government spending for about 6 months!
WHOSE GOING TO PAY THOSE 73 CENTS??
PLADIZOW'S BREASTS, I'M LOOKIN' AT YOU!
You could confiscate the entire net assets of the ancient nation state of Greece and cover your entire government spending for about... er.... oh.....
But it would slake the envy of all those closet socialists for a little while!
To: GFKJunior and GenXinvestor - Kyle Bass?
This is what I expect to happen. And this is what I call," French Revolution II"
We were going to confiscate all their wealth but then Buffet and Gates had this real cool idea to have us confiscate everyone else's wealth instead and so we're busy doing that now.
That one was codified into law in 1913. Gates and Buffet are wannabes, hoping to be let into the game.
Appears to be Social Security, Medicare, or Medicaid as $120B of this is an increase in intragovernmental debt.
What others items are intra-governmental? FDIC isn't, is it?
ehhh its just probably obummer spending tax dollars on golf or vacation
That's what I was thinking. Michelle go on vacation again?
I am shocked they report this anymore. We don't need to know this and they are bullshit numbers no one can verify anyway.
What $15 Trillion looks like: http://usdebt.kleptocracy.us/
Perhaps the US Gov is trying to reach a debt goal, like a thermometer guage to be colored in at a charity drive?
$162 billion in THREE DAYS.
Ford class aircraft carriers cost about $9 billion each.
For that amount of money the USA could have completely replaced EVERY USN CVN aircraft carrier afloat (11) and all of their aircraft. And we spent it in THREE FUCKING DAYS.
You mean it's wasn't fast enough for you? I'm sure they will try harder. :P
Actually, they likely spent more than this since this is just the increase in debt. Some of the spending would be funded from tax receipts so they are really spending more than just what they are borrowing.
yes, because thats all this country needs---to pump more money into the crony inflicted money pit that is called the pentagon.
Did I actually recommend a solution in that? I was putting the $$$ flow into perspective. Or can you find a BIGGER single discrete piece of machinery to illustrate the point?
What $163 BILLION buys -
Sort of drives the point home how MUCH $$$ this government is pissing away.
easy silver--never mess with a rhino......just had to say in case you had any ideas
Point very well made.
Actually the figure seems to be 323 million man-years of labor.
This does show how far the finance industry has become decoupled from the (real) lives of most human beings and the real world, and how enormous is the tail that is wagging the dog.
The pooch is screwed, that “tail”that is wagging the dog, is actually the remainder of the snake that crawled into the dog’s ass back around 1913 and has been a parasite since.
+1913
Awesome visual. Thanks for the new email sig, I'll be sure and give credit.
Hank, I was quoting the $163 billion and stating how they spent 3.5 million man-years of $$ in three days but your figure of 323 million man years is for $14.858 trillion of debt. Damn. One guy working since the dinosaurs appeared (Triassic period, 225mya) wouldnt make up for that debt.
Come on this money was just an advance payment for shit like this. Wait till you see the whole bill
Nah, Timmy is just buying some NFLX.
Keep printing Uncle Ben, Uncle Sam needs every bill that comes out of the press, since foreigners aren't buying our debt anymore. If it wasn't for total secrecy, we'd all know what you guys (Fed, Treasury dept.) are up to. Just let us know in advance when you are about to pull the plug and crash everything.
Amerika..chuggin along at a snails pace $2 and a quarter billion dollars per hour. We're sooo fucked!
Instead of the FED, Congress should just get a Black AMEX with no limit and earn some fucking points while they are making their minimum payments.
Instead of the black centurion card i propose a grayish-silver titanium card with no limits on exec jets, corporate schmoosy dinners and hotel bills, but strict limits on expenses such as health care, food and gasoline.
It's looking like the latest debt ceiling hike might not hold up to the end of the year after all.
Jew Confetti?
fake tits really arent all that appealing.
Eh, they're all fake unless you can touch 'em. Still appealing, though.
Very zen.
It's just not fair.
@Waffen,
Please refer to Pladizow on posting boobs as an avatar.
