The Debilitating Effect of Big Numbers.

In the past three days I had plenty of time to think, being a captive audience to “Sister Nature”.  I also did some research and discovered that in the 18th century prostitutes shaved off their eyebrows and replaced them with false ones made of mouse hair. I very much want to know who thought that was a good idea.

I listened to coverage of The Big East Coast Storm (hello Sandy, goodbye Ike) and endless discussions on the ‘state’ of the nation.  I frowned a lot, at times I feel as if I am searching for coherence with both hands and a miner's lamp.

It turned out that there are no intelligent thoughts, anywhere. This is either because we have used up all our brain cells on inconsequential side issues (the eyebrows of 18th century ladies of the night), or because we are so bashed and battered after four years of financial bad news that we just want to go and hide under the sofa. I may work this up into a theory. It will be called: The Debilitating Effect of Big Numbers. I think we can all agree that this is certainly catchy.

I have spent some time contemplating the minutiae of U.S. fiscal policies.  Normally, I think it's really interesting. Quick, quick, fingers on the buzzers: is that Keynes or Milton Friedman?  But days before the general election I just hope that someone on that big shining hill knows what they are doing.

I do have one question though. I just read the government’s budget figures and the forecast is, well, dismal.

Total national debt as of October 25, 2012  is $16,157,991,000,000.00  (give or take a few bob) and quickly marching towards the Statutory Debt Limit of $16,394,000,000,000.00  The National Debt has continued to increase an average of $3.88 billion per day since September 28, 2007!

The largest slice of the pie, over 40%, is owed to the Federal Reserve, the central bank of the United States, and to other government accounts. The Federal Reserve is actually quasi-public (part private, part government) so calling it "part of the government" is technically not accurate.

The remaining 60% of the Debt is privately held by individuals, corporations, states, and foreign governments. Japan ($580 billion), China ($390 billon) and the United Kingdom ($320 billion) are the biggest foreign holders of our Debt.

No, those are not rounding errors. What is going on? Should this not be a matter of national concern?  This is a number I do not understand. I do not understand it in the same way that I do not understand the fact that if you took away all the empty space in our bodies, the atoms contained in the human frame would fit into a sugar cube. Could everyone just stop boggling my mind for one single moment?

"The budget should be balanced; the treasury should be refilled; public debt should be reduced; and the arrogance of public officials should be controlled." 

Wow, which candidate said that?!

Cicero 106-43 B.C.

Rats!

Ah well, do not fret, we will balance that budget by 20XX.   I will bet $16 trillion (give or take a few hundred billion) on it.