According to a report at MSN Money, at $140 a barrel, two of our best friends, Iran and Saudi Arabia — just those two — could sell their oil reserves (403 billion barrels) for enough dollars to buy the entire United States of America.
Every three months the Federal Reserve estimates the value of our collective tangible assets, financial assets and liabilities to arrive at our net worth. It’s the whole enchilada — all our cars, our houses, our durable “stuff,” bank deposits, stocks, bonds and mutual funds. Everything. Then it subtracts all our mortgages, consumer credit and other debt to arrive at our net worth.
At the end of March, for instance, our collective net worth as a nation was $56 trillion, the second straight quarter it had dropped. Divide $56 trillion by the recent $140-a-barrel price of oil and you get 400 billion barrels of oil as the value of America . . .
Scary.