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Politics : Formerly About Advanced Micro Devices
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To: neolib who wrote (215403)2/2/2005 8:01:12 PM
From: TimF  Read Replies (1) of 1573439
 
My objection to posts from both Tim and you is I'm left with the feeling that you see a difference in investment quality between T-bills and the special treasury notes help by the SS Admin.

The only important difference that I see is that the special notes are owed by the government to itself. If I hold treasury notes its an asset for me. If the government holds federal government debt of any kind it isn't really an asset, or to look at it another way its an asset that also represents and exactly equal liability. If it just all netted out to zero it wouldn't be such a big deal but what nets out to zero is the assets that the government is supposed to use to pay back current and future retirees, which is a problem if the net value of that "asset" to the government as a whole is zero.

Tim
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