11/22/10 Stockholm, Sweden – A few days ago, CBS Evening News aired a special report on the $1.5 trillion federal budget deficit, which is currently the largest in US history. It features senior business correspondent Anthony Mason’s look inside the US Treasury’s Auction Room, where the nation’s delicately-balanced finances manage to stave off fiscal disaster just one day at a time.
According to Mason:
“’That room is essentially the American credit card machine. It’s basically selling treasury bills, basically IOUs that we use to pay off the money that we are borrowing,’ Mason says. ‘I found that room kind of spooky. If we can’t issue those IOU’s – which keeps the government running on a day-to-day basis – then we can’t run the country anymore. We don’t have the money.’”
You can watch the clip below from CBS Evening News on where the $14 trillion national debt goes for love, which came to our attention via The Daily Bail.
Rocky Vega
Rocky Vega is publisher of Agora Financial International, where he advances the growth of Agora Financial publishing enterprises outside of the US. Previously, he was publisher of The Daily Reckoning, and founding publisher of both UrbanTurf and RFID Update -- which he ran from Brazil, Chile, and Puerto Rico -- as well as associate publisher of FierceFinance. Rocky has an honors MS from the Stockholm School of Economics and an honors BA from Harvard University, where he served on the board of directors for Let’s Go Publications, Harvard Student Agencies, and The Harvard Advocate.
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