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US Debt Soars By $54 Billion Overnight, Closes May At Record $15,770,685,085,364.10
There was one thing that the Roller-Upper-Of-Sleeves-In-Chief forgot to mention in his 1 pm rehearsed oratory today: the highlighted number below. And certainly the chart below showing the relative change in US GDP and debt. Since we can only assume the president was too busy pontificating on other very important things, we are happy to fill in the hole.
As of May 31:
Source: DTS
And the bigger picture:
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What is the official ZH prediction for the date on hitting the limit?
Be afraid. Be very afraid.
http://debtwall.org/
my friend's mother makes $82 every hour on the computer. Read more www.LazyCash9.Com
Worst reputational score I have ever seen:
http://www.mywot.com/en/scorecard/LazyCash9.com
And pension reforms are getting sensitive, in Illinois at least:
http://www.youtube.com/watch?v=PhbRcDZiJJc
not the best of rants if you don't know what he's talking about-stay on topic! If it were me(being an IL taxpayer like Santelli)I would have said"IF YOU EXPECT ME TO PAY HIGHER TAXES SO SOME IL STATE COP OR IDOT WORKERCAN MAKE A 6 FIGURE PENSION W FULL HEALTH INSURANCE FOR LIFE AFTER RETIRING AT FIFTY YOU ARE FUCKING CRAZY"
Coming to a State near me.Penna already talking change in order with pension.Broke is broke.
It is simply a game between DEBT vs. UNEMLOYMENT
Fed WILL print more DEBT. there is no other way.
does that extra 10 cents really matter? lol who counts in pennys any more when you can count in trillions
Well, if I pay off the 10 cents and about 150 trillion other people do the same, then we're good to go, right???
Obummer was pontificating on how every under water homeowner should have the ability to refinance their mortgage at a lower rate. LOL
He asked, "wouldn't everybody like an opportunity to save $3,000 a year?"
And the sheep all applauded on cue.
and then he should have said "but whatever you save will be destroyed by inflation bichezzz-I'm going out to the Choom Wagon! OBUMMER OUT!!!"
...and then he should have said, ''enjoy the Apple, you shall not surely die. In your FaceBook. Prophetic peace out. (does satanic gang sign as he struts out of the White House Presstitue Room) ...bitchez, I got a dance date with Rahm at the Dimon House to get to in ''short'' (new world) order''. http://www.youtube.com/watch?v=BZZ1sKvQuFA
Otto,
Look there is this thing called reality. Illinois has the cops and the cops have the guns. So, when the government says that Santelli is going to have to pay more taxes so that the cop can retire at 50, well, then, he is going to pay more taxes. No ifs, ands, or buts about it.
Sorry, wish it weren't so.
He's mad because he can't figure out the vig.
And the Chicago Teachers Union wants a 30% raise over the next 2 years. They must not have read the articles on Chicago's pension crises. No surprise, though, as they are part of the same group who kept voting for one of the devil's henchmen from Illinois, Richard Daley, and all of his bribes of (unfunded) great wages and pensions that have left the city drowning in debt.
http://articles.chicagotribune.com/2012-02-17/news/ct-met-ctu-proposals-...
http://articles.chicagotribune.com/2010-11-16/news/ct-met-pensions-deals...
http://articles.chicagotribune.com/2010-11-17/news/ct-met-pensions-inves...
Interesting site, bookmarked. Reputation is one of the big unsolved problems.
Whassa matta? All of those "like" buttons fail to satisfy?
LOL well with a name like "lazycash" who do you think they are targetting? Not people that research.
Nope, wait a minute... (tap tap tap 'return').... Now it is!
So, she's doing BJ videos on Skype?
yeah, i saw her on the 'frustrated housewives from russia' webcam site.
take it where you can get it
It depends on how much is left in the Federal Employee Pension Fund.
Did they ever repay what they took from it last time? (serious question, I don't remember)
Once the pension age is raised to 199 years, that won't be a problem anymore. 1$ should be enough the fund it all!
December 21, 2012.
