United States of America
c/o Barack Hussein Obama, Jr., President
January 12, 2012
Re: Your account is overdrawn
Dear United States of America:
We regret to inform you that your withdrawals exceeded your deposits last year by $1,600,000,000,000 ($1.6 trillion), including your “supplemental appropriations” spending.
Your account does have an overdraft protection, and so bonds were sold to cover your $1.6 trillion overdraft. While we value your business, we feel obligated to remind you that this is the third year that your overdraft protection exceeded 10% of your gross national product (GDP), and it seems your account is on course to register yet another $1.6 trillion overdraft in fiscal year 2012.
Currently, your overdraft account exceeds your GDP of $15 trillion.
Quite frankly, we are worried that you have become dependent on extensive overdraft protection–a feature designed to tide the account holder over for a short period of time in near-term expectation of higher deposits or lower withdrawals–and that relying on large-scale overdraft borrowing to cover your basic expenses is now your standard operating procedure.
This violates the intent of the overdraft feature, and as a result we must seriously consider modifying the terms of the overdraft protection on your account.
The Global Bond market
H/t Charles Hughes Smith
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