Laurence Hunt's Blog: July 2010

Wednesday, July 07, 2010

Ben Bernanke Has Created Half of All the US Dollars in Existence - in Four Years!

7 July 2010

Quote without comment:

"The U.S. turned 234 years old yesterday, and yet over half of the nation's money supply was created since Helicopter Ben took over the flight controls four years ago. No wonder gold is in a full fledged bull market . . ."

-David A. Rosenberg Chief Economist & Strategist Gluskin Sheff + Associates Inc.

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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.