Re: The definitive U.S. Dollar Rally Thread
Not to beat this thing to death but I don’t agree with the 55 trillion. Back of the envelope here:
- 55 tn in household assets
- Less 14 tn mortgage debt
- Less 2.5 tn in consumer debt
- Almost 1 tn in credit card debt
Someone has to pay this:
- 13 tn national debt
- 18 tn if you (and I sure do) count the Fed’s GSE debt (Fannie & Freddie)
- 24 tn in money tossed at or promised to the financial institutions
- State and local budget and pension shortfalls 3.5 tn
- 3 tn in underfunded private pensions
Also, CRE and RE are going to lose 5 tn and 1.5 tn this year.
So, even if you wiped away Social Security, Medicare & Medicaid you’d have 37.5 against 61.5 worth of debt.