Keyword: usdebt
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The Treasury Department said Monday that Saudi Arabia held $116.8 billion in U.S. debt at the end of March, revealing for the first time the holdings of the world's biggest oil exporter. The pile puts Saudi Arabia among the largest foreign nation holders of American debt. Still, it sits well behind countries like China and Japan, which both had more than $1 trillion in Treasury securities at the end of March. Saudi Arabia's holdings could be even larger than officially listed, according to Bloomberg, which first reported the total. Saudi Arabia has about $587 billion in foreign reserves and central...
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Donald Trump assailed the media on Monday for what he said was a misrepresentation of his comments on debt, rejecting the notion that he would have the United States default on his debt. "I said if we can buy back government debt as a discount. In other words, if interest rates go up and we can buy bonds back as a discount, if we are liquid enough as a country we should do that. In other words, we can buy back debt as a discount," the presumptive Republican nominee said in a telephone interview on CNN's "New Day." Those who...
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Presumptive Republican presidential nominee Donald Trump just revealed an inconvenient truth about U.S. debt, the outspoken and often controversial Peter Schiff told CNBC in a recent interview. Last week, Trump joined CNBC's "Squawk Box" last week to discuss a wide range of topics including U.S. debt, interest rates and replacing Fed Chair Janet Yellen. It was Trump's comments about potentially renegotiating the more than $19 trillion in U.S. debt and the sensitivity surrounding higher interest rates that raised eyebrows. While some observers argued that Trump's approach could be tantamount to a debt default, Schiff told CNBC the GOP nominee was...
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(CNSNews.com) - In the six months that have passed since then-retiring House Speaker John Boehner and Senate Majority Leader Mitch McConnell cut a budget deal with President Barack Obama that suspended the legal limit on the federal debt until March 15, 2017, the federal debt has increased by just over $1 trillion. The Senate passed “The Bipartisan Budget Act of 2015” with a vote held in the early morning hours of Friday, Oct. 30. Obama signed it on Monday, Nov. 2. At the close business on Oct. 30, 2015, the total federal debt was $18,152,981,685,747.52. By the close of business...
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The world's credit boom is beginning to show dangerous signs of unraveling, ushering in a period of fresh turmoil for the over-indebted global economy, the Bank of International Settlements has warned. The globe's top financial watchdog called time on the world's debt binge, noting that debt issuance and cross border flows in emerging economies slowed for the first time since the aftermath of the global credit crunch at the end of last year. With financial markets thrown into fresh paroxysms in 2016, oscillating between extremes of "hope and fear", the over-leveraged world was finally approaching a day of reckoning, said...
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William White, chairman of the Economic and Development Review Committee at the OECD and former chief economist at the Bank for International Settlements (BIS), says the risks posed by global debt levels are greater today than they were in 2007 and that central banking monetary policy has lost its effectiveness. He also explains the crucial differences between modern macroeconomic modeling and complexity theory (or viewing the economy as a complex adaptive system) and the key lessons this has for policymakers, both fiscal and monetary. Here's a portion of his recent interview with Financial Sense airing Friday on the Newshour page:...
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Government estimates of debt over the next decade have gone from adding $1.5 trillion in debt to $9.4 trillion due to recent tax legislation. That will put the country up over $30 trillion in debt assuming there are no further recessions. This is the decade of no return. Seems blowing up peoples countries and importing their poor and putting them on benefits is no longer working. We have also tried closing all our factories and letting the world scam us out of jobs in the “free trade†system. World’s highest tax rates…not seeming to help either. Cramming people into “universitiesâ€...
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<p>As Wilbur Ross so eloquently noted, for Puerto Rico "it's the end of the beginning... and the beginning of the end," as he explained "Puerto Rico is the US version of Greece." However, as JPMorgan explains, for some states the pain is really just beginning as Municipal bond risk will only become more important over time, as assets of some severely underfunded plans are gradually depleted.</p>
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June, the Congressional Budget Office (CBO) put the U.S. government's debt at a staggering $18 trillion. But according to a former U.S. comptroller general, the actual debt is $65 trillion -- more than triple the official figure -- and it isn't going to improve as long as politicians continue to put their personal and partisan interests ahead of the nation's. David Walker, who served as the head of the Government Accountability Office (GAO) from 1998 to 2008, told John Catsimatidis, host of "The Cats Roundtable" on New York radio station WNYM, that there's much more to the debt than just...
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It’s an ill financial wind that blows no one some good. A very nice and very rich old lady once explained to me that, in her view, the golden age of the American economy happened in the first years of the Reagan administration. This puzzled me: The United States had dipped into recession in 1980, and Paul Volcker was standing on the economic brakes to wring the Carter-era inflation out of the economy, jacking the federal-funds target rate up to damned near 20 percent. People were paying 18.5 percent on their mortgages. But, of course, usurious interest rates are pretty...
