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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: J_F_Shepard who wrote (169115)	8/8/2001 11:33:07 PM
From: CYBERKEN	Read Replies (1) \| Respond to of 769667

<<But you are not suggesting that the US government would default on those bonds, are you????>> You are beginning to learn, JF! Faced with a collapsing Ponzi scheme in the multiple trillions of dollars, the US government becomes the Weimar Republic trying to meet reparations that simply can't be paid. No, they don't default like Intel or Microsoft might. That would be gouch, to say the least. Remember who's printing the money! Remember that the dollar, (as well as the private mintings we call stocks) really only find their value in one thing: an intangible public confidence that makes us all accept them for the value shown. No, governments sometimes don't even default when they lose wars and go out of business. Governments seldom need the default option. You print money to meet the nominal obligations on time and with the correct change. You live with the bankruptcy, you don't even sell the national parks and courthouses. You simply keep making the payments, which, of course, become rapidly worthless. And the devaluation creates the momentum of falling productivity and mis-allocated resources that bankrupts the REAL debtor: you and I. Now just take the final, obvious step: If the government no longer OWNS this portion of my savings, they no longer get to take this arcane risk, that so few people understand who have made Social Security into a religious cult. I may find a way to lose it myself, despite the best efforts of assembling a list of "Social Security Approved" investments. Then I have to work until I'm dead, or live off soup kitchens or my kids. Then I could serve a purpose by being pointed at by parents who can say to their kids, "Look, some people actually ARE too stupid to waste the air on." But very few, if any, people are that stupid, unless you CON them into believing that their GOVERNMENT will take good care of them. Social Security, as owned and controlled by the public sector, is a one-way road to EVERYONE blowing their investment savings, and the national economy being swept down the sewer in the debacle. And all because the liberals won't let go of money that they have stolen from the people for decades, and continue to steal every day...