528 billion dollars.
The US government sold a whole boatload of debt last year, and inquiring minds looked on in some real amazement as each auction went off without a hitch.
So they kept on inquiring, and noticed something worthy of inquiry in the 2009 auctions:
No one seems to know who bought some 520 billion dollars worth of government debt.
It wasn't foreign interests. They bought the biggest block, nearly 700 billion dollars worth.
Then there is The Fed, who bought some 286 billion.
Then there is the amorphous 'Household Sector', who account for some 528 billion dollars.
But, it's not clearly defined who the 'Household Sector' actually is, and that's what inquiring minds want to know. $528 billion is still a lot of money, even here in the Land of Hope and Change.
So, if you trip across it, make sure you let the proper folks know. They might be missing their 528 billion in T-Bills. I know I sure would.
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