Total US Debt Rises Over $18 Trillion; Up 70% Under Barack Obama

http://www.zerohedge.com/news/2014-12-01/total-us-debt-rises-over-18-trillion ^

[blam]

Tyler Durden
12/01/2014

Last week, total US debt was a meager $17,963,753,617,957.26. Two days later, as updated today, on Black Friday, total outstanding US public debt just hit a new historic level which probably would be better associated with a red color: as of the last work day of November, total US public debt just surpassed $18 trillion for the first time, or $18,005,549,328,561.45 to be precise, of which debt held by the public rose to $12,922,681,725,432.94, an increase of $32 billion in one day.

(snip)

[blam]

Is there anyone who thinks this ends well?

[blam]

New Banking Rules: Cyprus-style Bail-ins to Take Deposits and Pensions

On the weekend of November 16th, the G20 leaders whisked into Brisbane, posed for their photo ops, approved some proposals, made a show of roundly disapproving of Russian President Vladimir Putin, and whisked out again. It was all so fast, they may not have known what they were endorsing when they rubber-stamped the Financial Stability Board's "Adequacy of Loss-Absorbing Capacity of Global Systemically Important Banks in Resolution," which completely changes the rules of banking.

Russell Napier, writing in ZeroHedge, called it "the day money died." In any case, it may have been the day deposits died as money. Unlike coins and paper bills, which cannot be written down or given a "haircut," says Napier, deposits are now "just part of commercial banks' capital structure." That means they can be "bailed in" or confiscated to save the megabanks from derivative bets gone wrong.

Rather than reining in the massive and risky derivatives casino, the new rules prioritize the payment of banks' derivatives obligations to each other, ahead of everyone else. That includes not only depositors, public and private, but the pension funds that are the target market for the latest bail-in play, called "bail-inable" bonds. >m

[skeeter]

Its clear the president personally hates most of the people in this country and is trying to impoverish them by robbing and giving their money to those he feels a closer association with.

Its really that simple.

[Buckeye McFrog]

People will just start stuffing cash and jewelry into mattresses, like my great aunt did during the Depression. These idiots are going to tank the banking system.

[rovenstinez]

So, since everything these days is seen in COLOR. Would banking communities say, Blacks, Asians, Hispanics, Whites or Native Americans incur the greater debt. I wonder if the banking laws allow people to check a box, for RACE. I think I know the answer.

[trisham]

This is all about Obama and his plan to destroy this country.

[Ghost of SVR4]

Don’t sweat it, on average it’s only $153,729.00 per tax payer that is needed to bail out Uncle Sam’s club. All the parasitic government has to do is confiscate 401k’s and pensions, problem solved!!! C’mon, it’s the patriotic thing to do, giving up your life’s savings.

[eyeamok]

Everybody here does realize that this is all Planned right??

[martinidon]

you do know it is Bush's fault; he left the economy in such a shambles it was the only way obama could save us......

[Iron Munro]

♪ ♫ ♪ ♫ ♪ ♪ ♫ ♫ ♪ ♪ ♫ ♫ ♪ ♪

Bankrupt America? Yes we can!

Bankrupt America? Yes we can!

[blam]

"Everybody here does realize that this is all Planned right??"

Yup.

He wasted the Clinton surplus on war mongering.

[depressed in 06]

zerO has two years to get the other 30%.

[SteveH]

whoa

bump

[BobP]

Heck of a job Barry.

Congress gets the blame as well.

We better keep working, folks, we've got 'dreamers' to support!

Hands up... America!

[Jan_Sobieski]

"Never let a crisis go to waste!" - Idiot from Chicago

[silverleaf]

ah, remember the good ol’ days when we had a “debt ceiling”
until it was decided that curbing Obama spending was rasist

[silverleaf]

the Clinton “surplus” was the gutting of the American military

Unfortunately, 911 showed that America (and Bush) actually required a capable military that had to be rebuilt

Funny how those things cycle through history

[dennisw]

Mooch and Obama counted even balancing their own home finances back in Chicago so they hooked up with real estate scamsters to buy their “dream castle”

IOW they are idiots when it comes to managing their own money. So why would Obama care about the US debt? It never got on his radar because he lives in a cargo-cult oriented third worlders dream world.

[KoRn]

I can’t even read numbers that are that big. The only reason I know it’s in the $Trillions is because it’s spelled out. lol

Sad....

[GOPJ]

Obama’s attempting to destroy the country. He’s going to fail because we’re running out the clock on him.