January 31, 2012

Truckloads Of Cash would need a 13 lane highway, filled with trucks bumper to bumper, stretching for about 3 kilometers to represent the €2.91 trillion in total amounts owed by the PIIGS and their citizens...
Posted by Kate at January 31, 2012 12:11 AM

Didn't you mean leeches?

Posted by: syncrodox at January 31, 2012 12:25 AM

And when you consider that that much money is being created out of thin air by the FED and ECB (among others), and they are just getting started, it is truly frightening.

Posted by: ward at January 31, 2012 12:25 AM

This is the consequence of robbing the next generation for many years, to reelect the current clutch in power.

Socialist claptrap class warfare nonsense was the ruse. Whackademic leftards and media maroons greased the skids, while benefitting handsomely. As did the bureaucrats. Elitist kleptocrats one and all. Off with their heads! Or at least confiscate their fat indexed pensions. Many lessons here for us lucky to be in North America... lucky for now. Until we get another turdeau, or obambi steals his reelection. The left will not rest until we look like that.

Posted by: eurefugee at January 31, 2012 12:55 AM

There is no such thing as money any more - just zeros and ones sent in the right order to your bank account = money in the bank. And then when you turn around and pay bill online, you just direct another stream of zeros and ones in the right order to your credit card issuers.


(and we can never run out of zeros and ones)

Posted by: foobert at January 31, 2012 1:24 AM

Thats 2.91 trillion (under 5 trillion $ US ) The USA is approx. 16 trillion and we look down on Europe ? Very sobering. Obama has boosted the debt by 5 trillion since he gave us hope and change. Stock up on ammo and dry food. If he is re-elected you will need them.

Posted by: peterj at January 31, 2012 2:20 AM

This is going to make the 1920's crash look like a burp. These banks are going to find out what happens when people find out its either slavery or not paying their debts allowed by these banks.
The French Revolution will be looked on as quaint.
Paper means nothing without trust or belief about it. Its only paper not goods.

Posted by: Revnant Dream at January 31, 2012 2:23 AM

Time to get the printing presses rolling over at the Fed if America is somehow supposed to be bailing out this social experiment.

Posted by: Texas Canuck at January 31, 2012 3:39 AM

How much was gasoline in 1923 Reishbanknotes? I guess it looks like quite a bit...

Posted by: marc in calgary at January 31, 2012 7:05 AM

Some GOOD things about the great depression; a fairly large chunk of people were living on farms; the credit system was not as over-arching as now; most people had a strong work-ethic; the manufacturing sector was not hollowed-out; the bureauracry was smaller. I, personally don't see,"hugs and puppies", in the future.

Posted by: bigmike at January 31, 2012 7:13 AM

Isn't globalism wonderful? Every incompetent in the world gets to affect your own sovereign decisions. Squirrels gathering nuts...

Socialism on a grand scale...

Posted by: fiddle at January 31, 2012 7:15 AM

Trying to scare us like tha - shame on you. Everyone knows that highways stretch longer than 3 kilometers. There's still lots of room.

Posted by: Jamie MacMaster at January 31, 2012 7:19 AM

An infographic I think we would all benefit from seeing represents the first and second derivatives of indebtedness: I I surmise that the second derivative remains positive. As long as it does, there is no sense anyone (including editors of professional journalism) pretending that the global financial system will ever breathe on it's own again. We're in a very odd state where interest rates, held near zero to allow cheap borrowing today to pay yesterday's higher rates, does not reflect the reality that risk is through the roof.

Coal is looking like a good investment.

Posted by: Shaken at January 31, 2012 7:50 AM

No investments are good right now, Shaken. It's all a ruse, man.

Posted by: Mark at January 31, 2012 8:26 AM

"Everyone knows that highways stretch longer than 3 kilometers."

Arf! We know Jamie is kidding, but this will be rephrased into a lefty economist talking point with lots of graphs and theory.

Posted by: wyatt ironbridge at January 31, 2012 8:38 AM

Canada's Total Public Debt or Sovereign Debt including Provincial and Municipal Debt is around 4T. The Central Banks are now holding 15T in debt. The consequences of 40 years of socialist central planning is coming home to roost. Canadians need to tell Harper to quit financing the UN and its socialist central planning programs etc. Cut them off first. Then the Fat like the CBC, etc....

Posted by: RFB at January 31, 2012 8:39 AM

Jamie, thanks for the morning smile. Arf is right.

You really have to wonder if the lunatics are running the asylum, but then you only have to look at California, New York city, Ontario for starters.

Posted by: Ken (Kulak) at January 31, 2012 9:21 AM

Not sure we are in a position to brag.

Canadian households owe 1.6 trillion and our government owes 600 billion for a total of 2.2 trillion. Don't know what the provinces owe but I'm sure its shit loads. Probably enough to make us their equals.

Posted by: Pierce at January 31, 2012 9:40 AM

Try the US 2011 budget:

Now I'm starting to worry.....

Posted by: eastern paul at January 31, 2012 9:50 AM

Pierce - "and our government owes 600 billion"

CPP is also $600-700 billion short if pensions earned to date are calculated on an actuarial basis.

Posted by: Scar at January 31, 2012 12:15 PM

Nothing that a little financial repression and time won't cure.

Unfortunately the majority of people are in exactly the wrong asset (cash) to protect themselves from what is coming.

Posted by: Kevin at January 31, 2012 2:02 PM

Fiddle >


Yea, but think about all the goat herders in Africa with 4 wives and 30 children they keep telling us get to move up a notch in society. A new cell phone and AK47 for all but us.

Then we get to absorb the “moderates” or semi-literate ones who come over and work our blue collar jobs for minimum wage and saturate our labour markets.

The only too late wakeup call we seem to be hearing lately is from all the unemployed “professionals” with degrees in uselessness as China and India immigrates their millions of useless degrees over here to compete with those as well. For half the going rate of course.

Posted by: Knight 99 at January 31, 2012 5:35 PM