The Total Amount Of Debt In The World Just Hit A Record $152,000,000,000,000 (152 Trillion)By Michael Snyder When I first saw this number I was absolutely astounded at how reckless we all have become, and I was also amazed that there was hardly anything about this announcement in the mainstream media in the United States. The following excerpt comes from a story in a major British news source The International Monetary Fund has urged governments to take action to tackle a record $152tn debt mountain before it triggers a fresh global financial and economic crisis. Warning that debt levels were not just high but rising, the IMF said it was vital to intervene early in order to mitigate the risks of a repeat of the damaging events that began with the collapse of the US sub-prime housing bubble almost a decade ago. It said that new research in its half-yearly fiscal monitor covering 113 countries had shown that debt was currently 225% of global GDP, with the private sector responsible for two-thirds of the total. Right now the mainstream media in the United States is so obsessed with Trump and Clinton that almost every other important story is pushed to the side, but it boggles my mind how this cannot be major front-page news. When we borrow money, consumption is transferred from the future to the present. For example, if you put a 70-inch television on your credit card today, the quality of your lifestyle will immediately go up, but you wont have that money to spend at some point in the future. In fact, you are ultimately going to pay back significantly more money than you originally spent for the television. So when we go into debt, we are literally destroying the future one dollar at a time. On a national scale, what we are doing to our children, our grandchildren and all future generations of Americans is beyond criminal. Thomas Jefferson and other founding fathers warned that government debt was simply thievery from future generations, and they were exactly right. If future generations get the chance, they will look back and curse us for what we have done to them. Earlier today I looked up our national debt, and it is currently sitting at $19,688,773,606,117.54. That means that Barack Obama has officially become the 9 trillion dollar man. When Barack Obama entered the White House, the U.S. government was 10.6 trillion dollars in debt, and now we are 19.6 trillion dollars in debt, and there is a very good chance that we could hit 20 trillion dollars by the time he leaves the White House on January 20th, 2017. In a just society, the politicians that have done this to future generations of Americans would be going to jail, but instead we put them up on pedestals. It is truly hard to grasp how much money a trillion dollars represents. For instance, if you were alive when Jesus Christ was born, and you had spent a million dollars every single day since that time, you still would not have spent a trillion dollars by now. Since Barack Obama entered the White House, we have been stealing more than 100 million dollars from future generations of Americans every single hour of every single day, and as Obamas second term draws to a close the pace of that theft is accelerating according to Simon Black In fact, for the 2016 fiscal year that ends in just ten more days, the US governments debt growth of $1.36 trillion is on track to be the third biggest annual increase ever. The only two years in all of US history that posted higher US debt growth were 2010 and 2011 the peak of the financial crisis. Even more acutely, last month the US federal debt grew by $151.5 billion. Not counting the financial crisis, and a few anomalous months following a debt ceiling reset, August 2016 was the single biggest expansion of US debt EVER. How could we do this? And I know that I have pointed the finger at Barack Obama a lot in this article, but the truth is that Republicans are highly to blame as well. The Tea Party revolution of 2010 gave the Republicans control of the House of Representatives, and since that time they have also gained control of the Senate. Without Republican approval, Barack Obama would not be able to spend a single penny. The American people were counting on the Republicans to put a lid on the wild spending of Barack Obama and the Democrats, and the Republicans in Congress have completely failed. Nobody wants to end the party. Because without a doubt, cutting back on our wild borrowing and spending would seriously damage the economy in the present, and nobody wants to be responsible for that. So now the only thing to do is to keep the party going for as long as possible until it ends in a horrible, fiery crash. Overall, the total amount of debt in the United States is now roughly equivalent to 350 percent of U.S. GDP, and a day of reckoning is rapidly approaching. Just consider what Charles Schwabs chief investment strategist, Liz Ann Sonders, recently told Business Insider Sonders noted that total debt public, private, nonfinancial, and financial had become 350% of gross domestic product, and that is already causing problems for the economy. The question I get all the time is: When are we going to hit the wall? When are we going to hit the debt wall? Sonders said. I think we hit the debt wall in 08, which unleashed a big round one of what I think will be a rolling set of crises and not just in the US but globally. And I very much agree with her. We definitely hit a wall in 2008, but it was just round one of our problems. The coming rounds are going to be even more painful, but most Americans dont understand this. Most Americans seem to believe that our debt-fueled standard of living can be sustained indefinitely and that there is nothing to be concerned about. Unfortunately, the laws of economics cannot be defied forever, and eventually the American people are going to experience economic and financial pain on a scale that we have never seen before in our entire history. Michael Snyder is a writer, speaker and activist who writes and edits his own blogs The American Dream and Economic Collapse Blog, where this article first appeared. Follow him on Twitter here. https://uploads.disquscdn.com/images/93ad300bb2da600b6a64411e66731a1cc25d35e7ea7935c3f1d7c4f3e6bd7bb0.jpg Templar Knightsactually the Banksterpioneers of receipts for deposits given to wealthy travelers to cash out at the end of their journeywith interestof course Thank you for getting that past PC Thomas Paine is restricted Gottaluvitya never know when the thought stasi are gonna moderateas I have been unduly messed with lately myself(lol)cheers Just try to open your mind Debt is phoney. A real central bank of a real U.S. government would not be allowed to charge back unholy interest rates. The satanic owners printing money out of thin air for their own personal use then charging the sovereign (slave) and extracting taxes straight out of their hard earned labor is theft. Now they want only phoney internet numbers. Good time for a reset. The reset TPTB have in mind ushers humanity straight past Cerberus through the gates of Hadesseductively so with smart phones in hand. Love Paine, brilliant and humble man for the ages. Highly recommend a fantastic Tragedy and Hope program, Peace Revolution episode 086: Common Sense for the 21st Century, that goes into detail on Paine and makes a convincing case he wrote Declaration of Independence. https://tragedyandhope.com/peace-revolution-episode-086/ And all this debt is owed to whom? It cant be from one country to another because it would cancel itself out. NO all of this debt is supposedly owed to bankers. Bankers who have used their money to buy our politicians at the cost of the people. Pure treason. Cancel this odious debt and start over. Jail the bankers for fraud. Or hang them. 