Your friendly TSA boob-inspector
yes pladizows were the real deal. too bad he removed them.
Yep, I like my Flamin' FRN's as an avatar, supple boobs are very nice.
I looked for boobs(because I like them) in red, because its eye catching..Makes it very easy to find my posts in this archaic system.
Today's news in Obama's presidency: September layoffs highest in 2 years. Documents show ME-Chelle Obama squandered a fortune in taxpayer money on her Africa vacation, WaPo-ABC news poll shows opposition to Obama by ordinary Americans has grown strongly, Obama supporters swear at TEA Partiers, call black Congressional candidate a ni**er and an uncle Tom, more evidence comes out as well as calls for indictment on Eric Holder and his knowledge of the gunrunning operation, SEIU announces plans for economic terrorism in DC, Rasmussen latest poll: ANY Republican 47% Obama 41%, Friendly's restaurant chain filing for bankruptcy, has already closed over 50 stores, US debt went up $20 billion today for a three day increase of $162 billion.
And today's not over yet.
aside from that, Mrs. Lincoln, how was the play?
yeah but there was good news on the jobs market lately,,,,,,Target, Toy R Us and macys all ramping up hiring for the holiday season
So the people can dig themselves deeper into debt racking up holiday spending on their credit cards?
Van Halen,
U.S. consumers do pile on top of each other for Black Friday sales items at BestBuy.
I agree we are fucked, the problem is there are too many to save.
Are the members in your rock band still alive?
LOL! Yeah, they're alive. Hopefully they'll tour next year. So we can spend money we don't have to make them richer. But the show should be good! :)
China will have to fund Van Halen's tour as most ZHer's claim to be in AU and AG.
After the fiat collapse, we holders of metal won't be rich, we just won't be poor as fuck.
I'm sure if we get another fiscal conservative Republican in the white house, like George Bush, things will get on the right track, right?
We're long past the Bush blame now. Sure, he opened the door to this nightmare but for the last two and a half years Obama and the Marxists have been pushing us all through. And Bush was NO Conservative.
Ah, I beg to differ. If you want to point to any president in the last few administrations who "opened the door", it was Clinton who signed into law Gramm-Leach-Bliley. But it goes back further than that, if you want to get technical. The bottom line is administrations from both parties have had a hand in creating the disaster that we live with today.
If you want to get really technical about it, the fault lies with the apathetic American population-at-large that has bought into this two-party system and then got divided and conquered as well as those who didn't take part in the democratic process and left it up to those ignorant partisans from both sides to decide the outcome of every election. We must all stick together and fight the corrupt power now.
It was not just one presedent it was all of them they are on the same team, how many times do you kids have to be told that.
"Obama and the Marxists".
Are you mad? Or just illiterate?
Illiterate doesn’t seem to apply but if you mean mad as hell, that certainly would include me.
As for Marxism, Michelle Obama put the Obama philosophy rather succinctly: They want a bigger piece of the pie, your pie. That old couplet written by some Englishman fits Obama and his Liberal handlers to a “T.”
Bush and Obama yup...ever hear of the 3 Antichrists that will push the world to the brink...Nostradamus talks of them
1st Napoleon
2nd hitler
3rd yet to be seen is Mabus
Some have said the 3rd is the time of turmoils that the world will see during the bush Obama years...mabus. A mash up on their destructive administrations
And how evil was allowed to reign
Folks, we've got another Obama Presidency news update! Lightsquared partner - $267 million Federal loan recipient has gone under! Hooray!
http://michellemalkin.com/2011/10/05/scandal-watch-lightsquared-partner-...
Only a quarter billion taxpayer dollars.. chump change nowadays, except your kids are the chumps.
Don't worry, the fall guy (Obama) won't run again. The Elite have chosen Hillary for 2012, and us suckers will vote her in. (No inside info, just my opinion).
That debt clock in New York is gonna explode baby
Every billion in debt means $20 more in debt per America's 50million Federal taxpayers...that's $3240 added in principal over the last three days per Federal taxpaying citizen.
