So we understand the US has a slight cash flow problem…
Contemplating the US debt is akin to contemplating the infinite universe. It’s awesome (in the proper sense), mind blowing, and rather difficult to properly understand. US President Barack Obama has pleaded with Congress today to raise the debt ceilling to stop the economy unravelling.
Here at The Punch we were trying to get our heads around what it all means. There’s an entertaining and slightly frightening piece over here at news.com.au, on the ten things you need to know about why the debt ceiling matters.
It mentions the intriguing idea that Treasury could make a $1 trillion coin and deposit it. And somehow that would help. Or not.
Have a look at this visual representation of the size of the debt here at wtfnoway.com.
The Christian Science Monitor points out that the US owes most of the money… to Americans. But the rest of it is owed to other countries - mostly the Chinese, but Australia as well. Check out the breakdown here. $148.3 billion in Carribean Banking Centres, huh?
And if you’ve got a brain for all the details, here’s the Debt Clock. The mind boggles.
So, Punchers, got any wild theories? Any creative solutions? Or are you like us, prone to staring at the relevant information with blank brain, dropped jaw, and imploding brain?
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