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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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Does that line item say "unAmortized discount" or "unAuthorized discount"?
No worries, the super-duper CONgress will take care of it all.
pods
Is all of Congress and the White House just smoking heavy duty amounts of crack?
So whats that?....~150 bucks per man, woman and child per day?
I believe they call that "Walkin' Around Money" in da hood. Oh wait, that's 15 bucks a day.
Surely this is bullish
Tyler et al,
Vulgar but a must watch! A rant worth listening to.
http://www.youtube.com/watch?v=-mAUQYn6DjM
I saw that rant yesterday. Its effin awesome. Best I've seen.
I think all that debt is for one great, big party that the Fed is going to throw us :-)
Fixed it for you.
So what. The number doesn't matter, and has absolutely no shock value. Why? BECAUSE WE'RE NEVER EVER GOING TO PAY IT BACK.
The reality is somebody is going to pay. So it does matter.
Does the lender accept grand-children blood, sweat and tears?
If so, YES, paying it back does matter.
Perhaps the national debt is a catalyst for a Sino-American War?
I doubt it when we can just give them Taiwan in lieu of payment.
They have a special method whereby they kick a bunch of these debt increases across the line, whether that is the month, the quarter, or the fiscal year. You also see this after every increase, in the debt ceiling. Damn, it's so exciting. When do you we reach 200%.
GG
thats all?
To keep funding these deficts the Treasury either needs A) a stock market crash B) Panic in the Euro c) debt monetization or d) a serious reduction in Treasury outlays from 25% of GDP to 18% of GDP.
Since we know answer (D) is impossible without creating a deflationary depression then it must be A, B, or C. Right now, according to Ben, there is no LSAP (but will monitor the economy if it needs help). So for now, or at least in the intermediate term, it has to be A or B.
The problem is without knowing when LSAP may come, from an allocation perspective ALL BETS SHOULD BE OFF the table. The record short interest is probably just wedged and hedged bets from the big boys. In other words, record short interest could mean many neautral positions out there. Which means, something has to fucking give at some point.
Just watch and wait. Our answers will come.
Bushs' fault
reagan started it...his whole "ohhh were gonna spend lottttttssss of money to bankrupt the ussr has really worked out. ironic huh!! russia-albeit smaller but still retaining the same sphere of influence-remains a centralized dictatorship thats NOW flush with cash, little debt and massive resources, and here the u.s.s.a. stands--also a centralized country, NOW loaded down with debt, and about to implode I-R-O-N-Y!!!!!!!!!!!!!!! dumb fucking power hungry politicians, repubs and dems alike
FDR started it and it got worse with Johnson and his 'great society'
Wilson and everyone since.
I can go with that (federal reserve act) but I thought Coolidge was legit
I had not planned to buy any silver today but after contemplating the what if's...I will visit the coin store this afternoon.
Deficits don't matter, doncha know.
You've passed Keynesian Crap 101, you are now fit to work at Treasury, and one day be President.
Happy foodstampin'
Am I reading those charts right - only $400B before we hit the debt limit again?
first DC burns through the initial debt ceiling raise in about a month, now they spend 162 billion in 3 days? where is the money going? not just this either, but the 25% of the Pentagram budget that can't be accounted for annually, the hundreds of millions in federal funding for education that never reaches it's destination, the billions that are "lost" in Iraq and Afghanistan, the ever increasing trillions that (allegedly) went to bail out the world...
there is a staggering amount of money missing in action out there, where is it all going?
That's no moon, that's the national debt.
And yet there are people who keep insisting debt doesn't matter and keep printing! I don't get that level of stupidity.
They Believe this because private sector debt refuses to grow. With birrowers on strike credit creation is only happening via fed gov borrowing. at some point this will break unless the private sector picks up the pace. And even then we would need a new energy source.
Treasuries aren't just debt; they're a commodity as well. A likely result of implementing the requirements of Dodd-Frank will be--get this--a shortage of Treasuries. So get used to skyrocketing national debt and near-negative yields.
We are NOT Greece. Hate to break it to you but 99<180
What about the 5 trillion in off balance sheet debt from FNM/FRE?
Home prices
http://www.blytic.com/Player.aspx?key=21119
And Pending home sales
http://www.blytic.com/Player.aspx?key=27139
shhh...we don't talk about that (it's like a dirty little family secret).
Fan/Fred - $5T w/ losses up to 25% ($1.25T)
FHLB - $1.1T w/ losses up to 25% ($250B)
Ginnie Mae/ FHA - $1T w/ losses of 25% ($250B)
Fed Reserve - $3T w/ losses of 25% ($750B)
Student loans - $1T w/ losses of 25% (S250B)
FDIC - $10T??? w/ losses of ??? (fuckall)
Nearly additional $3T in losses assuming all goes well at FDIC and of course assuming States don't need Federal backing money, or Muni's, or, or, or...
Find an occupation near you http://occupywallst.org/
As absurd as it is it does not matter.....till it does.
Does America have to commit economic suicide before the politicians will admit we’re heading into bankruptcy?
An analyst who has predicted the last two recessions said in the national media today that the indexes that are down indicating a recession have never all been down like this when you didn’t have a recession. IOW, the indicators that indicate recession are all flashing.
What we have to realize is that the Fed has the power to manipulate and influence the currency, i.e., the amount and the rate and who gets first crack at it, etc. Therefore, if you had asked me three years ago, what if Bernanke and the financial "too big to fails" misused all of the institutions -- gave money under the table, wiped out sound money, distributed money to the gamblers by taking it away from the good banks and responsible people -- and then corrupted all of the reporting zones—the indexes of unemployment, consumer confidence, inflation, the money supply, manufacturing, the balance of trade…?
What if Bernanke corrupted all of these and then used all the gains for the key political indexes he can control: the equities markets. He would buy equities and cause others to buy equities, encouraging politicians to take taxpayer money to do one thing -- to keep the stock market up even though it was destroying America’s confidence in its government and financial system and infuriating the people against the wealthy Wall Street insiders. Would he be able to keep the stock market up?
I would have answered yes.
But then you ask, what happens if that continues?
Then I would say: It crashes.
IOW, if someone wants to commit suicide you can’t stop them; they’ll figure out some way to kill themselves. Bernanke is killing the financial stability of the United States; his cabal of private bankers such as Rothschild and Goldman Sachs and Chase and Deutsche and Morgan Stanley who go by the moniker The Federal Reserve System, has corrupted America's financial system, operating on secrecy, corruption and lies lies lies -- continuously.
I mean, who needs these lies? You can’t stop these people if they’re willing to destroy the political system that supports their financial system. And at this point, both of them need destroying.
redeem the bonds in cash, which is not a problem. a few years ago when the Chinese made some noise about dumping bonds, UST printed 3T in cash, and then said, bring it on. and more to the point the money is really notional, not even cash, when it is deposited. then a funny thing happens, when you suddenly transfer the value of the outstanding bonds into investors accounts, they must do something with it, they must either spend it (how much can you spend, when there is already overcapacity in everything) or you must invest it (same problem, with gold at $2000 an oz?) or you can physically repatriot the bonds for cash, which is really the same problem, with the economy stuck on zero there is no place for that money to go, whether it is real or notional, electronic money. Prechter says the least inflationary way to solve the bonds for cash problem is with hard cash, because that takes much more time to go through the system and show up as inflation. in a real economic depression its a matter of degree.
there is also the idea of payment in kind. the government could exchange assets it holds in exchange for your bonds. congratulations in exchange for that treasury bond you get a new Chevy!
This epistle relates from Robert Benson yesterday on Benson’s Economic & Market Trends: “The Fed Pays a King's Ransom to China"
America’s economy is in shambles. Fiscal policy is totally gridlocked between Democrats who want to see some long term tax increases, and Republicans who only want spending cuts… Because compromise on the budget seems to be off the table right now, that leaves only the Federal Reserve policy to stimulate the economy. So, judging from what’s been reported in the financial press and on TV lately, the Fed’s policy is ringing loud and clear: Keep interest rates at record lows, and devalue the currency.
Keeping long term interest rates low is desired because the Obama Administration is praying that loan and mortgage refinancing will put more money into the pockets of corporations and individuals, giving them money to spend. A lower dollar is also desired to help boost exports. Selling more abroad is, for now, the only way to create more jobs. In other words, fiscal policy is frozen like a deer in the headlights and easy money is the only policy our government’s got. There is just one big problem with a policy of low interest rates and a weak currency.
Foreign central banks, led by China, currently hold $3.5 trillion dollars invested in US treasuries. China created goods that they sold to America for dollars but now we want to pay them nothing in interest and devalue their savings held in dollars. Indeed, it must be galling to the Chinese that we are treating them this way. (It’s ironic but we’re treating our retired savers in our own country this same way). Needless to say, China understands what’s going on and it has them more than a little upset. At some point, they could cut their losses and swap their horrible investment in paper dollars for tangible assets such as gold and other resources they need to employ, feed, clothe, and house their 1.3 billion citizens.
