U.S. Debt Too Big for National Debt Clock

[TONY206]

U.S. Debt Too Big for National Debt Clock

By Chris Snyder October 09, 2008 | 9:33:12 AM

Here’s a sign that things have really hit rock bottom with the economy.

The digital counter near New York's Times Square that tracks the U.S. government’s debt has run out of space to display the current total which has now surpassed the $10 trillion mark.

As a temporary solution, the digital dollar sign has been replaced with a cheaper, non-digital version to make room for the extra number. The Durst Organization which designed the clock, plans to add two more digits to the sign in the near future to make room for a quadrillion dollar amount, according to AP.

Yikes.

The board was originally constructed in 1989 to highlight that year's debt level of $2.7 trillion.

 

[m.w.merlino]

They just need to make room for a few more zeros.

 

[Hutch]

You would think that the spiralling economy of the US would decrease it's dollar value compared to the rest of the world.... not so however. I'm currently in the US until christmas doing research, and when I found out I'd be going to the US, the aussie dollar was at 98 US cents. Now it's down to 67 US cents. In two months, the aussie dollar has lost 30c against the greenback! Normally I wouldn't be too concerned, but I'm still getting paid by my Australian organisation, which simply means that until I get home in christmas, life is pretty damn expensive for me!

 

[coondogg26]

every knows that shit dont mean nuttin anyways. Our debt is still risk free and countries will continue to buy it up.

 

[Hutch]

Especially China... could you imagine if they decided to trade in their US currency right now? Recession would be putting it very lightly.....

 

[Mr. Nice Guy]

Especially China... could you imagine if they decided to trade in their US currency right now? Recession would be putting it very lightly.....

Yeah a lot of people are thinking about that....

China is the largest holder of U.S. Treasury bills — by some accounts, they ' re worth almost $1 trillion. Can you reassure [Americans] that China would never use this status as a weapon in some way?

We believe that the U.S. real economy is still solidly based, particularly the high-tech and basic industries. Something has gone wrong in the virtual economy, but if this problem is properly addressed, it is still possible to stabilize the economy. The Chinese government hopes to see sustained development in the United States, as that will benefit China. Of course, we are concerned about the safety and security of Chinese money here. But we believe that the United States is a credible country. And particularly at such difficult times, China has reached out to the United States. And actually we believe such a helping hand will help stabilize the entire global economy and finance and prevent major chaos from occurring ... I believe now that cooperation is everything.

"China's prime minister speaks out in his first interview with a Western publication in years."

 

[GTS]

US government spending to blame or Federal Reserve pimpin the shit out us?