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Goldman Sachs: “The World Is Drowning In Debt”
TND Guest Contributor: Dave Kranzler |
The media propagandists, Wall Street snake-oil pimps and U.S. policymakers collectively like to point the finger at the rest of the world when addressing the issue of debt. But when you total up all Government + private sector debt, the U.S. is the most debt-laden country in the history of the universe.
As of October 2014, the latest period for which the data is available, total credit market instruments – meaning all outstanding debt – in the U.S. economy was $58 trillion LINK. With the perverse increase in student loan, auto, mortgage and Treasury debt since then, the number is probably pushing $59 trillion. The latest “measurement” of GDP by the Government was $17.7 trillion. This puts total systemic debt at 333% of GDP.
So when Goldman makes a comment like “global debt is too much, man,” the title of a specific Hemingway novel rings in my ears (sorry, I was an English major in college).
But at least Goldman acknowledges the obvious in this article published by the Telegraph UK – and it’s an article that we’ll never see published by a U.S. newspaper:
The world is sinking under too much debt and an ageing global population means countries’ debt piles are in danger of growing out of control, the European chief executive of Goldman Sachs Asset Management has warned.
I wanted to post this article because it has an excellent graph in it (see below) and because you’ll note that the dweeb from Goldman singles out the debt problem in Japan. How convenient it is for him to overlook the United States. However the graphic below shows the U.S. to be among the worst offenders. You’ll note that the graphic measures Government debt to GDP. But now we know that only legitimate metric uses total debt to GDP to measure the problem. And in this light of truth, the United States is the worst offender.
CLICK TO ENLARGE
And therefore never send to know for whom the bell tolls; It tolls for thee. – John Donne
Source: http://thenewsdoctors.com/goldman-sachs-the-world-is-drowning-in-debt/
