Trillion Dollar Debt Day of Reckoning is Quickly Approaching! Jim Willie: When the losses from the debt write-downs come, I see tremendous national wealth lost because private accounts are really just bank assets.
InvestmentWatch |
The day of reckoning for global total debt – total credit market debt up from $28 trillion in 2001 to $53 trillion in 2012. US consumer debt went up in last few months but largely because of giant amounts of student loan debt taken on.
You have to really question what passes for financial analysis these days. One financial show was discussing the recent increase in consumer debt as something positive. In the same breath this person also said that households increased savings. Now think about this statement. If you financed a $2,000 vacation on your credit card but increased savings by $500 did your balance sheet improve? Of course not. Let us not even dive into the fact that most of the recent consumer debt increase has come at the hands of student debt which is already in a massive bubble. We are simply repeating the same mistakes with a different soundtrack. We are trying to get out of a debt led crisis with more debt. The facts even show this and we have compiled some of the more troubling data by putting the entire debt market into perspective here. Is it really possible to solve a problem based on too much debt with more debt?
The total market of debt shows our addiction to borrowed money
We flat out have an addiction to borrowing. Total market debt is now up to an astonishing$53 trillion and continues to grow. Take a look at this frightening data:
US is facing debt restructuring similar to Greece, Italy, Spain and Cyprus
…
Out of Control Debt
Third World countries have spiraling out-of-control debt. Standard & Poor’s made it official when it changed its label for America’s national debt from “stable” to “negative.” Subsequently, America is now officially a “Third World country”. Meanwhile, JP Morgan Chase, Citigroup and Bank of America each report billions in quarterly profit, while the US is facing debt restructuring similar to Greece, Italy, Spain and Cyprus.
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