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US Closes 2010-2011 Fiscal Year With $14,790,340,328,557.15 In Debt, $95 Billion Jump On The Day, $1.2 Trillion Increase In One Year
America has now officially closed the books on the 2010-2011 fiscal year. It is only fitting that the last day of the year saw the settlement of all outstanding and recently auctioned off debt. The result: a surge of $95 billion in total government debt overnight, and a fiscal year closing with the absolutely unprecedented $14,790,340,328,557.15 in debt. Net net, in the past fiscal year, the US has issued a total of $1.228 trillion in new debt and has accelerated over time. At a rate of $125 billion per month, total US debt to GDP will pass 100% in just over a month. Incidentally, one may inquire about the benefits of centrally planned fiscal stimulus (cough Solyndra cough): the US economy added over 3$ trillion in debt in the past two years and the stock market is almost back to where it was back then. Perhaps it is about time someone demanded that all those lunatics who say that issuing debt for the sake of growth (and pushing the S&P higher of course) be finally locked away in perpetuity, and the key dropped into the deepest volcano in Mordor.
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United States of Weimar, bitchez! 10 % Debt increase every year... Soon it´ll be 100%
Well we have to have a $15 Trill party soon, who's bringing the cupcakes?
Good to see that we winng one race. The race to the bottom.
We are definitely Winning the FutureTM!
I once went to a $15 Trill party that had cupcakes, and all I got were these useless "Hope Bonds" worth $493 billion.
be smart. go long on "bonds"---strong "bonds" with neighbors, family and friends who you rely on as this meltdown begins to progress.............
Isn't the world a lovely place
My Little Pony, My Little Pony
Everywhere you go, a smiling face
Running and skipping; merrily tripping
Watching the morning unfold
My Little Pony, My Little Pony
What does the future hold?
No sign of trouble in sight
My Little Pony, My Little Pony
May all your days be bright
May all your days be bright
The 2011 version of My Little Pony has a new pony coming out for the banksters. This year's will be in the theme of the Unicorn Ponies. Prints Printly will be the name of the Ben Bernanke inspired doll. While all of the other ponies have beautiful flowing manes, Prints Printly will have his flowing beard that you can comb and style all you want. His emplem will be a toner cartridge on his ass with dollar signs.
"Calling WilliamBanzai"
Order yours now. Supplies are limited.
Tyrone Biggums $15 Trillion crack party!
Perspective
One million seconds comes out to be about 11½ days
A billion seconds is 32 years.
And a trillion seconds is 32,000 years.
Read more: http://www.time.com/time/business/article/0,8599,1870699,00.html#ixzz1ZkpJw31D
The HFT better kick it in gear.
For the bake sale?
Yep. We'll be lucky to be at or under 110% Debt/GDP next year this time.
This is ACTUALLY GOOD for you. The more debt they create, the more credit that extends beyond existing dollars. This will make it even more deflationary and dollar purchasing power will increase. If they can get the debt to 200% of GDP, you dollar will buy probably five times as much as it does today! I'm personally hoping for 10x GDP, that way I can buy the NY State Thruway for about $50....Don't believe me, just ask Prechter or Shiller
Very interesting point. Prechter has been nailing recent developments.
What happens if you use the real numbers of $200+ trillion debt (inc. unfunded liabilities) and the actual GDP of $1.7 trillion?
My calculator doesn't have near enough digits.
FWIW, the claimed GDP of $15 trillion breaks down to ~$60,000 per citizen. I only personally know of only two people producing anywhere near that much in goods or services. I know plenty who are taking out that much with government pensions, SS, Medicare, welfare, food stamps, etc.
Uh lop off all the zeros and use 200 and 1.7? Which is a really ugly number.
We're gonna need calculator inflation for 2012. More zeros for the people!
Sorry, Clowngress has cornered the market on zeroes! :>D
Mr. Paul. You are being handed a gift.. There is no better time then now to haul in some FED board members. Public is on your side.. You have this opportunity to END the FED.. Do something about it.
Hell yeah!!! GO FOR IT.
keynesian endgame biotch!
It is exactly the Keynesian endgame. We have got to get rid of these vultures.
Yet the dollar is rallying against Euro and also Gold and Silver during the past month, how can this be?
SHEEP
China likes cupcakes?
Its like they say.
Markets can remain irrational longer than you can remain solvent.
Damn, beat me to it. Let's hope we are all better armed than the farmers of Weimar were during thier period of discontent. Now the shit gets interesting. My guess is that in the summer of 2012 the shit gets real.
Butch Cassidy: "Hey, you didn't see LaForce out there, did ya?"
Sundance: "No."
Butch Cassidy: "Whew, for a minute there I thought we were in trouble."
Moments later...
Ronald Regan campaigned for a return to the Gold standard.
http://www.youtube.com/watch?v=qxEq2LWUPzc&feature=player_embedded
A former actor should´nt have to use a teleprompter for a 30 seconds ad.
But anyway: This is great for the Ron Paul campaign...
No wonder Bush had him shot, Ronnie was about to scalp his ponzi.
All we need is for the power to create money returned to the Treasury so that we are not paying a privately owned bank intrest on the tool we use for trade. Back it with whatever you want, gold, silver, labor, full faith and creidit of the Gov, cupcakes whatever as long as we dont get charged intrest for it's creation. Getting some honest politicians in office would help too, GO Ron Paul!!
no problem, reserve currency and MIC that rules the world. So say the ayes...
Whoa..."$14,790,340,328,557.15 trillion" is like 14.8 octillion or something!! We're doomed!
I wonder who was the chump that got the 15 cents?
LOL!
That was me. Then the IRS called, said they wanted it back and fined me $11,356 for underpayment of taxes. I took a dump in a USPS Flat Rate envelope and shipped it to them for $4.75 and used my Obama-loving neighbors address and SS# on the shipping label and called them a bunch of thieving whores. I think his house has been empty for several days now. Oh well, where's the fun in owing .15? Not like a nickel is worth a nickel anymore...
Tyler, it is exactly this type of thinking that got us into this mess! What, do you work for the prison guard union? Much, much, cheaper to just drop the lunatics in the volcano. Somebody fly, I will push 'em out the door.
Clearly deflationary...
It sure will be once we default.
pods
LOL. Think of it as riding a bus right into a bottomless pit of debt. It doesn't matter that the bus was headed to Deflationville when it falls over the edge. Prechter will be right until too much printing breaks the currency, then all his subscribers crowded into treasuries will be ruined.
1/10th of a trillion in 1 day? Really?
Jesus H. Christ... hyperinflation anyone?
Ahh... but the unfunded liabilities make the future so much worse.
Something like 60 trillion worse.
Debt-death spiral HO!
That's the problem though, I just don't see them letting it spiral down. I see them printing until they can't anymore to paper over the losses.
Will this be bad for tourism? What about immigration? This is going to get interesting quick.
The Gubmint will rather print and print than recognize they fucked up, again... and hit the reset button.
I also don't see them letting it spiral down. I see them pulling the plug when they can't get cheap gold anymore. When the paper gold market seizes up, its game over and they announce that they fixed everything by putting us on a gold referrenced standard. Then they retire and brag about how what heroes they were, when in fact they destroyed the middle class and ensured slavery for all.
Even on the gold standard the Fractional Lending scam is still there, money needs to be printed by the Gov for use by it's citizens end of story. Though I'm not sure it would work with the crooked bastards that the Bankers put in office. Fire the Liars and fix the cash just like Andrew Jackson, and maybe we could pull ourselves up out of this mess.
Why depend on the government to print? Why not have competing currencies and money? Government didn't do such a hot job this go round did it?
Competing currencies? Privately issued money is what we have now, we haven't had government issued money since JFK tried it with silver certificates and he got killed for it. We need money issued by The Peoples Govenment for use by the people. And not just us, every single nation of the world has to do the same. We can complain all we like about this aspect of the problem or that aspect, but until the cause is addressed, all we will end up with is more of the same. I think of it as a thistle plant, we can cut off any one of it's leaves that feed it (corporations/Wall Street) we can take off any one of it's flowers (politicians) we can scrape off it's mean of protection (Gov. agencies/law enforcement) hell we can even cut off the the whole plant at ground level (capitalisim). But it will still grow back, it may look alittle diffrent but it will still be a thistle. Until we kill the root (The Federal Reserve) and plant something better and less vile, until the means by which we conduct commerce among ourselves is free of charge at inception nothing will ever change.
I read your comment and just threw up a little in my mouth.
We are so screwed.
Screw it, you know what? I'm gonna go ahead and pay off that 15 cents for them. It just looks so silly on the end there all by itself.
Patriot award for you, sir (or madame). Otherwise known as "Hero of the USSA".
You and me are in for 15 cents each. If we can get another handful, Buffet will have to make good on his promise and chip in 15 cents of his own! He just didn't want to be the LONE chump!
...but then, they would hold a press conference announcing a vertical spike in "voluntary contributions" and leverage that into another 1.2 trilliion in debt.
....may no good deed go unpunished...
Tearing up out here in flyover.
UUP closed at new highs on the second highest volume day of the year.
TLT now trading like QCOM in 1999.
Amazing how people are clamoring for paper scrip.
Plain and simple, the Fed is not printing fast enough.
ROBO - The original paper Klingon from Uranus. Just like shit and toilet paper, doomed to be flushed down the toilet of life.
you cant print fast enough to keep up with the greatest financial implosion that the world will ever witness......bernanke KNOWS this and wont destroy the dollar trying.....
Yea thats their problem, it is not even possible to print fast enough anymore.
'Printing" has nothing to do with it. There has never been a FIAT currency that has not experienced inflation and asset deflation in its final death throes
And that, ladies and gentlemen, is the crux of the matter. Yes, cash is king under deflation, until the currency goes right off the cliff.
We need to print to delay the crash, and they are walking a fine line between not printing and currency destruction through printing to delay the inevitable. However, the unmistakable truth is that the inevitable crash that is coming IS inevitable, regardless of whether they print. Once the complete destruction of the system is assured, it doesn't matter if the enviroment is delationary or inflationary, we are going over the cliff, and only the holders of precious metals are hedged.
Yes, $1,500,000,000,000,000.00 in derivatives has yet to be unwound!
Old news. The real question is- 'when to buy TBT?'
I am afraid that when this T-bill thing turns TBT will piled into so quickly that it will blow up. It just seems too easy.
That's what I have been asking myself for a while now. It's amazing how a mania (eg dot com, housing bubble) can just go on and on, far beyond anything you assumed was possible. The flight into USTs will be like that. Not time to back up the truck on TBT yet, imho. The inevitable is not necessarily imminent.
But whenever that day does arrive, the new question will be whether or not you'll get paid for your perfectly-timed TBT bet, since your derivative counterparty will be the system itself. Seems like you'd be facing another timing dilemma: trying to take profits while there's just enough time for the trade to clear before the whole casino closes for good.
And just as unsustainable. Pile in quick momo so you can take another blood bath!
Plain and simple, the Fed is not printing fast enough.
Yes, of course! All of our problems are caused by an acute shortage of scraps of paper with pictures of dead presidents on them. But the presses are running 24/7. We will have no choice but to outsource currency production to China!
And I know how to really beef up our GNP numbers. Every dollar that the Treasury prints should be added into the GDP. After all, if the Gov prints a dollar, hasn't it by definition created something worth one dollar? Doesn't this deserve to be added to our GDP just as much as a 100 billion dollar bridge to nowhere?
Anyone else notice how most all of the assasinated presidents are on one form of money or another? I liken it to a hunter mounting a deer or bear head on their wall to imortalize their kill.
Maybe you could suggest a "Make Money In Your Spare Time" scheme to the FED. Look the FED would be nailing their two mandates: fighting unemployment and inflation. First pyramid built on a ponzi scheme. They will probably make you a Director. Here I will get you started with your first Advert:
STOP wasting your toilet paper wiping your ass. $400 WEEKLY Printing FRN's from home in your mom's basement. For FREE information, send SASE: Board of Governors of the Federal Reserve System
20th Street and Constitution Avenue N.W.
Washington, D.C. 20551
I'm guessing by the fact that everyone is trashing ROBO and that I am new here that ROBO is NOT being sarcastic.
Please advise.
Robo is too perfectly attuned to annoying most of the readers to be anything other than an avatar of the Tylers. You can expect several different types of trolls here.
1. Trolls designed to spice up the conversation (good trolls)
2. Government and corporate schills (bad trolls).
3. Mean spirited bastards and lunatics (very bad trolls).
4. People who go crazy when they drink too much (chaotic trolls). That would be me.
I have it on good authority, from Sheep Dog 1, that Robo is Tylers, out of work, basement dwelling, brother-in-law.
LOL, I oscillate between 3 and 4, depending on whether I am drunk or sober...
Really? You actually get sober? Fuck, I can barely afford to stay hammered all the time but it sure beats reading this shit without blood in my alcohol system...uh, wait a minute...
