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"Getting To The Bottom Of It All" Submitted by Tyler Durden on 12/16/2012 11:42 -0500 Reality From Bill Buckler, author of The Privateer "Getting To The Bottom Of It All" To put the magnitude of the current global fiscal and financial profligacy in perspective, The Privateer has in the past made use of a simple illustration. As the “fiscal cliff” looms and as the Treasury’s debt “subject to limit” grows to about $US 60 Billion below that “limit”, we make the point again. How is it possible for a nation of almost 100 million people to survive - and indeed prosper exceedingly - when the government of that nation has a TOTAL debt of about $US 2 Billion? That question is asked in the context of today. Today, that same nation has a population of a bit more than 300 million people and is “run” by a government whose funded debts approach $US 16,400 Billion and whose TOTAL debts (funded and unfunded) are in excess of $US 200,000 Billion? That is the record of the US over the past century. Its population has tripled. Its government debt has grown by a factor of 100,000. Which - IN REALITY - is the prosperous nation? Is it the US of 1912 or the US of 2012? Which - IN REALITY - is the nation whose citizens can look confidently towards a future in which their progeny will enjoy the fruits of their parents’ labour WITHOUT being indentured to their parents’ profligacy? Which is the nation that has not yet embarked on currency debasement and which is the nation that is nearing the inevitable end of that same road? Everybody knows the answers to these questions too. Average: 4.75 Your rating: None Average: 4.8 ( 16 votes) Tweet Login or register to post comments 8609 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: Santelli Sums It Up In 10 Words: "Debt Ceiling Is Not The Problem. Debt Is The Problem" Obama’s (dumb) Line in the Sand Eric Sprott On America's Great Endangered Species: "The 99%" Is A Gold Standard Possible? Is The Fed Responsible For The Great Financial Crisis?
Fed Balance Sheet Composition Update Submitted by Tyler Durden on 10/06/2012 11:36 -0400 Bond Recession St Louis Fed System Open Market Account For those curious how the Fed's ongoing takeover of the US bond market looks like, below is a visual update. A simple maturity distribution: Over the week ending October 3rd, the average maturity of the Fed's System Open Market Account (SOMA) treasury holdings increased from 118.03 to 118.62 months. Before the onset of the Maturity Extension Program (MEP), the average maturity of the Fed's treasury holdings was around 75 months. The Fed has surpassed the original average maturity target of 100 months for the first MEP. The average duration of the Fed's (SOMA) holdings increased to 7.31 years (87.67 months) for US Treasuries in the October 3rd week from 87.33 months in the prior week. The measurement of duration risk translates to an average price decrease of approximately 7.31% for each percentage point increase in all yields. The net effect of maturing assets and treasury issuance over the week caused the average maturity of all marketable treasury securities to rise to 65.36 months from 65.28 months. The stock of the Fed's holdings reduced the average maturity of marketable treasury debt held by the private sector by 9.64 months from 9.58 months in the prior week, and the privately held public debt average maturity rose to 55.73 months from 55.70 months. Since the recession, the Fed has lengthened the average maturity and duration attributes of the SOMA. It appears that they have reduced the supply of issues mostly in the seven to ten year range, owning 70% of some issues in that range. And the punchline: The amount of ten-year equivalents held by the Fed increased to $1.333 trillion from $1.325 trillion in the prior week, which reduces the amount available to the private sector to $3.550 trillion. There were $4.884 trillion ten-year equivalents outstanding. The Fed owns 27.2% of the bond market expressed in 10 year equivalents. Assuming the Fed's balance sheet rises to $5 trillion by the end of 2014, this number will rise to nearly 60%. Source: SMRA and St Louis Fed Average: 5 Your rating: None Average: 5 ( 6 votes) Tweet Login or register to post comments 8551 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: The Fed Now Owns 27% Of All Duration, Rising At Over 10% Per Year Wall Street Gives Treasury Its Blessing To Launch Floaters; Issues Warning On Student Loan Bubble Is the Ten-Year going to 3%? 3bps To Go Until QE3 Makes Treasuries America's Second Safest Security Behold The Fed's Takeover Of The Bond Market
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