U.S. Government Debt: $17 Trillion Breached

CurrentDebt Held by the PublicIntragovernmental HoldingsTotal Public Debt Outstanding
The media celebrated both the new highs in the U.S. stock market and Google crossing the historic 1,000 level all day on Friday. The lost headline was the United States government debt crossing $17 trillion as the trillion dollar milestones have no longer become news. As the bond market bubble begins to deflate and interest rates rise, the world will find out that these numbers represent a real debt owed to a creditor. When those creditors begin to understand they will never be repaid we will simultaneously begin the unwind of this ridiculous stock market euphoria.