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The Spectacle Blog
Shopping in Weimar Germany circa 1923
* * * * *
Bloomberg quoted Goldman Sachs saying late last month that the U.S. government would have to sell $3.25 trillion (with a T!) in debt this fiscal year in order to meet its obligations:
Obama has increased the U.S. marketable debt to an unprecedented $6.36 trillion to fund bank bailouts, stimulus spending and the budget deficit. The government will have to sell a record $3.25 trillion of Treasuries in the fiscal year ending Sept. 30, according to Goldman Sachs Group Inc., one of the 16 primary dealers required to bid at Treasury debt auctions.
A massive increase in the money supply will wreak havoc. We are so screwed.
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More Blog Posts by Matthew Vadum
http://spectator.org/blog/2009/06/22/325-trillion-in-us-treasurys
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JJC| 6.22.09 @ 3:53PM
Mr. Vadum may wish to elaboate for the uninitiated what will happen if these T's are not sold...
Regardless, we are in trouble. If these instruments do not sell, if foreign governments refuse to continue their subsidies, not the banks, not the car makers, but Uncle Sam will need a bailout.
But if nobody is buying...?
Sean| 6.22.09 @ 4:25PM
If they are not sold I would assume that we would print the money anyways.
dj| 6.22.09 @ 4:28PM
If the Feds can't sell the T's on the open market they will sell them to themselves, and "monetize" the debt. http://en.wikipedia.org/wiki/Monetize
Roy| 6.22.09 @ 5:26PM
A trillion here and a trillion there, pretty soon you're talking about fake money.
Weimar John| 6.22.09 @ 6:25PM
I think the Green Shoots Obama is talking about are those in the money printing industry.
Les| 6.23.09 @ 11:08AM
That includes refinancing maturing debt from the last several years. The average maturity is under 5 years. The new debt is around 1.8 trillion dollars.
Pingback| 6.23.09 @ 2:09PM
$3.25 Trillion in U.S. Treasurys? links to this page. Here’s an excerpt: