A little-noticed event occurred at approximately midnight on Monday, October 31, 2011: The national debt of the United States exceeded, for the first time since World War II, the country’s gross domestic product. The website USDebtClock.org showed the gross domestic product crossing the $15 trillion mark for the first time on Monday, while earlier in the day the numbers from TreasuryDirect showed the total public debt outstanding at $14.993 trillion and growing by more than seven billion dollars a day.

In Commerce Secretary John Bryson’s announcement that the nation’s Gross Domestic Product (GDP) grew at an annual rate of 2.5% last quarter, he came close to disclosing the real driver of the economy: producers:

The New York Times and CBS has come out with a new poll that shows Americans have a strong mistrust of government. Almost 90 percent of Americans do not trust government to do the right thing and almost three quarters say that they believe the nation is on the wrong track. As the poll probes deeper into what Americans believe the government ought to do, partisan differences appear. Nearly nine out of 10 Democrats believe that the distribution of wealth in the country should be fairer, while two out of three independents agree with that, though only one out of three Republicans believe that to be true. This poll also showed that a significant percentage of Americans support the “Occupy Wall Street” movement while a much smaller percentage support the Tea Party Movement.

When Bank of America announced that it was moving its derivatives-laden portfolio at its subsidiary Merrill Lynch over to its bank holding company, it said it was merely responding to pressure from some of its partners to take advantage of the holding company’s higher credit rating. It would also reduce the need for the bank to post an additional $3.3 billion in collateral because of the recent downgrade it suffered at the hands of Moody’s last month.

David Galland’s article for the Daily Reckoning painted a picture of imminent collapse of America’s monetary system, which was followed four days later by Clive Maund’s possible scenario of bank failures following on the heels of a eurozone collapse. Mamta Badkar raised the specter of hyperinflation in his Business Insider article by reviewing the “10 Worst Hyper-Inflation Horror-Stories of the Past Century,” reflecting interest in whether, or how, the economic disaster of hyperinflation would affect the United States.

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