Dromond
Pleasantly abstruse.
Nothing, yet.
Yet.
Maybe soon, though.
Link provided to opinion piece on the US debt. Since it is opinion, I am not presenting it as fact. Rather, I am opening up a discussion on the debt. Thank you.
Now here are some facts to go along with the opinion piece.
Half the debt is owned by the US Treasury itself. A bit over a quarter of the debt is held by foreign banks. China and Japan are tied for first, followed by the UK, OPEC nations, and various other, lesser, debt holders.
The debt is projected to reach 100% of GDP this year. Greece has a projected debt of 130% of GDP, by comparison.
When all assets are counted, the US has less than $1 trillion in hard currency and mineral assets (gold, and oil in the strategic petroleum reserve). This doesn't come anywhere close to the national debt, which stood at $14 trillion at the end of last year.
I don't see how we can continue on this course without running into the debt wall. The debt wall being losing the AAA credit rating we have currently. If that were to happen, as the opinion piece states, all financial hell would break loose.
Even if it doesn't happen, how long can we sustain a debt that is greater than the GDP?
Yet.
Maybe soon, though.
Link provided to opinion piece on the US debt. Since it is opinion, I am not presenting it as fact. Rather, I am opening up a discussion on the debt. Thank you.
Now here are some facts to go along with the opinion piece.
Half the debt is owned by the US Treasury itself. A bit over a quarter of the debt is held by foreign banks. China and Japan are tied for first, followed by the UK, OPEC nations, and various other, lesser, debt holders.
The debt is projected to reach 100% of GDP this year. Greece has a projected debt of 130% of GDP, by comparison.
When all assets are counted, the US has less than $1 trillion in hard currency and mineral assets (gold, and oil in the strategic petroleum reserve). This doesn't come anywhere close to the national debt, which stood at $14 trillion at the end of last year.
I don't see how we can continue on this course without running into the debt wall. The debt wall being losing the AAA credit rating we have currently. If that were to happen, as the opinion piece states, all financial hell would break loose.
Even if it doesn't happen, how long can we sustain a debt that is greater than the GDP?
