The U.S. debt clock ticked up over 16 trillion early this morning. Just 10 months ago, I wrote that the clock had struck fifteen trillion. To put that in perspective, The United States government took the first 200 years of its existence to reach one trillion in debt. It has now taken less than 10 months to do it. Once you cross over into the dreamworld of imaginary numbers there is nothing stopping you from making a trillion more of them. It is hard to say exactly when the United States government lost all semblance of fiscal credibility, but now that we are at 16 trillion it is evident that we are well past it. As my previous article discussed, a trillion is a number that is so large our attempts at hyperbole fall well short of describing it. A trillion is bigger than you think it is. It is bigger than your mind can imagine. Sixteen trillion... Well, that is sixteen times more. Just to update a few of the points I made 10 months ago: - 16 Trillion dollars is enough to carpet the...(Read Full Post)