And if that wasn't terrifying enough, the Fed tells us this debt is STILL growing almost THREE TIMES FASTER than the Gross Domestic Product (GDP) -- the combined value of all goods and services produced by the entire US economy!
In fact, 157 big-name public companies now have more debt than assets. You'd expect these big, household name companies to be debt free and rolling in dough. But in reality, they have a net value of NEGATIVE $12.8 BILLION!
Think of it: These companies have a combined market capitalization of $50.4 trillion. That means US investors have shelled out more than $50 trillion for companies that are in effect, WORTHLESS!
Needless to say, investments in those companies are likely to be completely wiped out - reduced to ashes - when this great debt bubble bursts.
It gets worse: I've also identified another 668 big companies that are bleeding so much red ink that they will have a hard time surviving another year - and I am NOT talking about small, obscure companies here:
Think only big companies borrowed more than they could repay? Think again! Just about every type of business you can name -- from the smallest "mom and pop" shops to the largest multi-nationals -- are now so buried in debt there's little hope they'll ever dig themselves out.
No wonder corporate credit ratings are plummeting. No wonder there have been as many as 3 corporate credit downgrades for every 1 upgrade for 10 quarters in a row. And no wonder a fourth of all junk bonds are trading at "distressed levels."
This Debt Disaster Has Put Some of America's Biggest Banks At EXTREME RISK Of Failure!
It doesn't take a Nobel-Prize-Winning economist to figure out that unpayable debts at major corporations and thousands of smaller businesses is potentially devastating news for banks. Already ...
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