When the current fiscal year ends next week, the U.S. government will have officially issued an unimaginable $7 trillion in bonds, according to the latest figures from the Treasury.
The issues were "necessary" to meet the record $1.7 trillion in deficits run up by the Feds on wasteful stimulus plans, bailing out their buddies in the banking industry, and subsidizing underwater homeowners, which was more than a 100% increase over last year's record deficit.
Treasury officials say that debt issuance is likely to level off next year, but the combination of increasing government spending and an eroding tax base might make that unlikely.
Have we mentioned you should own some gold?
The issues were "necessary" to meet the record $1.7 trillion in deficits run up by the Feds on wasteful stimulus plans, bailing out their buddies in the banking industry, and subsidizing underwater homeowners, which was more than a 100% increase over last year's record deficit.
Treasury officials say that debt issuance is likely to level off next year, but the combination of increasing government spending and an eroding tax base might make that unlikely.
Have we mentioned you should own some gold?
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