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It appears even technology cannot cope with the global financial crisis: the National Debt Clock in New York has run out of digits for the first time.
The electronic billboard hit its limit after US public debt rose above the $10 trillion mark for the first time on September 30.
As a temporary fix the dollar sign has been switched to a figure--the '1' in $10 trillion. The clock is currently marking the US federal government’s national debt at about $10.2 trillion.
The clock, located in Times Square in New York, shows the amount of money owed by the US government. It was created by the late Manhattan real estate developer Seymour Durst, who put the sign up in 1989 to call attention to what was then a $2.7 trillion debt.
The Durst Organization says it plans to update the sign next year by adding two digits. That will make it capable of tracking debt up to a quadrillion dollars.
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America is on a runaway train to nowhere, and taking Tax payers for a ride. The expansion of world wide debts, it all America is a leader in these days. To bottom out the change require America can't make, how do you get rid of the debt?
Daphne Kenward, Cambridge, UK
Who does the US government owe money to?
The Federal Bank thats who.
Who owns the Federal bank?
eh ...erm ... the US government! NO. The Federal bank is a private bank.
Wake up people!
Boba Fett, Manchester, UK
How in the world we are Americans are going to pay that enormity? Most folks don't make $86,017!
Rye, Boca Raton, USA
More questions:
1. When US Treasury manages to print the US$ into zero net worth; how will goods and services now sold in US$s (US loans on the the world, oil, food, minerals, natural gas, IMF credits, World Bank loans), be valued?
2. Will item 1 occur before the US looses its AAA credit rating?
dhome, sydney, australia
Nah, nah, you've got it all wrong. The *Clock* is the one that has the problem! Lets just blame the Clock
Cora, Minneapolis,
Why has a country with such a demonstrable inability to exercise any economic discipline got custody of the world reserve currency?
"Most of our debt is to our own citizens in the form of bonds and the like." Check @ the FED to find China, Korea, Singapore, Saudi Arabia, Kuwait, EU, Russia etc
dhome, sydney, australia
Stop the spending money on Iraq, stop cutting taxes to the wealthy, stop the trade deficits, and may I go on...
This administration has destroyed the economy, there is no one to blame but themselves. This clock is another sign that our administration is incompetent on many variables.
Nolan, Huntington Beach, U.S.A.
With such an obvious failure to manage this debt, and with a political election coming next month, you have to ask yourself what else you would like the federal government to manage for you? Was it health care you want them to manage? Is that what I'm hearing?
Bob, Fargo, USA
I just want to make one thing clear, as a citizen of the United States, there are times when I'm glad I live in my country. This is not one of those times.
Ben Hansen, Duluth MN, USA
No no...don't change the clock! Leave it just as it is - maxed out. If you simply add digits, then it will undermine the reason it was placed there. It was placed there to help identify the problem. By adding MORE placeholders it will undermine the magnitude of the problem. It is a symbol.
Shawn Anderson, New Britain, USA
@Hans:
Most of our debt is to our own citizens in the form of bonds and the like.
Katie Grutsch, Peoria, US
So, if the US is this much in debt, who do we owe the money to??
Not UK, not France of China or Russia. Germany? Switzerland?
Or the World Bank?
Hans, NY
Hans Pedersen, New Rochelle, USA
The US also has the largest current account deficit of all countries listed in the CIA world fact book (according to wiki). By any measure of economics the US is bankrupt. I expect the Chinese bailiffs will be visiting soon to collect their TVs.
Oh, and the UK ain't doing much better either.
David, London, UK
It has taken 19 years to go up four-fold so should last for 66 years or so with two extra digits assuming that the first differential is constant (about 7%).
Of course if the second differential is +ve (i.e. rate of increase is increasing) it could take a lot less.
John Wood, Hull, UK