Posted on 12/21/2011 3:32:30 PM PST by DeaconBenjamin
With precisely one year left for the world and all of its inhabitants, at least according to the Mayans, not to mention on the day of the Winter Solstice, it is only fitting that US debt, net of all settlements for all already completed bond auctions, is now at precisely $15,182,756,264,288.80. Why is this relevant? Because the latest annualized US GDP, according to the BEA, was $15,180,900,000.00. Which means that, as of today, total US debt to GDP is 100.012%. Congratulations America: you are now in the triple digit "debt to GDP" club!
(naturally, this is using purely "on the books" data. If one adds the NPV of all US liabilities, and adjusts GDP for such things as today's housing contraction, then the magical triple digit threshold was breached long, long ago).
And here is the breakdown for the forensically inclined ones:
I. Total debt as of December 20: $15,131,979,264,288,80 (source):
II. Net cash settlement of all completed auctions: $50,777,000,000.00 (source) :
III. Total GDP: $15,180,900,000,000.00 (source):
=> Total Debt/GDP= $15,182,756,264,288.80/$15,180,900,000,000.00 = 100.012%
The $4,693,230,053,393.20 in intergovernmental holdings really doesn't count. At least the bond market and ratings agencies don't count it. It's things like accrued unemployment compensation, Social security savings and the like, i.e. IOU's the government writes to itself. The number the bond market looks at is the $10,438,748,210,895.60. So $10,438B/$14,526B = 71.9% is what everyone in the financial industry looks at. At 90% they start to pull money back from bond auctions. Don't worry though. At deficits of $1,400B per year. We should be through that 18.1% difference in less than two years like the EU was a year ago. In five years we are Greece.
Now I don’t need to move to do it.
My gut feeling tells me, it will be much, much worse that Greece. Martial law may or may not even affect it.
Were done.
Put a fork in us.
Good luck to us all. We are going to need it.
that’s when the shooting starts
don’t you remember the contrail just west of LA? that was china saying ‘stop devaluing the dollars you owe us’
not everyone is as stupid as a dem
I've been thinking that for 2-3 years.
Wasn’t 90% long considered the “point of no return?”
http://debtwall.org/the-debt-wall-on-the-mike-huckabee-show/
Understanding the debt wall, when total world debt exceeds world gross domestic product.
http://debtwall.org/the-debt-wall-vide/
We are screwed, mathmatically speaking I see now good way for this to end.
Unfortunately, it does not matter a bit who gets elected, it will be more of the same.
Look at the percent increases in the debt for the last 10 presidents or so...does not matter a bit who is in office, the spending marches on.
Yes, we need to look at what we can do and start there, but it is very difficult to actually cut anything since no politican wants to stop handing out goodies.
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