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The Albatross Of Debt: The Stock Market's $67 Trillion Nightmare, Part 1

• By David Stockman

Mind you, while that number wasn't exactly diminutive, it had taken all of 188 years to accumulate. That is to say, Uncle Sam had borrowed an average of $28,000 per week during the 9,776 weeks since George Washington was sworn in as the nation's first president.

We are ruminating about this seeming historical obscuranta because it just so happens that the US treasury this very week will be selling $258 billion of government debt.

That's right. Uncle Sam's scheduled debt emission this week will nearly equal his cumulative borrowing during the nation's first 188 years and its first 37 presidents!

And, yes, there has been some considerable inflation since June 1970. And not the least because exactly 13 months later Tricky Dick Nixon decided to pull the plug on Bretton Woods and the dollar's anchor to a fixed weight of gold.

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