Calculated Risk informs us that the national debt is going to surge over $10 trillion today.
As of Sept 29th, the debt was $9,945,578,231,981.59
Partly to blame is the Supplementary Financing Program (SFP) that the Treasury is using to raise cash for the Federal Reserve’s liquidity initiatives. For example, while the bailout package failed in Congress on Monday, the government injected $630 billion into the global financial system.
Meanwhile, both Calculated Risk and Econbrowser are pretty sure we’re going to see negative GDP in the third quarter.
Brad Setzer at the Council on Foreign Relations has an eye-opening visual of the Fed’s balance sheet.
Since it’s good to get opposing points of view, Dean Baker says that a high Libor rate is not a problem. I think it’s safe to say that most of Wall Street doesn’t agree with him.
And Wall Street votes with its money. From Marketwatch: “representatives that voted for the Wall Street bailout package received more campaign contributions from financial firms by a 2-to-1 margin than members who voted against the bailout, according to a Maplight.org study of data from the Center for Responsive Politics.”
Marc Faber likes both the dollar and gold right now.
Gold May Average $900/Ounce on Haven Demand in Fourth Quarter, Salman Says Gold prices may average $900 an ounce in the fourth quarter this year on demand for haven investments as the global credit crisis may extend into next year and weaken the dollar, Salman Partners Inc. said.
Australian Stocks Surge on U.S. Bailout Speculation, Rio Takeover Approval Australia’s stocks surged, led by financial companies, on expectations U.S. lawmakers will salvage a $700 billion rescue package for banks. Rio Tinto Group rose after BHP Billiton Ltd.’s takeover bid won regulatory approval.
China’s Manufacturing Activity Expands for the First Time in Three Months China’s manufacturing expanded for the first time in three months, indicating the economy is weathering a global slowdown.
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More Americans Are Saying No to the FED & the National Debt!
Washington has bailed out the banks, Wall Street & their Washington special interests and much of the cost is added to the national debt to by paid by this and future generations while real estate and investments continue to fall. Find out what a growing repudiate the debt movement could mean for treasuries, the dollar, gold and mining shares.
The Campaign to Cancel the Washington National Debt By 12/22/2013 Constitutional Amendment is starting now in the U.S. See: http://www.facebook.com/group.php?gid=67594690498&ref=ts