The national debt of the United States has surpassed $19.5 trillion. According to the US Treasury, the debt will reach $20 trillion by the end of Barack Obama’s term.
Phi Beta Iota: This publicly acknowledged debt is unconstitutional — the US Government is not supposed to be borrowing money. It does not include the additional multi-trillion dollar debt owed to China and Indonesia from the Green Hilton accords signed by John F. Kennedy. It does not include the legitimate claims that could be made by Russian against the USA for the Gold War that used $250 billion in covert off the books money (laundered into the legal system on 9/11) to destroy the Russian economy from 1998 to date. If a clever president were to recruit all individual debtors to the banks, a debt jubilee could be negotiated with the banks. China will get its money back one way or the other. Russia will finds its way as head of the new Byzantine Europe. What we do not know if whether the USA will survive the era Matt Taibbi has no famously named “Griftopia.”