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BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!

 
ALERT ALERT!!!
User ID: 985813
Netherlands
06/06/2010 07:08 PM
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BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!
BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!

[link to www.bloomberg.com]

U.S.’s $13 Trillion Debt Poised to Overtake GDP: Chart of Day

By Garfield Reynolds and Wes Goodman

June 4 (Bloomberg) -- President Barack Obama is poised to increase the U.S. debt to a level that exceeds the value of the nation’s annual economic output, a step toward what Bill Gross called a “debt super cycle.”

The CHART OF THE DAY tracks U.S. gross domestic product and the government’s total debt, which rose past $13 trillion for the first time this month. The amount owed will surpass GDP in 2012, based on forecasts by the International Monetary Fund. The lower panel shows U.S. annual GDP growth as tracked by the IMF, which projects the world’s largest economy to expand at a slower pace than the 3.2 percent average during the past five decades.

“Over the long term, interest rates on government debt will likely have to rise to attract investors,” said Hiroki Shimazu, a market economist in Tokyo at Nikko Cordial Securities Inc., a unit of Japan’s third-largest publicly traded bank. “That will be a big burden on the government and the people.”

Gross, who runs the world’s largest mutual fund at Pacific Investment Management Co. in Newport Beach, California, said in his June outlook report that “the debt super cycle trend” suggests U.S. economic growth won’t be enough to support the borrowings “if real interest rates were ever to go up instead of down.”

Dan Fuss, who manages the Loomis Sayles Bond Fund, which beat 94 percent of competitors the past year, said last week that he sold all of his Treasury bonds because of prospects interest rates will rise as the U.S. borrows unprecedented amounts. Obama is borrowing record amounts to fund spending programs to help the economy recover from its longest recession since the 1930s.

“The incremental borrower of funds in the U.S. capital markets is rapidly becoming the U.S. Treasury,” Boston-based Fuss said. “Do you really want to buy the debt of the biggest issuer?”

(To save a copy of the chart, click here.)

To contact the reporters on this story: Garfield Reynolds in Sydney at greynolds1@bloomberg.net; Wes Goodman in Singapore at wgoodman@bloomberg.net.
Last Updated: June 4, 2010 05:06 EDT

[link to www.bloomberg.com]
Anonymous Coward (OP)
User ID: 985813
Netherlands
06/06/2010 07:09 PM
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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!
bump
Anonymous Coward
User ID: 994865
United States
06/06/2010 07:11 PM
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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!
pin this mods
Anonymous Coward
User ID: 994865
United States
06/06/2010 07:12 PM
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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!
this is the CRASH
Anonymous Coward
User ID: 991956
Australia
06/06/2010 07:14 PM
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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!
the nikkei will open soon
lets see what their ppt is up to
Anonymous Coward
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06/06/2010 07:14 PM
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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!
bump
Demode

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Serbia
06/06/2010 07:14 PM

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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!
The guy from Argentina said the other day here at GLP that US national debt is twice as much as annual GDP of the whole world?!!
Anonymous Coward
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United States
06/06/2010 07:15 PM
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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!
Drudge has the picture of the sinking TITANIC on his website right now....
Anonymous Coward
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06/06/2010 07:18 PM
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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!
the nikkei will open soon
lets see what their ppt is up to
 Quoting: Anonymous Coward 991956


Opens at 8:00 est

[link to e.nikkei.com]
Anonymous Coward
User ID: 994865
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06/06/2010 07:18 PM
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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!
The guy from Argentina said the other day here at GLP that US national debt is twice as much as annual GDP of the whole world?!!
 Quoting: Demode


Yea, I heard it could be as high has 100 trillion!
fatel

User ID: 977500
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06/06/2010 07:19 PM
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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!
Means nothing for today.

But it will at some point.

-100
Anonymous Coward
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06/06/2010 07:21 PM
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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!
bump
Anonymous Coward
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06/06/2010 07:21 PM
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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!
you gota stop these war now!
Anonymous Coward
User ID: 994865
United States
06/06/2010 07:23 PM
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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!
please pin this mods!!!!
Anonymous Coward
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06/06/2010 07:24 PM
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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!
These That War, make the debt.
Anonymous Coward
User ID: 946424
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06/06/2010 07:27 PM
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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!
The national debt, now at over $100 TRILLION (when all government promises have been tallied), will never be paid.