Countries holding US treasuries face a two pronged dilemma: First, if they dump longer term treasury securities, they would suffer massive price declines because selling long term notes and bonds pushes their prices down. Second, foreign countries would suffer currency depreciation losses because selling dollars pushes the dollar down. If China and other central banks all sold their longer dated treasury notes and bonds, US treasuries would decline in price, causing long term interest rates in America to soar. At this time in American history when our economy is so fragile and weak, rising long term interest rates could spell disaster for our economy. This is the Obama Administration’s greatest fear especially as we approach an election year, so they had to come up with a plan so foreigners dumping their longer term US treasuries wouldn’t hurt us. Since monetary policy is all we’ve got, the Fed was called in to fix the problem.
So what else could the Fed possibly do to keep our economy moving in the right direction? Why not go to the Chinese and promise to pay them a big fat premium on their current long term treasuries (that were purchased at much higher interest rates) and let them swap them into short term treasury bills and notes. Indeed, looking at the prices of US Treasury notes and bonds, most are trading at premiums of 10 to 15 percent for recent issues, and 50 percent or more for those issued just a few years ago. By allowing other countries to get out of longer term treasuries at a time of record low interest rates, it will give them an extraordinarily large gift and potentially enormous profits that can be used in several ways: China would likely use the profits to offset currency losses when the Fed goes back to printing money in QE3 to fund our deficit; and, in Europe, the profits could be used to help recapitalize their banks which are loaded up with Greek, Irish, Italian, and Spanish debt.
When foreign countries have fewer treasury notes and bonds left in their arsenal to sell, when they do get around to selling their dollar holdings it’ll push the dollar down without pushing interest rates up. (Note: Short term treasuries will not go down in price if sold. Indeed, they can only go down if the Fed raises rates, and even then they quickly adjust back to a par price of 100.) At that point, America can dare China to sell the dollar, because pushing the dollar down is our policy.
So basically now you know what the Fed’s recent “Operation Twist” is all about (a more appropriate name might be “Operation Payoff”). We are paying a King’s Ransom to pave the way to devalue the dollar in the next QE3 and beyond. Just remember the downside of a falling dollar will be higher import prices and higher inflation.
If you would like to participate in Operation Payoff, do what the Central Banks will be doing: Sell your long term treasuries to the Fed and then brace for the next round of dollar devaluation and inflation which will soon be on the way.
http://www.sfgroup.org/The%20Fed%20Pays%20a%20King's%20Ransom.htm
i had read that and i still think we are screwing the Chinese pretty good, as their margins are razor thin, the money they make isn't being spent on infrastructure, or generally shared with the workers. being a communist country their central government makes no sense. bottom line we offshored our manufacturing for a fraction of the cost, with no inflationary blow ups in the business cycle. meanwhile we still enjoy a better military advantage, with better finance culture and societal benefits. the Chinese came late to the party (industral revolution) and that is never a good thing, for them.
Well I honestly do not see a problem here and the issue at hand is quite easy to solve.
First of all the US does not have a debt problem, China and other creditors have the problem. Secondly it would be easy to run up a huge bill at the FED and then have the next president order a NSA/FBI raid on the FED and find all kinds of incriminating materials. Thus allowing for a annulment of all contracts with the FED and claiming all debts are illegal.
So I say, keep the party going as long as possible and let the chinese/saudi suckers get burnt, they can do absolutley nothing to get their money back. It is like you keep borrowing and borrowing from that retarded geek at school and say "sure I will pay you next week little chinadude", but then one day instead of asking for more money you just tell him to F$£k off and be quiet or you will smash his head in.
We have a winner!
Funny how these deficits are getting hockey sticked yet "investors" still clamor for U.S. Treasuries like cotton candy on the Jersey boardwalk.
With each dollar the end to the ponzi draws closer. Sure hope i'm well stocked up on spam and peas when it happens......
With each dollar the end to the ponzi draws closer. Sure hope i'm well stocked up on spam and peas when it happens......
I guess bernanke has been a naughty boy buying up the equities market. lol this is just adding more fuel in order to keep up the ponzi. I have my relatives buying food and water in preparation to the economic collapse. A this point I can no longer shrug off the obvious, we are but months away from economic collapse. I doubt we have a year left but I'm optimistic.
TD,
Hey, what's 98.6% amonst fwends?.
Hell Japan has been at 200% for decades, since I was a chillens.
FOR GRINS, anyone here that knows Exactly how many Taxpayers(that PAY)taxes,are divide that number, and see how much the BANKS OWE.
Compare the savings rate for the Japanese to that of your fellow Americans. There in lies the difference my friend.
I am Tuco Benedicto Pacifico Juan Maria Ramirez here to remind the former Americans now globalists in WDC that the punishment for treason in our country is still DEATH!
