I was reading this article today and some of the numbers are stunning.
Do you all think this is as serious as the author makes it out to be?To grasp how significant this five-fold bubble increase is, let's put that $516 trillion in the context of some other domestic and international monetary data:
- U.S. annual gross domestic product is about $15 trillion
- U.S. money supply is also about $15 trillion
- Current proposed U.S. federal budget is $3 trillion
- U.S. government's maximum legal debt is $9 trillion
- U.S. mutual fund companies manage about $12 trillion
- World's GDPs for all nations is approximately $50 trillion
- Unfunded Social Security and Medicare benefits $50 trillion to $65 trillion
- Total value of the world's real estate is estimated at about $75 trillion
- Total value of world's stock and bond markets is more than $100 trillion
- BIS valuation of world's derivatives back in 2002 was about $100 trillion
- BIS 2007 valuation of the world's derivatives is now a whopping $516 trillion