U.S.Treasury Announces 2011 Budget Deficit- 2nd largest in History
The U.S. Department of the Treasury formally announced this week that the United States budget deficit for the year 2011 was the second largest in U.S. history at $1.299 trillion dollars. The first place award for the irresponsible-spending-and pushing-America towards insolvency-award still belongs to…Barack Obama‘s first year in office of 2009. ($1.412 trillion was borrowed that year to pay for our over-spending, also known as the deficit) The 2011 budget deficit barely beat out Obama’s 2010 budget deficit of $1.293 trillion for second place on the all-time historically ludicrous budget deficit-spending charts during Obama’s regime. 3 years in office- over $4 trillion dollars of debt racked up.. to be slapped onto the backs of our children and grandchildren, while said kids are being encouraged to still chant “Four more years” at Obama rallies today. The question that should be asked of these kids today, should be more like, “Can America’s kids afford four more years of trillion-dollar-plus deficits? ”
To put this into proper perspective, G.W.bush ran up a total of approx. $1.49 trillion dollars of debt in his first three years in office, which Barack Obama did in his first year alone, while in office. Barack Obama has effectively tripled our yearly budget deficits since day one of taking over the White House. Deficits that we are borrowing money from other countries in order to to pay for.
Under the current debt-spending scenario of Obama and his irresponsible Liberal minions in Congress, “Four more years” will result in a total of around $10 trillion dollars of child-enslaving debt if Obama gets 8 total years in office. Here is a thought for our youth today: Instead of chanting “Four more years” at Obama rallies, why not try chanting the truth, as in “10 trillion dollars of more debt is what we want” because that is what you are going to get if you do not get your heads out of the sand and pay attention to what is going on in America today. The undefined “Hope and Change” some fools voted for in 2008 is now being exposed as “Choked by (big government) Chains” if you actually pay attention to Barack Hussein Obama’s big- government- debt-spending policies of the past three years.
2012 just can’t get here fast enough.
According to Zero Hedge, countries outside of the U.S. dumped 74 billion dollars in U.S. Treasuries, most of it over the weekend:
“Over the weekend, we observed the perplexing sell off of $56 billion in US Treasurys courtesy of weekly disclosure in the Fed’s custodial account (source: H.4.1) and speculated if this may be due to an asset rotation, under duress or otherwise, out of bonds and into stocks, to prevent the collapse of the global ponzi (because when the BRICs tell the IMF to boost its bailout capacity you know it is global). We also proposed a far simpler theory: “the dreaded D-day in which foreign official and private investors finally start offloading their $2.7 trillion in Treasurys with impunity (although not with the element of surprise – China has made it abundantly clear it will sell its Treasury holdings, the only question is when), has finally arrived.” In hindsight the Occam’s Razor should have been applied. Little did we know 5 short days ago just how violent the reaction by China would be (both post and pre-facto) to the Senate decision to propose a law for all out trade warfare with China. Now we know – in the week ended October 12, a further $17.7 billion was “removed” from the Fed’s custodial Treasury account, meaning that someone, somewhere is very displeased with US paper, and, far more importantly, what it represents, and wants to make their displeasure heard loud and clear. (Source)
Undoubtedly, the Chinese and other countries have recently discovered that Italy and Greece, with smaller debt to income ratios than the United States, are less riskier and carry a higher rate of return. This is because, unlike the US, the Rothschild/Rockefeller bond rating agencies have trashed their country’s debt ratings, forcing them to pay a much higher interest rate than U.S. Treasuries. Hey, if you take the risk, you might as well earn the reward!