Laurence Hunt's Blog: Stephen Roach Said It First

Friday, March 16, 2007

Stephen Roach Said It First

16 March 2007

There is not much I have to say today. Stephen Roach has said it better than I could possibly have done.

In his current essay, Roach summarizes our present economic predicament in only a few short paragraphs.

His essay is entitled “The Great Unravelling.” Read it here.

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US Federal Debt Meter

December 7, 2010: The current official amount of US Federal debt below, now near $14 trillion, is up over 50% from the $9 trillion figure that I first posted here in mid-2008. Consider this - if interest rates return to a very normal 8% level, then the US will soon be obligated to allocate over $1 trillion per year in interest payments, and the amount can only rise after that point, as this sum is already non-repayable. To add insult to injury, according to John Williams at ShadowStats, the official estimates account for less than 20% of the actual GAAP amount. That is, the clock below should now be showing a real figure over $71 trillion, about $230,000 for every American man, woman and child....

Gross National Debt

Or, click here for US National Debt Clock (uses somewhat different figures). Click here for the Canadian debt clock.