Add the jobs bill to the tab if it passes. Obama's "it's fully paid for" was an absurd lie.
http://confoundedinterest.wordpress.com
Unfunded Liabilities...bitches
Just let me purchase my pittance of Argent every payday and I will watch it all fall down boom on my TV.
$162 billion. Thats $540.00 each from 300 million individuals. Are you good for it? Pass the plate.
No, you're wrong. It's probably 54 000$ from the top 1%.
sweet! we're still under the 100% debt to gdp!
party's still on! pour me another stiff one!
(hopefully i won't remember the hangover)
I have been watching this shit ringside since Reagan in the 80s. We have been told forever that "deficits don't matter" and the debt piled up, and we had supposed "growth" that was outpacing the debt. We now know that it was all an inflationary scam, and the debt simply cannot be paid. I am not talkig about pie-in-the-sky unfunded liabilities. I am talking the here-and-now debt. Our nation has passed the point of no return long ago when neither party supported moderately conservative social values (even liberals don't want to live in filth) and moderately liberal economic values (i.e. Wall Street was held somewhat at bay, workers had a semblance of protections, etc). No party has been truly patriotic, only blinded by greed and corruption and filth, and now we have inherited the sum of their actions. You deserve what you voted for.
I just read this. I first rubbed my nose, ran my hands through my hair to massage my own scalp then realized my hand was quite Greecy...
If you had some popcorn, your hands would have been corny.
So what is the point of these blogs?
Are you suggesting we raise taxes on the wealthy? And bring all the troops home? And kill 50% of defense spending?
Well I agree.
That fiat money was needed to drive the price of PMs down, doncha know.
Genesis 47 describers how Joseph had storehouses full of grain to feed the people but he didn’t have a welfare program. During the first year of the famine, Joseph took “ALL THE MONEY” the people had for only one year’s supply of grain. The second year he took all their cattle for another year’s supply of grain. The next year they said, “We have nothing left but our bodies and our land. Buy us and our land in exchange for food and we and our land will be servants to Pharaoh.” Genesis 47:21 states, “And as for the people, he removed them to the cities and made slaves of them.”
TPTB are just waiting for the Mayan Calendar to kick over to 2012 so they can fulfill their grand game.
Then they can add butter, start pouring the pinot, and serve us to the Morlocks.
We. Are. Fucked.
More money = more growth, be it in a Ponzi-economy. New bubble is coming!
http://www.youtube.com/watch?v=q3SOlXxUBLk&feature=pyv
Ron Paul's Greatest Interview - Gold & Silver With Mike Maloney
At this rate of cash burn they will hit the debt ceiling, when?
Middle of next week?
Crack-up-boom economics.
I thought the debt was only tree-fifty. Who gonna give that dang ole Lochness Monster tree fifty? Dang ole Lochness Monster.
"Oh, good. For a moment there I thought we were in trouble." --Butch Cassidy
15 Trillion, that's how much labor it costs to kick your own ass ...to death.
When the numbers get just too big to get in perspective I always find solace in Japan's alternative escapism.....how they deal with their mindless billions....
Japan all girls pop group .. AKB48 .... this one already has over 50 million views, they have about 100 million fans in Asia so a few more wont matter. So this is why the Japanese have been so quiet this last few years...the Japanese obsession..
?PV? ?????????? / AKB48 [??]
http://www.youtube.com/watch?v=lkHlnWFnA0c
This all just sounds like revolution is coming. Its in the debates. Talked about amongst the internet community as well as on both liberal and conservative mediums. I used to want to see one take place myself. Then I bumped into this obsure ebook called, "American Epitaph" and now I am leery. Having one conceptually, and one in our front yards and in our streets is another.
This is all fine and good, and thanks for the info. Not sure what we can do about it at this point. Yes, we have a huge spending problem at the federal level, we have had that for some time as we all know. How much of this is revenue loss with further decline due to the economy?
It's a sad testimony that in spite of the ongoing Ponzi called the US government, that yields on 10 year T-Bonds are at all time lows with the flight from the equity markets. How effective can IPOs be right now with this mindset in the equity markets with totally irrational movements in price due to algorithmic trading. If one does not have a long term focus on equities, stay out of the pool, because it is not for the faint of heart right now.
This is all fine and good, and thanks for the info. Not sure what we can do about it at this point. Yes, we have a huge spending problem at the federal level, we have had that for some time as we all know. How much of this is revenue loss with further decline due to the economy?
It's a sad testimony that in spite of the ongoing Ponzi called the US government, that yields on 10 year T-Bonds are at all time lows with the flight from the equity markets. How effective can IPOs be right now with this mindset in the equity markets with totally irrational movements in price due to algorithmic trading. If one does not have a long term focus on equities, stay out of the pool, because it is not for the faint of heart right now.
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