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I’ve long-stated that the government of the United States is completely insolvent. And that is 100% true statement. The government’s own numbers show that official liabilities, including debt held by the public and federal retirement benefits, total $20.7 trillion. Yet the government’s assets, including the value of the entire federal highway system, the national parks, cash balances, etc. totals just over $3 trillion. In total, their ‘net worth’ is NEGATIVE $17.7 TRILLION… a level that completely dwarfs the housing crisis. If you include the government’s own estimates of the Social Security shortfall, this number declines to NEGATIVE $60 TRILLION. And...
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(CNSNews.com) - The portion of the federal debt that is subject to a legal limit set by Congress closed Thursday, June 11, at $18,112,975,000,000, according to the latest Daily Treasury Statement, which was published at 4:00 p.m. on Friday. That, according to the Treasury's statements, makes 90 straight days the debt subject to the limit has been frozen at $18,112,975,000,000. $18,112,975,000,000 is about $25 million below the current legal debt limit of $18,113,000,080,959.35.
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The Federal Reserve drew up extensive plans for handling a U.S. debt default that included scheduling deferred payments and lending cash to investors, according to a lawmaker who cited Fed documents. America courted disaster in 2011 and 2013 when political fights over the national debt nearly left the federal government unable to pay its bills. Analysts and officials warned that missing payments could lead to economic calamity, and details have only slowly emerged over how financial officials braced for the unthinkable. In a June 2014 letter to Treasury Secretary Jack Lew seen by Reuters on Monday, Republican Representative Jeb Hensarling...
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(CNSNews.com) -- The U.S. has a $210 trillion “fiscal gap” and “may well be in worse fiscal shape than any developed country, including Greece,” Boston University economist Laurence Kotlikoff told members of the Senate Budget Committee in written and oral testimony on Feb. 25. “The first point I want to get across is that our nation is broke,” Kotlikoff testified. “Our nation’s broke, and it’s not broke in 75 years or 50 years or 25 years or 10 years. It’s broke today. "Indeed, it may well be in worse fiscal shape than any developed country, including Greece," he said. (See...
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Tyler Durden 01/02/2015 It seems like it was only yesterday when we reported that, in yet another slight of hand for the US Treasury and Social Security Administration, US debt rose by $32 billion on the last day of November sending total US debt above $18 trillion for the first time ever. As we further noted, it also meant "that total US debt has increased by 70% under Obama, from $10.625 trillion on January 21, 2009 to $18.005 trillion most recently." Fast forward to today when we are happy to report that according to the US Treasury, America's debt-funded spending...
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WASHINGTON - The federal government has grown obscenely fat over the years, and under President Obama it's gotten much fatter, eating into our economy and the very foundations that made America great. It has outgrown our incomes and now threatens us with suffocating debt, costly regulations, punishing mandates, and a punitive tax code that's invaded every nook and cranny of our society and our daily lives. You don't hear much about this growing crisis, certainly not in the national news media which never saw a federal domestic program it didn't like. Even a lot less in Congress which enacts our...
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Regular readers of my column know that I usually don’t use the words “conservative” and “liberal.” Why is that? Because those words in today’s lingo—like the words “love” and “democracy”—can mean almost anything you want. Unlike past times when precision in meanings was important, we have now produced a generation that no longer understands the historic or political meaning of those words. Within the population of the confused, however, my greatest disappointment is held for those who describe themselves as economically conservative, but socially liberal. But do they even know what that means? On the economics side, this is what...
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The nonpartisan Congressional Budget Office is acting in a bipartisan way to cover up the biggest single threat to the bipartisan political alliance that is stripping America of its wealth: the United States Congress. There is no question that the following policy is bipartisan. Democrats and Republicans in Congress are completely agreed that the following information should not get out to the American people, namely, that the present value of the United States government’s off-budget liabilities is over $200 trillion. The CBO has two sets of books. This is what any Ponzi scheme requires. It releases one set of books...
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<p>For the next few years, deficits are looking pretty good. But the interest owed on the country's cumulative debt is set to nearly quadruple over the next decade.</p>
<p>The Congressional Budget Office projects that interest will be $233 billion this year, or 1.3% as a share of the economy.</p>
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Obama Adds Over $500 Billion In New Debt in Just Three Months Under McConnell’s Blank Check Debt Ceiling Deal Half a Trillion in Just Three Months President Barack Obama has blown through more than $500 billion in deficit spending in the three months since passage of the deal proposed by Senate Minority Leader Mitch McConnell (R-KY) on easing the debt ceiling battles that gave Obama virtually unlimited borrowing authority from October 17, 2013 through this February 7th. Treasury Secretary Jack Lew sent a letter to Congress today imploring the debt ceiling be raised by February 7th, or the end of...
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