This added principal on the American credit card has an adjustable rate that's ever so low now costing us nearly zero in interest payments, so shouldn't we just charge away if it's free???...thank god interest rates can only move one way (and home prices can only go up).
Thank god for that, otherwise there might be reason to be a little bit worried. But luckily there isn't.
Yep, only $297,137 per Fed tax payer...and that's on an interest only negative amortizing balloon payment loan. Debt / GDP 1:1 but debt growing 10% anum, GDP @ 1.5% anum.
I'm sure that will work out well.
Funny, times like this I get nostalgic...seems like I remember only a scant 11yrs ago in 2000 when we had $5T, and only 3yrs ago 2008 when we had $10T...my how the time flies when you're having fun (w/ other peoples money)!!!
BTW - on an infinity yrs, interest only loan ($300k @ 4%*) every Federal tax payer owes $1000 /month to finance the interest payments (absent printing)...that's on top of all other existing taxes. Yeah, I think they'll go the monetization / printing route.
(*4% is a full % below the 50yr average cumulative interest paid for US debt)
Was that ever in doubt?
No doubt for you and I - but the math is getting so ludicrous that if you try to explain this to financial laypersons, they think the math must be wrong...Games over for the Ponzi when the average person realizes that the system is gone and it's every man/woman/child for himself.
When you have this much debt, it's the creditors problem. It's all funny money anyway... this whole world economy is a ponzi scheme, wrapped in a shell game, smothered in a nice thick layer of confidence trickiness.
Debt 15,000,000,000,000 glasses anyone?
Looks much better this way:
15000000000051
15 x 10^12 glasses would be more comfortable than 15,000,000,000,000 glasses.
I got it.... If we could get Gatorade or Dr. Pepper to print a reallllllly big check and present it to Owebama at half time of the game of the week we'd have a wicked fine photo op and get all warm and fuzzy as a nation......CB
Look - a bubble!
Thinking about it, I think that is: OUTSTANDING
It's all Greek to me...
Sooooo, is a trillion more or less than a million??? Are we winning? This won't affect the MLB or NFL or me, will it?
Thanks
Joseph Six Pack
No, but we may get less Amanda Knox coverage so I think we're losing right now.
Explains why the stock market is still chugging along...
Agree - If the truth were known, which is about like saying the tooth fairy and Easter Bunny are real - this probably explains the Tuesday Turnaround and today's follow through as well as any bullshit rumor coming out of Europe every otehr day.
Well all that money has to be flowing into the economy somewhere
Is there any way to track where that money is going? The foregone conclusion is Greece, Europe, etc, but is there any empirical way to know?
"down the drain"
No.
What? You think you live in a representative republic or something?
This video explains where it's all going...
http://www.youtube.com/watch?v=eyS5n0ByLag
I can account for about $300 of that number; I charged a new kilt and hose to my Visa card.
I'll be more frugal starting next month. Promise.
Like it really matters.
Interest rates are the lowest in 45 years.
U.S. Treasuries are the most liquid, most sought after instruments of the last 35 years.
The more they print, the faster demand grows.
What other asset class has had two bubbles in4 years after a 32 year bull run?
Right now, "Paper" rules over "Hard Assets"
Why worry?
Bubbles burst. When did the treasury bubble burst?
It didn't. That means it is coming.
You sure are overly concerned with the immediate, rahter than thinking about even the near future, much less the mid or long term picture.
Yeah, and with all the "positives" you noted the economy still cannot find water if it fell off a boat.
pods
All I heard was "Housing prices never go down" and "ARMs are the way to prosperity"
enjoyed the recent bump in treasuries. Think I am topped off and sold some treasuries for more silver. Don't care if silver holds, this is physical.
The USA could repudiate the debt...you know "rack up the zero percent finance thing" and then...
Let's do it now, and give today's toddlers a chance.
Every dollar of UST debt is a drain on productivity in the real economy. At some point (which we have probably now passed IMHO) it becomes impossible to grow GDP. That's "Why worry?"
Does anyone know where this money is going? seriously. Where is the monopoly money going?? A bank? 50 Banks? Is this QE3?
