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Just a little pat on the back to us ITulipers...
Financial Armageddon just re-posted a post by blogger Financial Ninja that said what we already knew from this thread - first posted on Feb 7th, 2008 - and subsequently updated by yours truly and others (including the updates on last Saturday). It is "just" 330 USD per US person, but still - this inflection point is jaw-dropping. I especially like the comment: "Oh sweet baby Jesus, you better hope Ben 'Helicopter' Bernanke knows what he's doing". I found his calculations nice and illuminating: 1% of GDP, the same amount as the stimulus program. And this doesn't even include the warm-turds-for-sweet cash swaps program. Give it another few months, and maybe we'll see the next step in this pass-the-handgrenade marathon: 5% of GDP mortgaged. Any bets? I'm first: I predict 2% of GDP (doubling in borrowings on this chart) in 3 months. A little more coverage of this, and trust in the US financial system is even more ragged. If that trust breaks down: "buckle up Dorothy, 'cause Kanasas is going bye-bye".
Financial Armageddon just re-posted a post by blogger Financial Ninja that said what we already knew from this thread - first posted on Feb 7th, 2008 - and subsequently updated by yours truly and others (including the updates on last Saturday). It is "just" 330 USD per US person, but still - this inflection point is jaw-dropping. I especially like the comment: "Oh sweet baby Jesus, you better hope Ben 'Helicopter' Bernanke knows what he's doing". I found his calculations nice and illuminating: 1% of GDP, the same amount as the stimulus program. And this doesn't even include the warm-turds-for-sweet cash swaps program. Give it another few months, and maybe we'll see the next step in this pass-the-handgrenade marathon: 5% of GDP mortgaged. Any bets? I'm first: I predict 2% of GDP (doubling in borrowings on this chart) in 3 months. A little more coverage of this, and trust in the US financial system is even more ragged. If that trust breaks down: "buckle up Dorothy, 'cause Kanasas is going bye-bye".