$85 million added to federal debt while watching this movie
I just had to laugh at this stat its so ridiculous. Truth really is stranger than fiction.
shareSo a million every minute, is that the stat?
"I'm a leaf on the wind, watch how I soar."
Street Fighter: Chun-Li 1/10
Watchmen: 7/10
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American consumers, companies and the US government are all taking debt. That's who.
I'm a leaf on the wind, watch how I soar.
Transformers 2: 4/10
T4: 9/10
The U.S. government debt currently stands at 11,613,579,736,788.44 dollars (11.6 trillion dollars). To put this number in perspective, suppose you could earn $1 per second continuously. At that rate, it would take you 363,000 years to accumulate 11 trillion dollars.
Richard Fisher of the Dallas Fed recently said that Fed officials believe unfunded liabilities “total over $99 trillion." To satisfy these unfunded liabilities, every person in the United States would have to pay $322,978.72. This is clearly impossible. To amass $99 trillion dollars, one would have had to amass $136 million every day, without any compounding or interest, since the birth of Jesus Christ!
We are sooo bankrupt ... watch out for the coming hyperinflation!
Makes one wonder what will happen when the chinese get bored
subsidizing
america's (insanely wasteful) way of life ...
We'll nuke em!!!
shareFortunately, it's WE that has them over a barrel, not the other way around. Do you really think that Red China will be willing to dump literally around 18% of their GDP in U.S. Treasury securities just like that? Who would buy them??
The US would probably have to buy them back with gold reserves to prevent a collapse of the dollar.
Religion is regarded by the common people as true, by the wise as false, and by rulers as useful.
You can't be a seller without a buyer. It takes TWO to tango. The USA is under NO obligation to buy it's govt. securities back from anyone, period.
"Richard Fisher of the Dallas Fed recently said that Fed officials believe unfunded liabilities 'total over $99 trillion.'"
Fortunately, that's sheer nonsense.
"We are sooo bankrupt ... watch out for the coming hyperinflation!"
Nope, but watch out for those that are out to intentionally scare you with big numbers....ooooooooooohhhhh... :)
Leading Foreign owners of U.S. Treasury Securities (as of May 2010):
People's Republic of China (or mainland China)...$867.7 Billion (21.9%)
Japan...$786.7 Billion (19.8%)
United Kingdom...$350.0 Billion (8.8%)
Brazil...$161.4 Billion (4.1%)
Hong Kong (the "Special Administrative Region")...$145.7 Billion (3.7%)
Russia...$126.8 Billion (3.2%)
Republic of China (or Taiwan)...$126.2 Billion (3.2%)
Foreigners only own about 28% of ALL outstanding U.S. Treasury securities though, while most of the federal debt is owed to the govt. itself through U.S. Savings Bonds, obligations to the Fed, and so-called "Intragovernmental Holdings" (see below).
http://en.wikipedia.org/wiki/File:Estimated_ownership_of_US_Treasury_securities_by_category_0608.jpg
As of 8/30/2010, the federal "Debt Held by the Public" was $8,849,476,780,656.75 & the federal debt owned by "Intragovernmental Holdings" (or the money that govt. basically owes to itself) was $4,520,365,187,037.64...for a total federal debt of $13,369,841,967,694.39.
http://www.treasurydirect.gov/NP/BPDLogin?application=np
"Intragovernmental Holdings" are things like the Federal Hospital Insurance Trust Fund (which is part of Medicare Part A), the Federal Supplemental Medical Insurance Trust Fund (another part of Medicare), and the Social Security Trust Fund.
http://en.wikipedia.org/wiki/File:Holders_of_the_National_Debt_of_the_United_States.gif