When debt gets this out of hand and will not be paid, something else has to happen to settle the score.

A world war would do it. I think that's what it will eventually take to straighten this shit out - wipe all these bad debts off the table.

People will die for this.
Anonymous Coward
User ID: 994865
United States
06/06/2010 07:29 PM
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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!
The national debt, now at over $100 TRILLION (when all government promises have been tallied), will never be paid.

When debt gets this out of hand and will not be paid, something else has to happen to settle the score.

A world war would do it. I think that's what it will eventually take to straighten this shit out - wipe all these bad debts off the table.

People will die for this.
 Quoting: Anonymous Coward 946424


yea, I don't believe it's 13 trillion, 100 trillion sounds more like it....
Anonymous Coward
User ID: 991956
Australia
06/06/2010 07:29 PM
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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!
"A world war would do it. I think that's what it will eventually take to straighten this shit out - wipe all these bad debts off the table."

a long view of history shows this to be a likely outcome.
Mujahid

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Germany
06/06/2010 07:30 PM
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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!

Anonymous Coward
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United States
06/06/2010 07:30 PM
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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!
It doesn't 'interest' me ...
Anonymous Coward
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06/06/2010 07:30 PM
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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!


 Quoting: Mujahid


this is always classic!
Anonymous Coward
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06/06/2010 07:31 PM
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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!
its always debt debt debt. geettt eeemmmmmmm... INSIDE sources tell me better stay positive- or these future negatives guna bring u waayyy downnn
Anonymous Coward
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06/06/2010 07:31 PM
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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!
yea, I don't believe it's 13 trillion, 100 trillion sounds more like it....
 Quoting: Anonymous Coward 994865



The $13 trillion number is just the current debt. It does not include all the promises made to tens of millions of baby boomers and the social security of those of us who have been paying into the system for decades.

The $100 trillion (it's actually more than that) includes all promises made by government.
Anonymous Coward
User ID: 984840
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06/06/2010 07:32 PM
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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!
The national debt, now at over $100 TRILLION (when all government promises have been tallied), will never be paid.

When debt gets this out of hand and will not be paid, something else has to happen to settle the score.

A world war would do it. I think that's what it will eventually take to straighten this shit out - wipe all these bad debts off the table.

People will die for this.
 Quoting: Anonymous Coward 946424


yep, something is gonna give. And give big time. Taking everything down. ONly thing propping up the worlds economy now is the fed is loaning out money that will never be paid back. Thats like a very safe bet that the whole economic system is going down.
Anonymous Coward
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Canada
06/06/2010 07:33 PM
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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!
Seriously....is anybody surprised?
Anonymous Coward
User ID: 862727
United States
06/06/2010 07:33 PM
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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!
Drudge has the picture of the sinking TITANIC on his website right now....
 Quoting: Anonymous Coward 994865


[link to www.drudgereport.com]

damned
Anonymous Coward
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06/06/2010 07:33 PM
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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!
It doesn't 'interest' me ...
 Quoting: Anonymous Coward 939950



Then you're either 90 fucking years old and will never live to see the ramifications of this, or you have an IQ of 90.

Which is it?
FatalWishes

User ID: 626707
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06/06/2010 07:34 PM
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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!
Italy's GDP is 120%

ours is 95% right now....
They should take the warning labels off of everything and let stupidity sort itself out.
Anonymous Coward
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United Kingdom
06/06/2010 07:34 PM
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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!
This will surely kill the stock market? hiding
Anonymous Coward
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United States
06/06/2010 07:34 PM
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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!
yep, something is gonna give. And give big time. Taking everything down. ONly thing propping up the worlds economy now is the fed is loaning out money that will never be paid back. Thats like a very safe bet that the whole economic system is going down.
 Quoting: Anonymous Coward 984840



Pass the ammo.
Anonymous Coward
User ID: 984840
United States
06/06/2010 07:36 PM
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Re: BREAKING NOW: OMG!!! - DEBT POISED TO OVERTAKE GDP!!!
whats the new catch word "austerity".

Which means all us average folks will be dirt poor. REally dirt poor.

But don't be surprised it the banksters keep living the high life.

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