For the first time ever, the federal deficit of the US has topped $ 1 trillion. This number is breathtaking. But it even gets better: the deficit could grow to nearly $ 2 trillion this fall!
Everyone around the world holding US bonds is getting very nervous. Everybody is talking about China, but there are many other countries (e.g. Japan and several countries in the Middle East) sitting in the same boat. Just think about the Chiasso smuggling case. There is still hot debate whether or not the bonds and bills were genuine or fake. Meanwhile the unemployment rate in the US has climbed to 9.5%. Everybody who believes that the crisis will be over soon should think about these numbers.
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