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True U.S. debt exceeds world GDP by $14 trillion
WorldNetDaily.com ^ | A.D. 11 April 2011 | Editors

Posted on 04/11/2011 5:55:48 AM PDT by Robert Drobot

As the Obama administration prepares to finance a Fiscal Year 2011 budget deficit expected to top $1.6 trillion, the American public is largely unaware that the true negative net worth of the federal government reached $76.3 trillion last year.

That figure was five times the 2010 gross domestic product of the United States and exceeded the estimated gross domestic product for the world by approximately $14.4 trillion.

(Excerpt) Read more at wnd.com ...


TOPICS: Constitution/Conservatism; Crime/Corruption; Front Page News; Government
KEYWORDS: debt; federaldebt; money; printing
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To: curiosity

The debt is unsustainable.

Try this:

http://www.zerohedge.com/article/ex-pboc-official-wakes-acid-trip-us-treasury-market-giant-ponzi-scheme


41 posted on 04/11/2011 11:01:53 AM PDT by TruthConquers (.Delendae sunt publicae scholae)
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To: curiosity

There are more people EATING AT THE TROUGH than are paying for it. And there are MORE of them than us who pay.


42 posted on 04/11/2011 11:03:54 AM PDT by TruthConquers (.Delendae sunt publicae scholae)
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To: Clintonfatigued
Can anything be done?

YES! There is no rational basis to all this doom and gloom.

The US government has NO LEGAL OBLIGATION to make good on its social security and medicare promises. Reducing these benefits, as suggested by Paul Ryan, DOES NOT CREATE AN EVENT OF DEFAULT.

Putting our country on a path to fiscal solvency is actually not all that hard. While the urgency of doing it cannot be overstated, the difficultly is frequently overstated.

43 posted on 04/11/2011 11:04:18 AM PDT by curiosity
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To: TruthConquers
The debt is unsustainable.

Nonsense. Debt owed to the public, the only debt we actually have to service to avoid default, is only 60% of GDP. History proves that countries can manage that kind of a debt burden without any trouble for extended periods of time.

What is unsustainable is Social Security and Medicare. But these programs be modified by statute, their benefits reduced to make them sustainable.

The doom and gloom you are preaching is neither rational nor productive.

44 posted on 04/11/2011 11:11:54 AM PDT by curiosity
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To: TruthConquers
There are more people EATING AT THE TROUGH than are paying for it.

That is simply not true.

45 posted on 04/11/2011 11:12:53 AM PDT by curiosity
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To: ClearCase_guy

That plan will work!

We will need to borrow 1.7 bazillion quatloos to do it, but it will work!


46 posted on 04/11/2011 11:16:21 AM PDT by djf (Dems and liberals: Let's redefine "marriage". We already redefined "natural born citizen".)
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To: curiosity

It beats being delusional.

Good Day!


47 posted on 04/11/2011 11:16:36 AM PDT by TruthConquers (.Delendae sunt publicae scholae)
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To: TruthConquers
I'm not sure I understand your position.

Are you saying that even if we reform SS and Medicare and reduce their payouts, as Paul Ryan or the deficit commision proposed, we are still headed for default?

Or are you skeptical that these programs for seniors can be refored and cut sufficiently?

48 posted on 04/11/2011 11:21:42 AM PDT by curiosity
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To: curiosity

Both.

Too much of this economy is a ponzi scheme.
A Well hidden ponzi scheme.

As MORE people fall into poverty with this down cycle, there will be LESS tolerance for the cuts. And yes, even if the cuts Ryan has proposed occur, we are vulnerable to defaults because of credit derivatives that can still bring down the financial system in the US. Add in the FED monetizing the debt and buying Treasuries to fund the government, it is a house of cards ready to fall.


49 posted on 04/11/2011 11:35:37 AM PDT by TruthConquers (.Delendae sunt publicae scholae)
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To: TruthConquers
And yes, even if the cuts Ryan has proposed occur, we are vulnerable to defaults because of credit derivatives that can still bring down the financial system in the US.

Which credit derivatives? Do you even know what a credit derivative is?

Add in the FED monetizing the debt and buying Treasuries to fund the government, it is a house of cards ready to fall.

Dude. The Fed always increases the money supply during recessions. This is nothing new.

50 posted on 04/11/2011 11:38:54 AM PDT by curiosity
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To: curiosity

http://www.zerohedge.com/article/exclusive-bill-gross-now-short-us-debt-hikes-cash-73-billion-all-time-record

Ah, your one the FED rent boys who think that everything will be rosy.
So why is Bill Gross betting against US Treasuries?


51 posted on 04/11/2011 11:44:51 AM PDT by TruthConquers (.Delendae sunt publicae scholae)
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To: curiosity
Do you even know what a credit derivative is?

She really doesn't. She is good at repeating the panic.

52 posted on 04/11/2011 12:12:45 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: curiosity

We can’t pay back what we owe. All we pay is the interest on our debt, nothing more.


53 posted on 04/11/2011 12:31:25 PM PDT by Jack Hydrazine (It's the end of the world as we know it and I feel fine!)
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To: curiosity
The point you seem to be missing is WE DON'T NEED A WORKOUT. All we have to do is reduce social security and medicare benefits,

In isolation maybe, but when combined with everything else, don't think so but will happily be proven wrong.........
54 posted on 04/11/2011 12:37:22 PM PDT by PeterPrinciple ( getting closer to the truth.................)
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To: Toddsterpatriot; TruthConquers

You two were warned before to knock of your stupid feud.
Last warning.


55 posted on 04/11/2011 1:31:23 PM PDT by Admin Moderator
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To: PeterPrinciple
In isolation maybe, but when combined with everything else,

Yes, even when combined with everything else. Well, we probably would need some serious defense cuts too, and no more Afghanistans, Iraqs or Libyas. Neither the neocon nor the lefty internationalist models of foreign policy are sustainable, financially.

We will become isolationsits by necessity, not choice.

56 posted on 04/11/2011 1:32:12 PM PDT by curiosity
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To: Toddsterpatriot

53 vs 47 percent was a number i googled a few days ago. Can’t locate it at the moment. But i did some research and found out that it’s worse. 86% of our dept are owned outside the US.

Total dept is 14 trillions [1].
External dept is 12 trillions [2].

[1] http://www.wolframalpha.com/input/?i=federal+debt+USA
[2] http://www.wolframalpha.com/input/?i=External+debt+USA


57 posted on 04/11/2011 3:55:08 PM PDT by buzzer
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To: buzzer
Total debt is $14.27 trillion. Public is about $9.6 trillion, intragovernmental is about $4.6 trillion.

Source

58 posted on 04/11/2011 4:42:25 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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