$37T and counting. But nobody seems to want to ask who is on the receiving end of that pile of notes.

• $15.16 trillion (42 percent) is held by US private investors and entities, mostly in the form of savings bonds, mutual funds and pension funds.
• $7.36 trillion (20 percent) is held by intra-governmental US agencies and trusts.
• $4.63 trillion (13 percent) is held by the Federal Reserve.

Among individuals, Warren Buffett, through his company Berkshire Hathaway, is the single largest non-government holder of US Treasury bills, valued at $314bn.

Just something to think about when we hear how we’ve got “too much” debt and people start worrying about who will get paid back first.