What is the US National Debt this Minute?

[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