US Closes 2010 With $14,025,215,218,708 and 52 Cents In Debt

[chimpanchu]

http://www.zerohedge.com/article/us...-52-cents-debt-154-billion-increase-overnight

When we predicted a few weeks ago that the US would end 2010 with $13.8 trillion in debt we miscalculated the settlement dates on all the last round of bond auctions . As a result, we are happy to announce that as of December 31, 2010, the US now has $14,025,215,218,708 and 52 cents in debt (incidentally this is an increase of $154 billion in debt on the US balance sheet overnight). As a reminder the debt ceiling is 14,294,000,000,000. Which means at a run rate of $125 billion in net monthly issuance, the US may not even get to the end of March at the current burn rate. Which also means Congress better start the discussion on raising the debt ceiling as soon as February.

Debt ceiling is a big joke! What's the point of having credit card limit if we can just raise it whenever we need more loan!?

I still remember when Obama raised the debt ceiling to this current level like it was yesterday. Viola now is that time to raise the debt ceiling AGAIN!

 

[THUCYDIDES79]

In order to eradicate cancer cells, one must either irradiate tissue with radiation, or use chemicals to get to them or physically remove them from tissue.

panadols dont work.

 

[Big A.D.]

In order to eradicate cancer cells, one must either irradiate tissue with radiation, or use chemicals to get to them or physically remove them from tissue.

panadols dont work.

I have a counter-analogy for that.

When I was caring for someone with cancer a little while back, the number of people who would ask "Isn't there some kind of tea you can drink to help things?" simply blew me away.

True story.

 

[bennybbc]

Over $45'000 debt for ever man woman and child. A huge burden on the % that pay tax.

Last time I checked the average income was under $50k.

 

[projack]

The Fed will be in today and every day this week to buy Treasuries outright, for a total of between $21.5-29.5 bln.

 

[systematic]

In order to eradicate cancer cells, one must either irradiate tissue with radiation, or use chemicals to get to them or physically remove them from tissue.

ironically 2 of the 3 methods actually cause cancer in the first place

 

[Austacker]

I just can not see how this can continue, at some stage something has to give. A debt that big and paying % would seem impossible at current ways to pay off or even stem the flow of debt. But at this point they are still increasing debt. The issue I have is once it all comes out in the wash. The people who ARE responsible will not be held to justice. There will be many smaller scape goats who cop the flack from the people. Meanwhile the players will be off Scott free.

 

[Willow]

now this "$14,025,215,218,708 and 52 cents in debt" is quite a number to behold.. I cant even get my head around it.
Something has just got to change surely it cant be the same plan as the last 10 years. It may not be what i think but it will be a massive wealth transfer for sure.

Have a look at the page http://www.usdebtclock.org/ man thats a sight!!
Then check this out http://www.usdebtclock.org/gold-precious-metals.html where is australia in the gold holding table? we do better at the olympics

 

[chimpanchu]

In order to eradicate cancer cells, one must either irradiate tissue with radiation, or use chemicals to get to them or physically remove them from tissue.

panadols dont work.

I have a counter-analogy for that.

When I was caring for someone with cancer a little while back, the number of people who would ask "Isn't there some kind of tea you can drink to help things?" simply blew me away.

True story.

Actually there is... kinda. Not tea, but herbal medicine called Essiac. Originally brewed by Nurse Rene M. Caisse in Canada long time ago. She got the herbal recipe from American Indian medicine man. The medicine is known to cure cancer in patients. The big pharmas who sold $500/pill cancer treatment pill closing in on her and closed her clinic and got lobbyists in Washington to outlaw the use of the medicine.

http://www.essiac-canada.com/

Watch this video: http://www.realityzone.com/cancureforbid.html
If you wanna know more.

 

[chimpanchu]

http://goldsilver.com/news/us-treasury-asks-congress-to-lift-debt-ceiling/

In a letter to senior members of Congress Geithner warned a failure to raise the debt ceiling from $14.29 trillion could prompt a US default as soon as this March, with "catastrophic economic consequences."

"Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States."

Isn't that is more of a problem rather than a solution?

US got to choose whether to suffer Deflationary Depression or Hyper-inflationary Depression, pick you poison!
Isn't nice to live in a free country where you always have choices?

