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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Giordano Bruno who wrote (340678)	8/12/2007 5:32:05 PM
From: Secret_Agent_Man	Read Replies (1) \| Respond to of 436258

The U.S. Federal debt reached $8,969,803,128,789.47 on Thursday. Other than the fact that this is a lot of money, the problem is the U.S. statutory debt limit is only $8,965,000,000,000. I guess this is justified because there is a financial crisis so things like laws passed by Congress are considered secondary. A treasury aide on June 4 said that the debt limit would not be reached until fall abcnews.go.com. The Federal debt also has increased by $60 billion in the first 9 days of August. This compares to an increase of only $7 billion in the first 9 days of July and indicates that the government may be directly providing support of bankrupt firms or injections into Fannie Mae and Freddy Mac. Congress is already late for its August recess, and will not be available to vote on increasing the debt limit until their return after labor day. The ECB cash infusions on Thursday and Friday totaled $214.21 billion U.S. To put this in context, world gold mine production in 2006 was 79.46 million ounces worth $53.27 billion at current prices. So in one day the ECB created funny money with a value exceeding 4 years of global gold production. Did the Weimar Republic ever print enough money in a two day period to buy 4 years of world gold production?