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Politics : Sharks in the Septic Tank
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To: Win Smith who wrote (21235)8/9/2001 5:59:48 PM
From: TimF  Read Replies (1) of 82486
 
Tim, let's try another line. The Fed holds a lot of treasury bonds. Do you think those bonds are as meaningless as the bonds in the SS trust fund alleged are? Greenspan would be interested to hear that, I imagine.

They are meaningless in terms of the government actually gaining an asset. I don't think anyone even tries to claim that there is some massive "Fed trust fund" which could be spent, and which means we don't have to worry about government debt so much. They are potentially useful in terms of how the fed can use its holdings to manipulate the money supply. Whether or not the fed should be trying for anything other then monetary stability is an entirely separate topic.

Tim
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