There are only 3 people in the entire world who know where this money is going.
Ben is one of them.
But even Ben doesn't know who the other two are.
A lot of it goes right to Money Heaven.
They tell me Michelle was at Target the other day.....
pensions, public services employee health care, military and government worker salaries, Amtrak, post office, oil imports, interest payements on debt. the last one is the killer.
Aren't they just repaying the social security money they borrowed earlier when they reached the debt limit?
I would assume that since it is public money, the info on where it goes should be public. If not this is a huge problem!
All I want is 1 million dollars and I will shut up and never be heard of again.
If they can spend/waste 20 billion overnight, they can easily shave off a piddling million for a law abiding greedy citizen.
Hell, for $1.5 mill I will start supporting the Fed, JPM, BoA and GS. I'll even vote for one of their stooges.
"Hell, for $1.5 mill I will start supporting the Fed, JPM, BoA and GS. I'll even vote for one of their stooges."
Why are you selling yourself so cheaply, cossack55? Is that all your prostitution is worth? A measly $1.5MM? A decent hooker can be worth more than that and all she is selling is her body, not her soul.
no deal pal, those wacky bernake bucks belong to the banksters
And LIESMAN's getting LAAAAAAAAAAAAAAAAAARGER
http://www.youtube.com/watch?v=7YybHEfNzT0
Great clip!!
Could you write a better story with someone who's first four letters of his name embodies his entire character? Seriously, is this all one big script? Nothing to see here... move on...
Looks like I picked the wrong week to quit sniffing glue!!!!!!
http://www.youtube.com/watch?v=VmW-ScmGRMA&feature=related
The captain has assured us that this ship can take on much more ice.
Please relax and enjoy the cruise. Leave the driving to our professional White Star Line crew.
Hey Captain, she's unsinkable right?
Are we still ahead of schedule?
Hey, where are all the life boats? Below decks?
I don't know a word to describe this!
"Markets will rise and fall, but this is the United States of America. No matter what some agency may say, we've always been and always will be a triple-A country." -President Obama
true dat, American Automobile Association.
Soon to be downgraded to AA, Alcoholics Anonymous
That was downgraded to WTF.
So debt to GDP is 98.9%....debt to chain weighted (2005) GDP is 112%. Looks like it's time for a much larger rally tomorrow.
Don't bogart that KY.
GDX/GLD ratio hit 2-yr. lows yesterday and turned up today.
http://stockcharts.com/h-sc/ui?s=GDX:GLD&p=D&yr=2&mn=0&dy=0&id=p07821964721
Gold bugs invested in PM stocks better hope for Dow 15,000 if they want to see their stocks back to the spring 2011 highs.
That means a 300% gain necessary on names like UXG.
So you guys should be rooting for higher deficits and more spending and a bigger Fed.
Not the other way around.
Ummm, gold bugs own GOLD, not stocks.
They may trade with stocks or play with stocks, but own GOLD.
pods
Robo: You only look at the indices...That is surely a mistake
"So you guys should be rooting for higher deficits and more spending and a bigger Fed."
Gee... do we have a choice, or does it even matter????
Nope. Wrong. Once. Again.
it amazes me how people still don't get robo. lmao.
I miss Hamy, Harry, etc...
14.86 trillion....and 73 cents? You don't have to bother keeping track of the pennies like Ebeniser Schrooge. We're going to pay every penny of it back when things turn around for us. Promise. Now could you borrow some more and make up some good paying jobs for us so we can start paying back the money you create out of thin air please? This thing is on the verge of turning around. I can feel it.
Here comes the crack-up
Bob Pisani says, "WHat's important here, is the market rallied TWO days in a row! This is bullish."
BNN in Canada had Abby Joeseph Cohen on this morning spewing her fantasyland nonsense.
They are quickly losing credibility putting here on there.
Soon enough, we will need Cantor's set theory to account for all of this ... Infinity of infinities
So, in reality, last years deficit was 1.4T.
Not to worry. Assuming a constant rate of $162B every 3 days we won't hit a quadrillion for 489 years. We should be fine.
What? Math off?