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  • From: tvoivozhd <tvoivozd AT infionline.net>
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] Gambling with retirement monies
  • Date: Sat, 05 Feb 2005 10:08:01 -0500

Clansgian AT wmconnect.com wrote:

In a message dated 2/5/2005 7:25:17 AM Eastern Standard Time, genegerue AT ruralize.com writes:



You seem to think that the very last geezer is going to get their full
measure of SS right up until the US goes bankrupt.

Please do not put words into my mouth. I have offered my views. You are welcome to disagree.


Not this time, Gene. I only said "seem to say" out of decorum. That's what you've repeatedly said. To wit: Whenever anyone points out that the "trust fund" had no money in it, you follow with the saw that it doesn't matter if there's no money in it, the money is de facto there until the US goesbankrupt.

The 'trust fund' is an IOU the government has written to itself. It can resolve it, if it chooses, by crumpling it up and throwing it away ... exactly as
you could do if you found an IOU in your pocket written by yourself to yourself. A change in political climate might produce just those results.

James
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tvoivozhd---the Social Security IOU's and the IOU's and the IOU's to China, Japan and Saudi Arabia are all Federal bonds. Congress can and probably will pass legislation to lower S.S. benefits coupled with some real or imaginary carrot---but it will not
selectively cancel existing bonds which all other bondholders would interpret as forerunner of default on their bonds..
It would be interesting to watch this scenario, but unless the U.S. has an economic meltdown like the Soviet Union whose military budget suffocated the economy, it isn't going to happpen (though our military budget is dangerously suffocating)The juice is temporarily turned off the S.S. "Third Rail", but Bush and Congress are going to be VERY careful not to depart from political reality and turn the juice back on to electrocute them politically.

And they are going to be equally careful not to further alarm the already alarmed China, Japan and Saudi Arabia---brings to mind the Weimar Republic and people wheeling around a wheelbarrow full of worthless paper currency to buy a loaf of bread.





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