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IPFS News Link • Government Debt & Financing

Our Debt Is More Than All the Money in the World

09-09-2010 • National Review Online

For perspective: At the time that 2008 article was written, the entire supply of money in the world (“broad money,” i.e., global M3, meaning cash, consumer-account deposits, checkable accounts, CDs, long-term deposits, travelers’ checks, money-market funds, the whole enchilada) was estimated to be just under $60 trillion. Which is to say: The optimistic view is that our outstanding obligations amount to more than all of the money in the world.

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Reported By Richard Deyoung

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