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November 17, 2011

DOOM: 15 trillion reasons why we're boned


$15 Trillion worth of DOOM. The truth is our debt is far larger than that number if you count all the promises the government has made to its citizens in the form of entitlement programs. If you count all those promises as debt (which I argue that you should), the number triples (or maybe even quadruples). Now, everyone who thinks that this vast ocean of debt will actually be repaid, raise your hand.

The light dawns: CBO director says stimulus spending hurts long-term growth. (Via rdbrewer.)

Here’s your horrifying chart-fu of the day.

...and even more horrifying chart-fu.

PIMCO chief Bill Gross: the world has a flawed business model. Well, yeah. Spending money you don't have to (mostly) buy s**t you don't need is almost always a bad idea. Debt-driven “growth” really isn’t growth at all -- it’s just feeding off the wages of the future.

California’s budget woes may force them to shorten the school year by a week. I’ll bet you a shiny new dime that the teachers and administrators will get paid just the same, though. Any takers?

The latest excercise in magical thinking from His Majesty’s brain-trust at the Financial Stability Oversight Council (FSOC).

From mom's basement I stab at thee!

If the US keeps taunting the bond vigilantes, they may just get pissed off enough to charge the gates.

That the dollar remains the world's reserve currency hands the US a huge edge when attracting capital. The Treasury market is also more liquid than any other. But the 2pc yield also reflects investors' conviction that nothing of substance will happen on the deficit until after the presidential election. The assumption is realistic.

Perennial bull Larry Kudlow does not like this talk of higher taxes. At all.

Will the poor be able to afford ObamaCare? If history is any guide, the Democrat legislation will end up hurting the poor, elderly, and infirm the most; and the poor, elderly, and infirm will in turn thank the Democrats rapturously for saving them from the evil Republican menace. Think of this scene and weep for the Republic.

The Eurozone crisis: a lot of news happened while I was sleeping, and most of it was bad.

I don't think German voters will like this: in order to save the Euro, Germany will have to give up some sovereignty. If I know the Eurocrats like I think I do, "some" means (ultimately) "all". The German voters are well aware of what's being asked of them, and I doubt they are on board with it.

Also from Mish, more on the fiasco in Detroit.

Why is teen employment at such a historic low? Oversimplified, more adults are holding the jobs that teens used to take.

"Gimme the money, or the thumb-drive gets it."

Energy Secretary Chu will present an entertaining mix of story-telling, fabulism, myth-spinning, drama, and excuse-making. It promises to be a fun time for all. Arrive early so you can get good seats!

UPDATE 1: Vic in the comments sends this one: The Federal Reserve now owns more Treasury debt than China does.


"You know, a little salt, a little pepper, some Worcestershire sauce...this kid wouldn't taste half-bad."

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posted by Monty at 09:05 AM

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