A breakout in oil and what do you get, another day older and deeper in debt, like about 1.42 trillion dollars deep. Now it does not get much deeper than that. The US Budget deficit screams while politicians fight over ways to spend more money and the dollar loses ground and respect. 1.42 trillion dollars and the oil bulls continues to breathe easy up in this new atmosphere as a breakout to the upside has the bulls firmly in control.
Just how much is 1.42 trillion dollars? Bloomberg News reports that $1.42 trillion is more than the total national debt for the first 200 years of the Republic, more than the entire economy of India, almost as much as Canada's, and more than $4,700 for every man, woman and child in the United States. Is it any wonder why the Canadian dollar is almost trading at par with the dollar? The Federal budget deficit for 2009, more than three times the most red ink ever amassed and the highest as a perercentage of GDP since the Second World War.....Read the entire article.
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