And as of today, China is a net seller of Treasury debt. If we can't fund our debts in the bond market, the Federal Reserve will be forced to monetize our deficits by buying Treasury bonds. If that happens, inflation will soar and the price of gold will double or triple almost overnight.
The bigger problem, over the long term, is simply debt service. Right now, the federal government takes in roughly $1 trillion in income taxes and a much smaller amount of money in other fees, duties, etc. (The government takes in another $1 trillion from Social Security and Medicare taxes, but it spends more currently on these programs than it takes in. So as a result, this revenue can't factor into our analysis of debt service.) At the end of 2009, the federal government had $11.8 trillion in total outstanding debt. That's the official number.
Likewise, officially, the interest we paid last year made up 11% of the government's revenues – but that measure included all of the social insurance premiums as tax. More importantly, the current budget doesn't include a number of highly significant obligations that are actually the government's responsibility, but are held "off balance sheet."
... By the end of OBAMA!'s first presidency (2013), I believe the U.S. will owe roughly: $17.8 trillion in federal debt, $2 trillion in GSE debt/guarantees, $500 billion in FDIC obligations, and $500 billion in FHA obligations. My only big assumption is $1.5 trillion in additional deficits each year, which is what the president's budget also predicts.
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Great video on our debt and living on borrowed time: http://www.youtube.com/watch?v=7e8GMfjgE58&feature=related
ReplyDeleteLet me guess. The collapse is imminent? It's not going to collapse people, come on.
ReplyDeleteDisinfo/goons up early today, aka 5:02.
ReplyDeleteThose of living in reality have known for years the collapse is coming. It doesn't take a genius to figure out when you are spending more than your bringing in, sooner or later, it catches up with you.
Monetizing our deficits will the end game, and you can be sure its already happening.
Better prepare, time is very short.
In Jesuit spiritual exercise fashion, let us take the contrarian view to everything.
ReplyDeleteFrom now on, black will be white, and the economy is booming. Jobs are being created at an unprecedented rate. The recovery is in full swing.
Oprah knows the Secret, which is if you wish hard enough, a chunk of tire rubber will become a soft delectable Godiva chocolate with a rich creamy nougat y center, so tasty.
So here I serve you a chunk of tire rubber and wish you Bon Apetit, you fat cow.
Yes JESUS you are a NASTY SICK BEING. But what I can say other than what you are. And if you were created for the sake for which the Sun would still tolerate its own NASTY SELF REFLECTION as YOU-JESUS...well GOD DAMN. BLESSED IS THE DAY UV your union with your mother SICKY. LORD DAMN. YOU ARE SO DISEASED IN YOUR SELF. Jesus do you remember when I drank your blood? Well, lets digest the facts this way. $18 Trillion uv your blood cells and 1 hole man = Your entire existence being shot dead in the Universe. Never the less, I haven't forgotten your orgy having mother. Well, for peeps sake- My eyes are shooting rays uv lasers at her. Hopefully you'll realize she'll melt to death. But on the golden road- A lion, a tin man, scarecrow...didn't equate to lions and tigers and bears...
ReplyDeleteOn a side note, even if the fame and popularity for watching mary jesus porn were to be $18 Trillion dollars worth or more; IT wouldn't equate to the amount uv lives that are going to die soley that is responsible for your actions, your mothers, and your fathers. Remember one thing, Erin Burnett...You may conceive as a Jew, you far deceive as a British, you haps be live as a German, but you're still a barney beastiality - bunny sucker.
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