As of today, there is approximately $666 million in more debt to pile on before almost breaching the ever increasing debt ceiling.
Dude, we're no where *near* that lucky.
Print/print/print/print/print......
No printing is needed, you only have to imagine it.
Like in the wizard of Oz: click your heels 3 times...
No problem as the Rockefeller/Rothschild partnership will fix all these quirks.
Maybe Rabbi Dov will give back the $3trillion plus he stole while at the Pentagon? That would get us back to $12T.
The parasite Israel will suck every resource out of this country until the host is dead.
What about our "unbreakable bond" with the victims of the holohoax?
The holohoax is a great PR campaign, bread and butter propaganda for Zionist Hollywood and Zionist MSM.
I have Christian ancestors that were among the 60 million dead under Jewish Bolshevism... where's our Christian state going to get set up? When are the blockbuster tearjerk movies going to be released?
Zionism Delenda Est!
Zimmerman, John (something or another last name) some Senator, man charged with driving a lawn mower while intoxicated.
Thats all the news we need this weekend to keep people busy!!
In his defense, that is the only way to mow one's lawn - intoxicated.
Not if you own a small dog.
And I haven't had rain in a friggin month!
Oh well, at least I can water my newly-seeded lawn while drinking (while trying not to think about how expensive my water is).
the water is free-it's the cost of the chemicals that they put in that water that has shot up-thank The Bernank!!!
Those and zombie attacks. https://maps.google.com/maps/ms?msid=209024629401219254673.0004c14289ddb...
How do we dig ourselves out of a hole like this?
... we dont.
http://www.usdebtclock.org/
lock the bankers up, throw away the key, erase any debt owed to them for starters.... the collateral damage will be huge, but, will it be any better if any other course of action is taken?
What a cheap cop out. Throwing folks in jail will solve the problem? Bankers did not vote for politicians with ludicrous "free" programs. They didn't clammor for programs that could only be paid with massive debt. They didn't formulate the ponzi schemes of Social Security and Medicaid, both bankrupt. If you want to find someone to blame, look in a mirror.
Exactly. Locking people up doesn't generate revenue. *Fining* thes does.
LOL!!! Yeah that has worked well. Restore real fucking consequences for bad behavior or the people who actually create real goods and services will continue to walk away. Fuck the paper pushers you moron, they add NO real value and have caused the crisis in the first place.
The "markets" would rally big time if the fraud was actaully prosecuted and companies were actually allowed to fail when their leadership and shareholders made bad decisions. instead the taxpayer is forced to bailout private equity and you want the fucking criminals to go free, fuck you.
This is now way past revenues idiot, it is about restoring a real fucking market. Either you we do this or other markets will emerge and the fascim will get worse. History is very clear on how that plays out.
What a fucking idiot. Restore the rule of law and real fucking consequences for bad behavior or it all goes offline, period. Fine with me, at least then we get to find out precisely what the real value of everyone's labor is. Fucking bring it moron.
You're right, throwing them in jail will not solve anything and since they can more than afford any fines.....we should just hang em!
I would like one week in jail first so Dimon can get ass raped by Bubba from Birmingham a few times before we hang him
We're half-way to China, Dude. Keep digging!
Actually it's real simple. But the interested parties all have 12 figure sums on the line keeping the status quo.
Did the estimated ceiling breach date move up, or are we still pegged for mid-September?
Bold prediction: 31 August @ 5:37pm EST (just before the long Labor Day weekend).
One week before the 9ers kick Green Bay's butt in the opener @ Lambeau Field? Perfect!
This is clearly Bush's fault
Trolololololololololololo
So this is what decreasing the deficit looks like............
We just have to start selling at negative interest rates like the Swiss.
It's stretched out over 10 years. You can't see the reductions. But they're there. Promise.
It's just paper right? What's another $60B?
Back the truck up.
Don't Egan Jones know it's friday?
Darn, they ruined our party! http://www.youtube.com/watch?v=YZEEuzqdY9A
"in miserable shape" running out of adjectives to describe the PIIGS
This fall is going to be so much fun.... if we make it. Timmy is gonna be into those federal pension funds in no time with more days like this. Of course everybody here has known d-day is coming right at elections which should make for a grand ole time.
