12.1 Trillion - The magic number?
Submitted by RonPaulSwede on Wed, 11/18/2009 - 04:14
According to Swedish media this number (12.1T) is special.
Why?
They say that under the law they have some kind of max on the national debt so that when it comes up to a point Congress have to raise this maximum so that no Government programs suffer and get no more funds.
Anybody read about it somewhere?
It went to 12 Trillion yesterday if I am not misstaken and to hit another 0.1 T it will happen later this year I think.
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There is supposed to be a limit on the Debt
But they vote to raise the limit every time they reach it so there is really no limit. It gives the illusion of caring about how much debt there is.
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Here's a nifty article about how the gov keeps raising the ceiling.
3rd time in 12 months
http://sovereignspeculator.com/2008/09/20/debt-ceiling-to-be...
I liked the final paragraph:
"But before you go and put everything in gold juniors, remember that Japan ran massive deficits all through its lost decade of the 1990s, and they still experienced sustained deflation and had very low Treasury bond yields. The reason is that the debt issuance and public expenditures could not make up for the massive wealth lost in the aftermath of their real estate and stock bubble of the late 1980s. The Nikkei is still down 69% (and falling) from its high two decades ago."