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It's Official: US Debt-To-GDP Passes 100%
By Tyler Durden, Created 12/21/2011
Submitted by Tyler Durden [1] on 12/21/2011
article source: http://www.zerohedge.com/print/442017
With precisely one year left for the world and all of its inhabitants, at least according to the Mayans, not to mention on the day of the Winter Solstice, it is only fitting that US debt, net of all settlements for all already completed bond auctions, is now at precisely $15,182,756,264,288.80. Why is this relevant? Because the latest annualized US GDP, according to the BEA [4], was $15,180,900,000.00. Which means that, as of today, total US debt to GDP is 100.012%. Congratulations America: you are now in the triple digit "debt to GDP" club!
(naturally, this is using purely "on the books" data. If one adds the NPV of all US liabilities, and adjusts GDP for such things as today's housing contraction, then the magical triple digit threshold was breached long, long ago).
And here is the breakdown for the forensically inclined ones:
I. Total debt as of December 20: $15,131,979,264,288,80 (source [5]):
=> Total Debt/GDP= $15,182,756,264,288.80/$15,180,900,000,000.00 = 100.012%
And here is the breakdown for the forensically inclined ones:
I. Total debt as of December 20: $15,131,979,264,288,80 (source [5]):
=> Total Debt/GDP= $15,182,756,264,288.80/$15,180,900,000,000.00 = 100.012%
Rome: Bread and Circuses Quotes ( http://www.intellectualtakeout.org/content/rome-bread-and-circuses-quotes )
For over 400 years Rome was the world's greatest republic and then, in a matter of decades it was gone, replaced by an empire. Instead of representative leaders elected by citizens, an emperor ruled with supreme executive power.
"'It is scarcely possible that the eyes of contemporaries should discover in the public felicity the latent causes of decay and corruption. This long peace, and the uniform government of the Romans, introduced a slow and secret poison into the vitals of the empire. The minds of men were gradually reduced to the same level, the fire of genius was extinguished, and even the military spirit evaporated.' Now that no one buys our votes, the public has long since cast off its cares; the people that once bestowed commands, consulships, legions and all else, now meddles no more and longs eagerly for just two things ---- Bread and Games!"
Juvenal, "Plays, farces, spectacles, gladiators, strange beasts, medals, pictures, and other such opiates, these were for ancient peoples the bait toward slavery, the price of their liberty, the instruments of tyranny. By these practices and enticements the ancient dictators so successfully lulled their subjects under the yoke, that the stupefied peoples, fascinated by the pastimes and vain pleasures flashed before their eyes, learned subservience as naively, but not so creditably, as little children learn to read by looking at bright picture books. Roman tyrants invented a further refinement. They often provided the city wards with feasts to cajole the rabble, always more readily tempted by the pleasure of eating than by anything else. The most intelligent and understanding amongst them would not have quit his soup bowl to recover the liberty of the Republic of Plato. Tyrants would distribute largess, a bushel of wheat, a gallon of wine, and a sesterce: and then everybody would shamelessly cry, 'Long live the King!' The fools did not realize that they were merely recovering a portion of their own property, and that their ruler could not have given them what they were receiving without having first taken it from them."
related: http://hotbedinfo.com/2011/06/top-10-similarities-between-the-fall-of-rome-and-the-fall-of-america/
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