Who owns America? Hint: It's not China
Editor's Note: The following piece comes from Global Post, which provides excellent coverage of world news – important, moving and odd.
By Tom Mucha, Global Post
Truth is elusive. Â But it's a good thing we have math.
Our friends at Business Insider know this, and put those two principles to work today in this excellent and highly informative little slideshow, made even more timely by the ongoing talks in Washington, D.C. aimed at staving off a U.S. debt default.
Here's the big idea:
Many people — politicians and pundits alike — prattle on that China and, to a lesser extent Japan, own most of America's $14.3 trillion in government debt.
But there's one little problem with that conventional wisdom: it's just not true. While the Chinese, Japanese and plenty of other foreigners own substantial amounts, it's really Americans who hold most of America's debt.
Here's a quick and fascinating breakdown by total amount held and percentage of total U.S. debt, according to Business Insider:
- Hong Kong: $121.9 billion (0.9 percent)
- Caribbean banking centers: $148.3 (1 percent)
- Taiwan: $153.4 billion (1.1 percent)
- Brazil: $211.4 billion (1.5 percent)
- Oil exporting countries: $229.8 billion (1.6 percent)
- Mutual funds: $300.5 billion (2 percent)
- Commercial banks:Â $301.8 billion (2.1 percent)
- State, local and federal retirement funds:Â $320.9 billion (2.2 percent)
- Money market mutual funds:Â $337.7 billion (2.4 percent)
- United Kingdom:Â $346.5 billion (2.4 percent)
- Private pension funds:Â $504.7 billion (3.5 percent)
- State and local governments:Â $506.1 billion (3.5 percent)
- Japan:Â $912.4 billion (6.4 percent)
- U.S. households:Â $959.4 billion (6.6 percent)
- China:Â $1.16 trillion (8 percent)
- The U.S. Treasury:Â $1.63 trillion (11.3 percent)
- Social Security trust fund:Â $2.67 trillion (19 percent)
So America owes foreigners about $4.5 trillion in debt. But America owes America $9.8 trillion.
For a smart take on how President Obama and House Republicans should end gridlock over debt and deficits, see our new GlobalPost series The Negotiator, which features Wharton's negotiation guru Stuart Diamond.
And to bone up on China's debt — another potentially big global economic headache — check out this interview with brainy-yet-coherent Northwestern University economist Victor Shih, who spoke with GlobalPost's David Case.
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Now ask me who owns America? The same one who put Life on the map.
You are correct in what you say but go one step further he also own's you. The one who made you also owns you. He gave you freedom of choice when he made you also.
My Question to D. J. Trump on banning Muslims in America: Is he (Donald Trump) planning to ban U.S. permanent residents, legally residing in USA visa holders (like H1-B, L-1 etc.) and Muslim diplomats from Muslim countries and countries with large Muslim populations?
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now to get the government from taking out more and more loans in our name, to give to other countries and idiots ..I mean individuals.
Just so hard to believe that federal agents in the United States only make around 30 k starting out.
It would be interesting to see these numbers updated to 2016 ....
the real numbers are more like 126 Trillion gold bars!!!!
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Glad to hear its not the Jews
The largest holder of US debt seems to be unknown since the figures add up to $10.8 trillion leaving $3.5 trillion of the $14.3 trillion unaccounted for. Why is the 11.3% of the debt that is owned by the US treasury counted as debt? What is sum of state and local debt?
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And that doesn't include wages for work and misery completed between 1619 and about 1965.
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We can always check Dun & Bradstreet by doing a Business Directory search under The United States or under the State of California etcetera to come up with such data as how much the State costs and so on..
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Is there a contract between USA and federal reserve?
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