 

[hawkeye]

Are we all forgetting that the people demanded more and more from the government? When the government didn't give them what they want they threw them out for another bunch that promised them they could have it.

Is it any wonder the politicians borrowed more and more money? How else do you pay for all the extravagant demands that people make?

Americans got lazier and lazier, they didn't want to maintain their lifestyles through working so got a credit card instead and kept loading it up until the inevitable happened.

The politicians are drawn from the people themselves. In a democracy, you get the govt most people deserve. It's how mob rule works.

 

[JulieW]

Prof. Alexander Frazer Tytler has written, that a democracy cannot exist as a permanent form of government. It can only exist until the voters discover they can vote themselves largesse out of the public treasury. From that moment on the majority, he said, always vote for the candidate promising the most benefits from the treasury with the result that democracy always collpases over a loose fiscal policy, always to be followed by a dictatorship.

http://en.wikiquote.org/wiki/Alexander_Fraser_Tytler

 

[Dynoman]

The US represents 75% of the global market for manufactured goods. It's like an addictive drug to it's trading partners. Effectively they're the ones taking a risk trading US fiat for plastic, whitegoods, TV's etc. I don't think it's a big deal to have paper debt. What are they going to do if the US currency falls flat anyway, ask for all the gold in Fort Knox ?

 

[Dynoman]

In order to eradicate cancer cells, one must either irradiate tissue with radiation, or use chemicals to get to them or physically remove them from tissue.

panadols dont work.

I have a counter-analogy for that.

When I was caring for someone with cancer a little while back, the number of people who would ask "Isn't there some kind of tea you can drink to help things?" simply blew me away.

True story.

Actually there is... kinda. Not tea, but herbal medicine called Essiac. Originally brewed by Nurse Rene M. Caisse in Canada long time ago. She got the herbal recipe from American Indian medicine man. The medicine is known to cure cancer in patients. The big pharmas who sold $500/pill cancer treatment pill closing in on her and closed her clinic and got lobbyists in Washington to outlaw the use of the medicine.

http://www.essiac-canada.com/

Watch this video: http://www.realityzone.com/cancureforbid.html
If you wanna know more.

Too-shay: Lemongrass Tea & that amazing Black Carrot juice made right here in Aus

 

[hawkeye]

The US represents 75% of the global market for manufactured goods. It's like an addictive drug to it's trading partners. Effectively they're the ones taking a risk trading US fiat for plastic, whitegoods, TV's etc. I don't think it's a big deal to have paper debt. What are they going to do if the US currency falls flat anyway, ask for all the gold in Fort Knox ?

That is a good point. Kind of like the proverb about if you owe a bank a $1000 you have a problem, if you owe the bank a million dollars the bank has a problem.

China has a huge problem. Maybe ultimately they are the ones who have been conned. It will be interesting to see how it plays out.

 

[Dabloodymess]

The US represents 75% of the global market for manufactured goods. It's like an addictive drug to it's trading partners. Effectively they're the ones taking a risk trading US fiat for plastic, whitegoods, TV's etc. I don't think it's a big deal to have paper debt. What are they going to do if the US currency falls flat anyway, ask for all the gold in Fort Knox ?

That is a good point. Kind of like the proverb about if you owe a bank a $1000 you have a problem, if you owe the bank a million dollars the bank has a problem.

China has a huge problem. Maybe ultimately they are the ones who have been conned. It will be interesting to see how it plays out.

Very interesting points by all

I mean, its just like me being given a creditcard without a limit and going on a spending binge. At the end of the day I have a pile of useless crap and a big debt. If I declare bankruptcy they wouldnt get close to market value for what I had bought when they reposses, and the bank loses.

Thats on a personal level, with nations though there is not really a convention for going bankrupt... we have seen bailouts recently, but if someone bigger, like the US, goes under there wont be any one willing or able to bailout them out- food for thought. One possibility I could see happening, and I think this occured when Iceland threw in the financial towel, was the sezing of assets. The US has a lot of strategic possesions globally, and their creditors may be more than willing to accept these in return for wiping off trillions, having the added effect of reducing the global footprint of the US military, saving them $$ and allowing the contenders for superpower status to step into the power vaccum left. This is all a very level headed and logical mock up though. Of course the US wont step down from its global position quietly, because rational thought is not natural for humans.