11 trillion and counting.
Remember a few months ago when the national debt broke 10 trillion and it was a big deal. Well, they took down the debt clock that ran out of digits and are working on a new one that can count to a Quadrillion. Seeing the “Quadrillion” figure in print made me think of my blog post from October:
(“Another few billion for Citi and a handy guide for readers….)
Here I taught caps readers what comes after a trillion all the way to duotrigintillion (10^99). Now this knowledge is coming in handy!
This Quadrillion clock is supposed to be up and running in New York before the summer of this year. They better hurry up because we are passing 11 trillion today.. CAPS readers know this figure is assuming that the 9.7 trillion we have gave out, guaranteed or “loaned” will all come back to the government somehow even though it is being poured into black derivative holes such as AIG.
Oh, and don’t even think about things such as Medicare, Medicaid and Social Security. (Unfunded Obligations). The present value of these deficits or unfunded obligations is an estimated $41 trillion.
So like most government figures, 11 trillion debt is meaningless, but another milestone in the “debt we admit to having”.
Happy 11 trillion day CAPS! Post your guess on what day we hit 12 trillion.
If you are REALLY bold, post your guess on when the Quadrillion clock needs to be replaced with a Quintillion clock.
If you are REALLY, REALLY bold, post how the U.S. is going to pay any of this off without outright printing.
PS: On a related note, I just closed all my gold underperforms I had put on at the absolute peak on 2/23 when GDX was above $37. Sorry gold bears, that short decline from overbought is all you get in my opinion.