[durasell]

It's breaking news in that we're reaching levels never before seen in the history of the nation. People talk about "peak oil." My fear is that we're reaching "peak debt."

[Echo Talon]

compare it to Reagan, percentage wise.

[AmericaUnited]

It's breaking news in that we're reaching levels never before seen in the history of the nation.

HELLO?! As the economy grows, as the population grows, many things will be "THE BIGGEST, GREATEST, MOST" ever in history. That in and of itself IS MEANINGLESS!!!!! The only thing that's relevant is the percentage.

When the nation had a GDP of 1 billion dollars, 10 billion dollars of debt would have been staggering (10X). If the GDP is 10 trillion dollars, 10 billion in debt is insignificant. What is so hard to understand about this most basic math?

[hubbubhubbub]

Read the book, "Empire of Debt". Very good.

[Leisler]

"It's breaking news in that we're reaching levels never before seen in the history of the nation."

Bull. The Republic of Venice, the Dutch Republic, England many times, all have had debt to wealth ratios many times higher. This was in more primitive times too where accounting, trust were all lower in quality and loans made out to more dubious rulers and countries.