Bruce Krasting, a retired hedge fund manager, has recently taken a look at the off-balance sheet debt of the US government.
When you add the off-balance sheet debt (much of it high-risk loans to the public) to the $10.4 trillion in official government debt held by the public, you get a $24 trillion figure, in contrast to an annual GDP figure of $15 trillion. (That is, the above chart overlooks this $13-14 trillion off-balance sheet amount.)This gross debt to GDP figure is actually the highest in the developed world.
Think Enron.
So exactly why are US government bonds considered a safe haven? You've got me.
My take, not that far down the road, the safe haven status of the US will be challenged by the international community. Whoever happens to be president at that juncture may have an unfortunate time with the history books.... (Not a job I would want, nor recommend!)
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