Cooked.
What would a Chinese guy think when he reads:
for Gods sake?
You really think O'bummer's a top?
I always assumed that was Michele's position.
http://cdn.buzznet.com/assets/users15/ashesashes/default/aunt-esther-fav...
empty suit.
40 minutes 'til wapner... i mean Cramer...
"Facebook sucks."
Now I wonder - whose economic theory would argue that record high debt could coincide with record low interest rates?
Now is the time to max the credit cards out on PMs and Survival items.
Let the good times roll! Uh, LET THE GOOD TIMES ROLL! OK, someone go find the good times.
...then chop off its head.
Dyn-O-Mite.
Speaking of the Bilderberg Conference…
http://unicornpoo.wordpress.com/2012/06/01/speaking-of-the-bilderberg-co...
Wankers
He should get another job--in Kenya. Indonesia would be ok too.
Remember ZHers:
In today's markets we say : Bulls lose money, Bears lose money but PIIGS will fry!
So who else thinks the gold and silver divergence from stocks is sustainable.
All I can say is about friggin time.
You gotta love it when gold goes up 4%, silver goes up 3%, and stocks go down 2.2%+.
I had a great day with physical gold and silver, and my only remaining stock holding, CDE was up 8.58%. And yes, I've held the dumb thing since $31, so I kinda am still hurting.
Ben's gonna print, cause that's he reason for existence. The government's budget deficit and therefore debt is just going to get worse and worse. I can't wait to see how the get around the Budget Stability Act cuts in 2013, but I'm sure they will. Can't cut spending by $1 trillion dollars. Although I'd love to see what the economy looks like if they actually show the balls to do so.
What are "hope" bonds? "I hope you can pay me back" bonds? Do you collateralize bets with those? The bets that this country can pay off those debts?
Hope Bonds?
That's what they use to tie your hands to your ankles while they rape you up the ass.
Quick Bernanke and the fed, make more money out of thin air until there is a run on the US dollar! Washington would love to double and triple the debt. Keep spending and printing until it all blows up, then Bernanke and DC will propose a new currency.
A perpetual shell game.
Bernanke and US policy is to produce nothing, shuffle paper and print until the gig blows up.
Relax, it's just the dinner check for the Bilderberg conference on the taxpayer's tab :D
That's very funny!
adolph obama is plundering amerika for his bankster overlords.....
If US Trasheries go to a negative yield, will they pay me to take TBT shares? I'm placing a buy order for 10,000 at -$1.00 per share. Could be the easiest $10,000 I ever make... brilliant...
It's ok folks, Mike Norman said debt is a myth, not a problem: http://www.youtube.com/watch?v=4HJ54RRB7OU
he is lobbying for Fed Chairman 2020
First of the month is SNAPS card fill er up time .
Wake up wake up wake up it's the first of the month
Well shit, lets go to war with Syria, Iran, China, Russia, and Venezuela. That should help.....Right?
Krugman says so.
Glad I didn't need a fucking /sarc tag
Experts agree that directing all resources to the production of useless shit which you then blow up with high explosives is grrrrreat for the economy.
And if the non-combatants meanwhile dig holes and fill them back in on alternating days, we'll all be rich in no time!
In other news, did you know you can use old motor oil to fertilize your lawn?
"In other news, did you know you can use old motor oil to fertilize your lawn?"
Also, salt.
And a simultaneous alien invasion would only double our portfolio.
and by the way... the chart is in millions of dollars...
It's absolutely unbelievable.
remove the debt from the government spending part of the equation and that graph looks a little bit different
GDP = private consumption + gross investment + government spending + (exports ? imports)
There is no doubt, we pay our dues here at Zero Hedge. We are ridiculed, laughed at, advised how stupid we are. The trolls are all over us whenever gold, silver are lower. Well, our patience, and knowledge of the end game is beginning to pay off.
THANK YOU ZERO HEDGE!
