In March, the US government issued a massive amount of debt: $332.8 billion – the biggest amount ever since the all time record of $545 billion raised (most of it purchased by the Fed) during the apex of the financial crisis in October 2008. The US Treasury had $12.717 trillion in debt subject to limit at the end of March, compared to just $12.384 trillion in the beginning of the month. The private-to-public debt transfer is going as planned, still in the full absence of the shadow economy.
Below is an artist’s impression of what the deck chairs of the Titanic looked like.
In March the government issued net:
- $7 billion in Bills
- $100 billion in Cash Management Bills
- $228 billion in Notes
- $13 billion in Bonds
- $1.8 billion in TIPS
And the rest was offset by intragovernmental trust fund rotations.
We will repeat it again: