The Utterly Unbelievable Scale of U.S. Debt Right Now…(Huge Attacks On Both Systems…)

Friday, February 22, 2019
By Paul Martin

by GoldCore
ZeroHedge.com
Fri, 02/22/2019

– Last week, the United States national debt ticked above US$22 trillion for the first time, an amount equivalent to $67,000 per U.S. citizen

– The U.S. federal government owes more money than any other institution in the history of human civilization and it’s just getting worse

– Below, a few factoids about just how eye-wateringly, bone-chillingly large the U.S. debt has become

– The U.S. debt is now higher than the combined market value of the Fortune 500 and just with the money it spends on interest, the U.S. could run Canada or Mexico

– Debt from one Trump term could pay for another WWII and all the gold ever mined would only pay off the debt accumulated under Obama

– All the gold in the world mined since the dawn of time adds to about 190,040 tonnes or 6.7 billion ounces. At the current per-ounce price of about $1,300, the world’s goal hoard worth over $8.5 trillion would be not enough to pay off the U.S. debt accumulated between 2009 and 2016

by Tristan Hopper in National Post

U.S. debt is now higher than the combined market value of the Fortune 500

The Fortune 500 list includes all the recognizable titans of American business from Apple to Amazon to Exxon-Mobil to the list’s ranking 500th spot, the uniform and laundry company Cintas. Taken together, they basically constitute every major consumer, media, industrial and entertainment product in the United States. If you are the average westerner, the Fortune 500 is responsible for most of your wardrobe, your diet, your home and your leisure pursuits.

The sheer size of Amazon alone is difficult to picture: Millions of products, thousands of employees, hundreds of buildings. And yet, add up the market values of all 500 companies and it’s equivalent to just $21.7 trillion.

Thus, even if the United States nationalized the most profitable segment of its private sector and immediately auctioned them off for cash, it would still have $300 billion owing on its debt. (This would also destroy the world economy. Don’t nationalize things to pay off debts, everybody).

Holding a $22 trillion pile of debt is not cheap. Although the United States benefits from ludicrously cheap interest rates on its treasury bills, in 2019 it will spend $383 billion just to service its debt. By 2023, interest payments are expected to be larger even than the U.S. defence budget. Even now, $383 billion dwarfs the entire federal budget of Canada. Even at a time of its own unprecedented government spending, Ottawa will burn through the equivalent of only US$254.35 billion in 2019. This means that, merely with the money it uses to service the debt, the United States could run the entire Canadian government and still have enough left over to run most provinces. And if the Americans don’t feel like running Canada with their debt servicing money, they could also run Mexico.

Their southern neighbour has a federal budget of only $291.5 billion for 2019.

All the gold ever mined would only pay off the debt accumulated under Obama

The Rest…HERE

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