They're just trying to meet the huge fucking demand for US Treasury paper.
June 20th, the announcement of "GDP Targeting"...
3.....2......1.....
Mint a one off 15 trillion dollar coin, toss it in fort knox, problem solved.
It could be done, but it might have to be a fraction larger than this one....
http://www.abc.net.au/news/2011-10-27/one-tonne-coin/3604466
Meanwhile Air-Farce 1 is touching down in Chicago, so TOTUS can take Marine 1 downtown for.... a.... FUNDRAISER!
Shutting down LSD on a Friday @ 5 p.m.
Yes we CON!
I was downtown building a River North high rise for the yups in 2004 during the boom when G.W.B. AF2ed into Grant Park for a fundraiser @ the Sheraton on the river- we weren't supposed to stand by the edge of the building(we did anyway) and the convoy with about 20 black SUVs never went less than 40mph winding through the downtown streets-SS had those things on 2 wheels taking corners-pretty wild. and they closed down LSD for about 2 hours prior to the landing
Learn about the Comprehensive Annual Financial Report (CAFR). You will be surprised to see that our government is wealthier than wealthy : $110 TRILLION!! Politicians are either fucking liars or fucking ignorant.
They use creative accounting that promotes debt and hides the assets. For instance, a government can list it has a billion dollars in investments but we have future liabilities to pay so it can show that a billion dollar fund is a negative. It would be like you or I saying we have a $10,000 account but we have to make $1000 payments on our car so we report to the IRS that we’re in the negative by $2,000 The wealth is hidden under future liabilities.
http://canucwhatic.blogspot.com/
The CAFR is the argument to end all arguments. CAFR is the independent audit of the books of the 230,000 corporations under the umbrella of federal government The best kept open secret in history
somebody was in the cookie jar.
God I love class warfare-it's the only way mankind progresses
Congrats Amerikan taxpayer. Tim Geithner just bailed-out Greece/Spain/IMF with your money!
Not my money, that's the fed's money. My money is gold, I don't think they are bailing anything with that. Let them destroy their paper, my gold will still be sitting here, looking better and better!
The Chairsatan has been subsidizing reckless spending by Congress through providing nearly free money. That SOB needs to be put on trial.
ONLY Dr. Ron Paul has the guts to make tough decisions to get spending back in order. I voted for him in the Texas GOP Primary this week. Too bad more Americans are not on board with the only POTUS candidate worthy of the office.
Hey only another $20 billion to go before we hit the $1 trillion mark for the fiscal year.
Nobody should get a bailout. Not the banks. Not Mr and Mrs America. NOBODY. (except of people who are really disabled) Being bailed out is un American. Paying less in taxes and running a deficit is unamerican. Did we ever ask for a bailout when we came here with nothing? Americans are the most productive people in the world in 200 short years we have risen to the only superpower in the world. Now we are a bunch of babies crying about the banks. Americans do not ask for bailouts. This country has turned into a bunch of little crybabies.
its not as complicated as you think. If each person were to just pay an extra 4000 dollars in taxes a year (this is an average it can be tweaked to income levels) the deficit could be eliminated or at least contained, if some reasonable cuts were made we could eliminate the deficit. So the next time you get that big refund back from Uncle Sam and go spend on your kids at Wal Mart on Chinese stuff think of me. I'm the guy who they took the money from so you can go "stimulate" the economy. In fact the only way I can get ahead now is to knock some girl up and soak up money from it. I grew up like it was 1948 and had nothing and I doubt my parents spent more than they received in tax money on me. Stop thinking and go turn your kids into mommy's kids who won't even be able to get their way out of a wet paper bag without you or some cash from the government. Why don't you teach your children something they can use in their life instead of going to Wal Mart and buying items? If you don't want to be a "debt slave' look at all the things that are making you a "debt slave" and try to figure out how to do them yourselves. Think before you do something. Don't go out and buy that house you can't afford just because someobdy told you you need a house. Go read a book. This crisis could have been avoided if people weren't so lazy and stupid. Bunch of lazy crybabies.