The mammoth U.S. debt monster

[cfa]

5 Urgent Questions for 2013
Author: Money and Markets - Martin Weiss

No matter what Washington did at the 11th hour, we ended the year with one, absolutely indisputable, conclusion:

The mammoth U.S. debt monster is not going away. It’s continuing to grow. And in early 2013, it will return to haunt the White House, Congress and the Fed in a great, new debt ceiling debate!

Here are the hard facts:

1. The U.S. government and its agencies still owe $18.8 trillion just in interest-bearing debts!

2. American families still owe $13.1 trillion on their mortgages, with a huge chunk of those under water.

3. Other borrowers in the U.S. (corporations, local governments, and individuals) owe an additional $23.3 trillion.

These are, by far, the greatest debts in the history of the world. But it doesn’t end there …

4. The U.S. government has obligations of AT LEAST another $150 trillion to present and future recipients of Social Security, Medicare and other benefits.

5. U.S. banks are clinging to a giant mountain of $222 trillion in derivatives, also a form of debt.

Grand total of debts and other financial obligations: $427 trillion!

http://www.yolohub.com/economy/5-urgent ... s-for-2013

[sgd]

they have a new shale oil industry with estimated 3 trillion barrels reserves of shale oil 3 miles below their surface, this reserve is more than the entire combined of opec enough to last 100 years at current american consumption rate.

http://abcnews.go.com/Business/american-...OgILXd5JKs

Actually I also read that there are almost 27,000 abandoned oil and gas platforms in gulf of mexico they are abandoned not because there is no oil, each well has 30%-40% remaining oil but too deep to drill and they didn't have the proper technology then to make drilling it cost effective until now.

with all these they could be energy independent in a few years time and after that who knows when the rest of the world runs out of oil in middle east they may start exporting shale crude and dig their way out of their problems ... multiply 3 trillion by current oil price and you will see the problems pale in comparison to the potential .... but nah if they have 100 years supply I think they will keep spending and debasing the dollar even further.