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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (107454)	7/10/2011 9:34:35 PM
From: Wayners	1 Recommendation Read Replies (1) \| Respond to of 224756

Actually the Feds aren't required to do anything. These aren't real bonds in the normal sense. At the whim of Politicans, the bonds can simply be shredded and that's the end of that. Total and utter default. Can you sue and win. No. Yes, the social security statute provides that on the face of the "bonds" memorializing the spent surplus there shall be a notation that they are "supported by the full faith and credit of the United States." But this provision can only kick in if the bonds are actually issued by the U.S. to another party. The statute, however, does not provide for this. In other words, the "full faith and credit" language is illusory. For a bond to be a real bond, there needs to be at least two parties, for example, the U.S. and a citizen who owns a U.S. treasury bond, or the U.S. as owner of a German bond and Germany. The U.S. cannot issue "bonds" to itself and have their terms bind future Congresses. Bottom line: These social security "bonds" are neither assets of the U.S. nor property of workers and their families. Welcome to Bernie Madoff's World.