What is the US National Debt this Minute?

[peaceandlove]

My previous post was 8/21 when the 'official' (yeah right) Debt Per Citizen (slave) was $38,200.

As of today, September 24th, the Debt Per Citizen has risen to $38,475.

Wow, only an increase of $275.00...I guess we should feel relieved... ...

nowhere near the increase of $789.00 last month.

Check back next month to review your indebtedness to the Fed Almighty.

http://www.usdebtclock.org/

[giovonni]

Yes
I think I'll spend this months (my) savings tomorrow and go too th mall

I can't believe (the US dollar) is still accepted

[Swanny]

Almost at $12,000,000,000,000
Get ready to pay $4,000 for a burger

[artvision]

Originally Posted by Swanny

Almost at $12,000,000,000,000
Get ready to pay $4,000 for a burger

Yeah and people used to make fun about Zimbabwe, and what is strange, Zimbabwe also have something called "Reserve Bank". This could lead to idea that any country with "reserve bank" will end up like this?

[Swanny]

Hey you could pay off Americas debt with that

Imagine being a Trillionaire 100 times over

[Fredkc]

Oh my gosh! $12 Trillion!

We should be so lucky!

In your dreams!

First of all, that is only the amount of debt government acknowledges. Remember that govt has long ago switched to a "peek-a-boo" system of determining what is, and isn't debt.

I'll get to "reality" in a second, but for now, let's go with that $12T figure.

It means that right now, every man, woman, & child in the country basically is $52,000 in debt, before they get to their personal finances.

Next comes the rate at which we are going into debt.
If you have a toddler age child right now, by the time they reach college age, each one of them (and everybody else) will be carrying $400,000 on their back!

A brief explanation of why this can no longer continue, in the form of a simple question:

Do you see anyone doing anything that will result in an economy 8 times larger than what we have today? (and I mean before/without inflation)

What that indicates is the amount of money that will not be available for anything else, because the government is going to have to vaccum it off in taxes just to service debt.

Think about it this way;
Where, in such an environment is a nation of college-age kids, already carrying $400k in debt, going to go for student loans?
And who, in their right mind, would loan it to them?

And now, "Reality";
If you go through government's books the way ea. of us, and every business in the country has to, instead of the "fairy tale method" Congress uses, you wouldn't talk in terms of, or use their definition of debt.

You would look at the "total financial obligation" of the entity. When you do that for the US Gooberment, that includes all the Social Security payments, and medicare payments "promised" in the future. When you do that we are not $12T in the hole.

We are roughly $60 Trillion in debt!

And neither political power in fashion will STOP Spending!!
When you add up, state, federal, and local taxes, and fees, the majority of us are already forking over 50% of what we earn to government. They obviously don't think that's enough, or they would STOP Spending!! To this they continually add the insult that we are a "free people".

Compare that to the fact feudal serfs only paid 25-30%.

Have a nice day

Fred

[artvision]

Originally Posted by Fredkc

Oh my gosh! $12 Trillion!

We should be so lucky!

In your dreams!

First of all, that is only the amount of debt government acknowledges. Remember that govt has long ago switched to a "peek-a-boo" system of determining what is, and isn't debt.

I'll get to "reality" in a second, but for now, let's go with that $12T figure.

...

We are roughly $60 Trillion in debt!

And neither political power in fashion will STOP Spending!!
When you add up, state, federal, and local taxes, and fees, the majority of us are already forking over 50% of what we earn to government. They obviously don't think that's enough, or they would STOP Spending!! To this they continually add the insult that we are a "free people".

Compare that to the fact feudal serfs only paid 25-30%.

Have a nice day

Fred

Hi Fred, I appreciate your analyses. Just add a few hundred Trillions to your total amount.
Also have been discussions of fraudulent creation of debt, derivative totalizing more than 5000 of TRILLIONS????

[Fredkc]

Hi ArtVision;

Yeah, I left that one alone. One problem at a time, I figgered. Also, when you start talking derivatives most people start gettin' that 1000-mile stare

Fact is, pumping Trillions, at most of the "too big to fail" banks is nothing but a complete rip-off. The ones hip-deep in derivatives are hopelessly insolvent.

Simple case in point:
in 2002 J P Morgan held stockholder assets totalling roughly $49 Billion.
They also held approximately $120 Trillion (yes, with a T) in derivative notes.
In other words they are approximately 750:1 upside down!

To bring that home:
Imagine having a $48,000 net worth and your debts totaled $36,000,000.

Gee, you'd best keep up the payments, huh?

Lastly, the last figure I heard on it, the total in derivatives, held by the world's major banks was something like $1.2 Quadrillion. (Important to learn a new word, every day, huh?)

