September 9, 2006

Very Skeery Stuff

Simplicity in Kansas has a great blog and one of its recent posts discusses this infamous housing bubble - a topic so big that Ben Jones has dedicated his entire blog to the topic, over at (The bubble is deflating if not outright bursting, by the way.)

US Debt is monitored over at the US Debt Clock. As of September 9, 2006, at 5:16:33 pm GMT, the debt was $8,533,794,901,315.96 according to the clock - and it grows $1.75 billion a DAY.

Meanwhile, the Bureau of Economic Analysis keeps track of savings. Savings have been at a negative since 2005 -- and prior to that, they hadn't been over 3% of disposable personal income since 2000. During this decade, at our best, the country was only saving 3 pennies out of every dollar.

Is all this skeery stuff news? No. MIT was calling the American economy a "Ponzi scheme" almost ten years ago - you can read the essay by F. Kreisel at MIT's site.

[Thanks to MBHunter for pointing out that the debt is growing by billions, not trillions, a day. I've edited this post accordingly. RK]