ROBO knows the strings to pull, and revels in it. We enjoy bashing him with a mallet, knowing full well that he's he's deliberately bating us. It's a sick, but entertaining disease
He actually used to contribute way back in the long long ago.
http://www.zerohedge.com/article/wall-street-animal-spirits-stampede-across-river
Only The Fed is Buying UST
Deeeeefault time, bitchez!
america's total future liability is over 70 trillion USD. 15 trillion figure is nothing but enron accounting that hides away financial obligations in state and local governments, pension plans, medicare medicaid social security
Don't worry, I think we can fix it, my dad has an awesome set of tools.
I keep hearing that debt to GDP will soon reach 100%. I highly doubt the US has a 14.9 Trillion dollar economy. I bet you it is much, much lower and America has passed the 100% debt to GDP a long time ago!
What are those things called again?
Oh yeah...
UNFUNDED LIABILITIES.
A golf clap to you, sir.
How about them off-budget war costs?
That would be like a married man going out on the town and picking up single ladies. Off-balance sheet, he is married with kids, but we are just dealing with on-balance sheet items out on the town.
Fucking Republicrats.
Fucking Politicians*
*Fixed it for you...
FUCKING KEYNESIANS
- can't top that one.
Fucking Crackas - topped it. O'Blahma is one of the blackest white-haired old dudes I know.
Hey. Who said they are unfunded? Your kids will pay for everything!
How will they pay for it? By the time they get out of college they'll be at least a quarter million dollars in debt and so functionally retarded they can't feed themselves.
Not exactly an ideal outcome.
I am sure Jamie Dimon can come up with some Credit Ramen Noodles Swaps. See?? Problem fixed.
Damn it feels good to be a banksta.
touche, sir.
I think youtube has anwser to that question:
http://www.youtube.com/watch?v=P36x8rTb3jI
That first video, what can I say? Oh boy.
Now the second video was really clever. I'd guess it adds at least $100 billion to the GDP. Jeeze, I better go back and check to see if it was made in Amerikka.
Not to mention the debt they will owe will be to the very government that has caused the problem in the first place. Debtors prison anyone?
There's the crux of the biscuit.
Yep, one bag o'fries at a time...Would you like to SuperSize that economy? Yessaaaa!
I agree Arch. GDP is just as fucked up and manipuulated as every other BLS number...so that's what we gotta play with.
Yea, how in the hell do we have anything near a $14.9 trillion dollar economy anymore? Its impossible rosiest-case projections.
hey hey hey.. goodbye -
total collapse after HF took the ES up to 1205.. .gotta love the games in a rigged market. But CNBC said..
http://www.hedgeaccording.ly/2011/10/post-cash-close-emini-chart-spx.html
1100 on the S&P is a big psychological number to many investors. The fact that it didn't hold today could have
a negative effect on tomorrow's open. I guess the PPT was on the sidelines.
Maybe Big Ben needs to have some damage done in equities in order to reduce the resistance
against firing up the presses again.
IT'S JUST PAPER!!!!!! IT DOESN'T MATTER!!!!!! BENNIE IS PRINTING UP ONE BILLION TRILLION MORE BUX TO STRAIGHTEN THIS WHOLE MESS OUT AND PAY BONUSES TO ALL CONCERNED. MOVE ALONG NOW, THESE ARE NOT THE TRILLIONS YOU ARE LOOKING FOR, MOVE ALONG!!!!!!!!!!!!!!!
Only $448 Billion to go before we hit the statutory debt limit. How long will that last 2-3 months?
You mean the one that was suppose to get Obama through his next election???
6 months max
4.71 months approx.
Now that I think about it... Christmas would be good for another hike. That's when they like to do their black ops legislation. It should be obvious now, to anyone with a frontal lobe, this current debt ceiling isn't lasting past the next election.
@Ryman1075
This site ain't big enough for us two guys with flaming dollar bills as avatars.
Perhaps flaming Euros too?
Don't worry. There will be enough to burn for warmth soon.
And we'll huddle around an empty barrel of oil as crisp benjamins fuel the flames.
We'll discuss whom of the children shall be eaten today for nutrition.
I'll attend some days, but others I'll be rolling around my barbarous relics McDuck style.
Our super secret super congress will save the day. Is it just me, or do I smell some President's ass on fire?
we only did it to protect innocent civilians in libya!
Hey, we were only in Libya for days, not weeks or even months or even still.
Or something.
lybia attacked us on 911. no? they have WMD. no? well, i'm sure they did something...or were at least thinking about doing something to harm america! USA! USA! USA!
