We reached a major milestone over the last week: the National Debt now stands at $11 Trillion. With another $1 Trillion about to be added I thought it might be interesting to see who owns the US national debt. You might be surprised. In reverse order:
15. Luxemburg: $87 Billion (B)
14. Depository Institutions - US Banks, Savings Banks, Credit Unions: $107B
13. Russia: $120B
12. UK: $124B
11. Insurance Companies: $126B
10. Brazil: $133B
9. Caribbean Banking Centers: $177B
8. Oil Exporters - Venezuela, Iran, UAE, Saudi Arabia, Lybia, Ecuador: $186B
7. Other Private Investors: $413B
6. Pension Funds: $456B
5. State & Local Government: $550B
4. Japan: $639B
3. China: $740B
2. Mutual Funds: $769B
Drum roll please. And the winner is:
1. The Federal Reserve: $4.8 Trillion (although another $1T is about to be added to this number).
So much for the theory that the Chinese and Japanese own the country. Although at a combined $1.38 Trillion they own 12.5% of the national debt.
