From the Mogambo Guru: “I think that I am getting the hang of using a calculator and would like to, you know, show off a little bit, so I had an interesting session with a calculator. But for some strange reason, whenever I multiplied $38 billion a week times 52 weeks in a year, I got a wrong answer. Guess what I got? I know you are going to laugh when you see it, and remember that the calculator was obviously broken, as I kept getting the answer $1.976 trillion! Seeing a number that huge is like getting hit with a sledgehammer to the skull, as you realize that no sane person would voluntarily plunge his own country farther into debt at that rate – and I am talking about amassing debt to the tune of 20% of GDP here!”
$38 billion in new Treasury debt this week. Which is basically $2 trillion a year. Keep in mind that the annual US economy is only $10.4 trillion. That’s where the 8.2 percent growth is coming from – growth by debt. This can only be paid off by inflation, so you would be wise to buckle your seatbelts.
Mogambo, you’ve got one vote for President. Mine.