Thanks Barack: U.S. debt is more than all money in the World

From: Gateway Pundit

Thanks Barack: U.S. debt is more than all money in the World
http://gatewaypundit.firstthings.com/2010/09/thanks-barack-us-debt-is-more-than-all-money-in-the-world/


Thanks Barack.The US now owes more money than all of the money in the world combined.Kevin D. Williamson at National Review Online reported:

I have argued that the real national debt is about $130 trillion. Let’s say I’m being pessimistic. Forbes, in a 2008 article, came up with a lower number: $70 trillion. Let’s say the sunny optimists at Forbes got it right and I got it wrong.

For perspective: At the time that 2008 article was written, the entire supply of money in the world (“broad money,” i.e., global M3, meaning cash, consumer-account deposits, checkable accounts, CDs, long-term deposits, travelers’ checks, money-market funds, the whole enchilada) was estimated to be just under $60 trillion. Which is to say: The optimistic view is that our outstanding obligations amount to more than all of the money in the world. . . .