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US Debt Ceiling Encountered – ‘Til Debt Do Us Part
About one year ago the US government raised it’s debt limit level to $14 Trillion, surely that would keep the ship afloat for a good many years! Evidently not, twelve breathless months later that ceiling has been reached and breeched and must be raised again.
Do you suppose $20 Trillion will do the trick? No, neither do I.
Could a person even fathom a deficit of $14 Trillion? I know I can’t, but then again I can’t fathom me being allowed to set my own credit limit either, I am pretty sure I would abuse it if I could set my own credit limits, terms and conditions.
How many future generations do you suppose have been encumbered by such a gargantuan debt load? Who is it exactly who stands good for the advance? Do they (the creditor) worry about being stiffed? Perhaps the number is so big it becomes meaningless anyway and it does not matter if repayment is made or not. The number is so large it makes my head hurt thinking about it.
This is where many articles attempt to describe a Trillion $ in clever ways so a person can get a sense of how much that is, I am sure you have run across examples, they usually describe how many times to the moon and back a stack of dollar bills would make it and so forth… I am not even going to try. Here is a link which attempts to put one Trillion dollars into perspective.
What does one TRILLION dollars look like?
The Facts
US Politicians have raised the debt ceiling 74 times since March of 1962. They have raised it 10 times in the last 10 years. The debt ceiling stands at almost $15 Trillion, and increases around $19 million every hour.
Does any of this matter? For the situationally aware it is advantageous to keep a weather eye out for developing storms, be they monsoon or political. The US still has sufficient momentum that as it falters it is bound to shake the global socioeconomic landscape – I believe the debt is funded by foreign interests and it may be interesting to see what the risk tolerance of lenders to the US black hole money pit economy is as the debt becomes insurmountable.
Can you imagine, some worldly geographic locations still operate in trifling Billions?
Stay tuned…
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