By P Chong 2 March 2011
Google Image: Obama
U.S. NATIONAL DEBT CLOCK
The National Debt has continued to increase an average of $4.12 billion per day since September 28, 2007! Concerned? Then tell Congress and the White House!
Seven generations from now we will all be owned by the banks and be impoverished if this continues!
(This debt clock is maintained by Ed Hall (email@example.com). It was last calibrated using information obtained from the U.S. Department of the Treasury dated 25 February 2011. Population figures are derived from the U.S. Bureau of the Census‘ Population Clock.)
Whatever the rhetoric that Obama or the politicians or economists offer, figures speak louder than words. Facts & figures won’t lie. Without inputs & only withdrawals the coffers soon run dry. It can only disasters! Regardless of how much closer Obama’s budget brings U.S. economy into a balance of payments not seen since 2001, it will continue to run deficits for the next decade, and the national debt will just keep growing every year.
The Treasury Department and the Federal Reserve Board estimate that while most of the country’s $14 trillion debt is held by private banks in the U.S., as of December 2010r, about $4.4 trillion of it was held by foreign governments that purchase its treasury securities much as an investor buys shares in a company and comes to own his or her little chunk of the organization.
Looking at the list of our top international creditors, a few overall characteristics show some interesting trends: Three of the top 10 spots are held by China and its constituent parts, and while two of our biggest creditors are fellow English-speaking democracies, a considerable share of our debt is held by oil exporters that tend to be decidedly less friendly in other areas of international relations.
|United Kingdom||541.3 billion||12.40%|
|Oil Exporters||218 billion||5.00%|
|Hong Kong||138.2 billion||3.20%|
|Source: U.S. Bureau of Economic Analysis (2009)|
Let’s hope Russian president Dmitry Medvedev, the least of the 10 creditors, doesn’t come to collect.
Over the years, America’s status as a creditor or debtor has changed enormously. In the early 1980s, America’s net international investment position averaged $350 billion, or 11 percent of GDP, making the United States the world’s largest creditor. Today, it is the world’s largest debtor – by far.
Foreign governments have taken notice – in particular, China, which now holds more U.S. Treasury debt than any other country. In the 12 months through April, China’s portfolio of Treasury debt securities has soared by more than a quarter of a trillion dollars to over $800 billion.
In its annual financial stability report issued on Friday, China’s central bank once again declared there were serious problems with the global monetary system’s reliance on a single dominant currency – the dollar. An estimated 65 percent to 70 percent of China’s $2 trillion in foreign exchange reserves, the world’s largest stockpile, is held in dollar-denominated assets.
The People’s Bank of China is taking steps in the right direction with its expansionary monetary and fiscal policies. It is making available & possible for its trading partners to use the Yuan as the currency of exchange instead of solely dependent upon the U.S. dollar.
The people in the Middle East . . . the Tunisians, the Egyptians, the Libyans . . . their loss as compared to the American citizens are but pittance. Now it looks like the upheaval, riot & civil unrest are spreading to other parts of the Middle East . . . Bahrain, Saudi Arabia, Oman, Yeman and others.
It’s democracy gone crazy!
Or is it just a ploy & secret agenda of vested party (or parties) to wrest & control the wealth of oil in the region?
- China Owns a Lot More U.S. Debt Than Previously Thought (blogs.wsj.com)
- China now owns $1.16 trillion of U.S. debt (cbsnews.com)
- Resurrecting debt clock costs money (thestar.com)