The mystery of the missing $2.9 trillion

Like most people, economists love a mystery – especially if it involves not a missing person but a missing $2.9 trillion in United States debt.

That’s $2.9 with 11 zeros after it.

Some words of explanation: Every quarter the Department of Commerce comes up with the US “International Investment Position.” At the end of 2006, for instance, the US had a net negative position – by this measurement of international assets and liabilities – of $2.6 trillion. In other words, the country is by far the world’s biggest debtor nation.

A quarter century ago, the US was the world’s largest creditor nation.

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1 Comment

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    http://www.whatdoesitmean.com/index1044.htm

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