Yeah, some drunk Libyan stepped on his Van Halen album and BOOM! There goes the fucking country...
It's called 'kinetic military action' for a reason!
No boots on the ground, perhaps flip flops, or maybe loafers oooooh, stilletos ahhhh
Wait, is that a gay joke?
Slewie and Van Halen, I respect your service, and I hope you raise your children in your shadows!
I played on railroad tracks when I was 7, and had my "ass" home to make dinner before the sun set!
hi, y/c!
you need an avatar too! L0L!!!
i put the google on "yen ccross pics" and got this: yen cross :: eu29-07-201023-34-36.gif picture by wushu_album - Photobucket
this is a beauteee-ful picture and it looks just like you, too!
Speaking of volcanoes...
http://en.vedur.is/earthquakes-and-volcanism/earthquakes/myrdalsjokull/
So today alone we see the stock market tanking, a huge American airline about to collapse, pictures of Obama with black militant racists, Obama's signature car (Volt) in sales shambles, and an Obama Big Corporate green project about to declare bankruptcy.
And this is only today.
Not a bad day for a bankster puppet. Not a bad day at all. Consolidation of the midle-class is key for the elite. I'm going to go out and celebrate by masturebating with my silver.
I'm only buying uncirculated coins from now on. Never understood the premium before, but now it makes sense.
LOL, + 1,000,000
Explains the ones that stick to the bottom of the tube.
It IS medicinal...the silver.
i kinda like chevy volt and am thinking about buying one with an ounce of gold in a year or two.
@ Van Halen, good observation (only today), green,
I have been called out (junked) on this before, but I think the ONLY chance we have is Ron Paul, and even then the pain will be awful. ANYONE else will be worse. And yet it looks like RP does not have a chance with .gov this and .media that arrayed against him. We should do what we can to get him elected, but should not count on it. And even if he IS elected, well the mess is still there.
The other thing we can do is protect ourselves by preparing. If something REALLY BAD happens, well the better protected you are the more likely you will live. If nothing BAD happens, you do not lose much.
And at the risk of preaching to the choir: Gold, Bitchez!
Ron Paul better not end-up like RFK.
Fucking TPTB....
Hey Tyler,
"...a fiscal year closing with the absolutely unprecedented $14,790,340,328,557.15 trillion in debt."
That is even more than I thought!!! I mean $14,000,000,000,000 was alot but $14,000,000,000,000 TRILLION is even more. Just sayin'...
Yes, that's actually:
$15 SEPTILLION!!
But honestly, it may as well be. That's like being shot with a Howitzer or hit by a Nuke, does it really matter?
Those are next years numbers.
When you're a debtor, inflation is good.....lets get that QE on asap....
Just as long as people except your money.
before massive inflation there will be massive deflation... good way to shake out all the guys in debt get em to default, repo, then run the prices up afterwards when they are broke and peniless to do anything about it.
Hey you guys, I got an idea. Let's spend our way out of debt! The more we spend the higher the market goes! We need to borrow 3 or 4 trillion and ramp this sucker up. Next stop, DOW 11.5. Can I haz Pulitzer now?
Who cares what the reported number is. It's not like we're ever going to pay it back.
Our kids will have to be well versed in the Orders of Magnitude.
- Timmah: Mom I need 9.43 x 10^14 for milk today
- Mommah: What about the 876 x 10^19 I gave you yesterday for a bagel?
- Timmah: The banknote lost 10 x 10^2 before recess!
OMG! Hysterical! Thanks for making my evening!
are we really sure about that .15 cents ?
Pisani said that is a beat
hmmm..what can we do with 1 Billion dollars these days?......
Give it to Dr. Evil?
MUUUAAAAUUHHHAAAHHHH
Oh! Oh! CALL ON ME! I know!
Um, uh, um, we can go and give it to our favorite bundlers so they can build like, really kewl green energy companies with it! Then list the DNC as one of the creditors!
if you throw in unfunded liabilities, public and private debt and mix it all together the US is roughly 169 trillion on the wrong side of the fence.
169 trillion, there really is nothing else to say that absurd number just speaks for itself...
That's only 0.169 quadrillion.
http://www.wolframalpha.com/input/?i=.169+quadrillion
I think I just found those 15 cents!!!
14 Trillion Leagues under the sea. When does the Squid get us?
<Blankfein squint> What? I'm doing God's work </Blankfein squint>
Bring back Money McBags and the pics! Mostly the pics. Wtf, Tyler?