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title: "House Oversight: Estate Documents (Nov 12) (HOUSE_OVERSIGHT_021050)"
source: "House Oversight: Estate Documents (Nov 12)"
sourceUrl: "https://www.justice.gov/epstein"
date: "2026-01-01"
category: "House Oversight"
eftaNumber: "HOUSE_OVERSIGHT_021050"
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---
On a Net Worth Basis, USA Inc. Also Sits in Middle of Pack vs. Western
European Peer Governments
Illustrative Estimates* of Government Net Worth, 2009
Better Than USA
Worse Than USA
Estimated Government Net Worth as % of GDP
400%
0%
-400%
-800%
-1200%
-1600%
• Cost of Ageing
• Structural Deficit
• Initial Debt Level
Italy
Germany
Belgium
France
Portugal
USA
UK
Spain
Ireland
Greece
Note: *Estimates of government net worth depends heavily on underlying assumptions such as projections for GDP, demographics, policy changes, etc. Net worth
estimates may differ from U.S. Dept. of Treasury's data (used in earlier slides). For more details on underlying assumptions, please refer to Morgan Stanley
Research's Global Outlook piece "Sovereign Subjects: Ask Not Whether Governments Will Default, But How," 8/25/10.
Source: Arnaud Mares, Morgan Stanley Research.
www.kpcb.com
USA Inc. | Consequences of Inaction
Combined With US Dollar's Reserve Currency Status,
Investors Still Prefer USA Inc.'s Debt, For Now
Global Aggregate Foreign Exchange Reserves by Currency, 1999 - 2010*
100%
Other Currencies
Euros
• US Dollars
- US Dollars' Share of Total
417
(US$B)
Global Foreign Exchange Reserves
$6,000
$5,000
$4,000
$3,000
$2,000
$1,000
$0
B www.kpcb.com
75%
1999
2000
2001
2002
2003
2004
2005
2006
50%
25%
2007
2008
2009
2010*
Share of Total
US Dollars'
0%
Note: 2010 data are preliminary and as of CQ3. Source: IMF.
USA Inc. | Consequences of Inaction 418
HOUSE_OVERSIGHT_021050
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