11.17.2011

Happy $15 trillion!

We're #1 -- the biggest debtor nation in the world, and about to cross 100% debt/GDP -- and that's not counting off-balance sheet garbage like Fannie/Freddie debt, student loan guarantees, Social Security and Medicare liabilities, etc.

And as China starts to back away from holding our bad debt, the Dirty Fed has stepped in to print money and become the largest Treasury holder.

How convenient to be able to spend at will and not have to actually borrow money from real investors. This will surely end well.

2 comments:

SarahB said...

should we take a pool on $16T?

Dean said...

Looks like they're in the men's room. Just sayin'.

I mean, just look at the glow on The Bernanke's face...

More stuff that broke around 1971

We've noted before  that a bunch of economic trends turned bad when Nixon closed the gold window and we launched into the current pure f...