Fred

[peaceandlove]

Originally Posted by peaceandlove

Check back next month to review your indebtedness to the Fed Almighty.

Debt Per Slave this month as of 10/25 is $38,879 up $404 over last month's 9/24 post.

Per Taxpayer Debt is currently $110,344

http://www.usdebtclock.org/

[Fredkc]

PeaceAndLove;
"Per Taxpayer Debt is currently$110,344"

It seems we are on track for a financial observation I read about 1 year ago. Fortunately the current "track" is unsustainable.

Observation was that, if you have toddler to pre-school aged children now, that by the time they reach college age, each of them (and all of us) will be carrying a govt debt load of approximately $400,000 !

For a moment, forget trying to make the figure "real" to people, it is easily done by asking two questions:
1. What bank with any ration of sanity would loan anyone carrying that kind of debt load, from gitgo, the money to go to college?

2. With government having removed that much money from the economy, what bank would even have it to loan?

Incidentally you might enjoy my musings on the Oct 25 thread.

Fred

[peaceandlove]

Originally Posted by Fredkc

Observation was that, if you have toddler to pre-school aged children now, that by the time they reach college age, each of them (and all of us) will be carrying a govt debt load of approximately $400,000 !
Fred

Interestingly the Debt Per Slave TODAY is now only $38,764, down from my previous post????

[peaceandlove]

Originally Posted by peaceandlove

Debt Per Slave this month as of 10/25 is $38,879 up $404 over last month's 9/24 post.

Per Taxpayer Debt is currently $110,344

http://www.usdebtclock.org/

Today's, 11/30 Debt Per Slave is 39,144, up ONLY $265.00 from 9/24.

Why so little? Could it have something to do with Thanksgiving and the Holidays coming?

Per Taxpayer Debt is $110,893.

I realize these figures are not real, but all the figures at usdebtclock are mind-boggling.
Amazing how hard my computer has to work when I go to that webpage.

[TheObserver]

Aren't slaves and taxpayers the same thing?

[peaceandlove]

Originally Posted by TheObserver

Aren't slaves and taxpayers the same thing?

Yes I would agree, we are all slaves according the the Slaves number, which includes all Americans. Then separately I posted the Taxpayer Slaves debt total.

PaL

[peaceandlove]

Originally Posted by peaceandlove

Today's, 11/30 Debt Per Slave is 39,144, up ONLY $265.00 from 9/24.

Why so little? Could it have something to do with Thanksgiving and the Holidays coming?

Per Taxpayer Debt is $110,893.

I realize these figures are not real, but all the figures at usdebtclock are mind-boggling.
Amazing how hard my computer has to work when I go to that webpage.

Today's Debt Statistics 12/31/2009

Ringing out the old year at $39,359 Debt per Citizen Slave a $215 difference.

and $111,316 Debt per Taxpayer Slave a $423 difference.

http://www.usdebtclock.org/

[peaceandlove]

Originally Posted by peaceandlove

Today's Debt Statistics 12/31/2009

Ringing out the old year at $39,359 Debt per Citizen Slave a $215 difference.

and $111,316 Debt per Taxpayer Slave a $423 difference.

Today 2/3/2010

Per Citizen: $40,048 an increase of $689 INFLATION??? SPENDING???

Per Taxpayer: $113,107 and increase of $1791 in barely over one month.

http://www.usdebtclock.org/

Of course we all know these figures are bogus, merely a point of reference.

[housemouse2]

I really wouldn't worry about the debt clock or even paying it back.

our country went bankrupt in the 70's when the last reserve standard was removed by nixion.

Nations liquidate debt by printing more money. Which destroys the value of the money creating tremendous inflation.

our nation could simply pay off the debt with one stroke of the pen, dumping a huge amount of money into the system and making a loaf of bread cost 100 dollars over night.

instead they will simply continue to print more money, add more deficit spending and liquidate the debt by devaluing the currency more slowly rather than over night.

it doesn't matter how much we owe for our money will be worth far less tomorrow. Our money is already worthless over all. it's lost 97% of it's value in the last 90 years.

What will happen is as our dollar collapses a new gold standard currency will replace it. The bankers what the currency to be global but what will most likely happen in the USA is each state will start their own banks backed by gold and print their own currency.

We will go back to the banking system prior to 1900. The fed will hang itself as they try to adopt a global currency after they destroy the American dollar.

I see state banking replacing the dollar. Community banking might also come into play.

Eventually the law about the mint making coins could also be repealed and states may have their own mints.

The constitution dictates only gold and silver are legal currency. With a gold backed new res4erve currency in the works that means states using gold backed currency will have an even exchange rate.

A new currency system is coming but it will be the expense of the American tax payer and the green back.