Thursday, October 02, 2008

$431,270,863,309.37

That's America's "Interest on the debt outstanding" for the fiscal year 2008 - not ended.

20 years ago, it was $214,145,028,847.73.

Zgirl's "Better than nothing" blog explains why deflation would cripple the American government, so money has to keep pouring in and we have to hope that foreign creditors (including the equally busted Brits, it seems) continue to buy-in US Treasury securities.

How to come down from this perilous height?

2 comments:

James Higham said...

Bloomin heck - that, combined with what my American correspondent posted shows that the U.S. is in a most unfamiliar position - the good life hath now ended.

matt said...

The Brits aren't buying any of it. It's almost all foreign custodial accounts held in the UK (especially China, which holds a lot of its treasuries in UK custodials).