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View Diary: This Isn’t Shared Sacrifice. It’s Scared Sacrifice (50 comments)

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  •  The SS Trust Fund is solid (5+ / 0-)

    because by legal tender status the same obligation that covers the trust fund and the special issue securities are the kind that cover all treasuries which are knows as the safest investment and no one has ever defaulted before(though you're right that they government has borrowed from it but the government is also legally obligated to pay it back from that and the Greenspan Commission's deal).

     The trillions of dollars the rich get are redeemable. The 600-7000 trillion derivatives market is more than the whole worth of the entire world and those are insurance contracts known to be a bad investment ever since Long term Capital Management collapsed(because Bill Clinton, Greenspan, and Rubin didn't listen to Brooksley Born), so it's not the same thing as money, though both involve a contract. One a social contract and one that allows everything in our country to operate and one created on bundling multiple risky garbage assets into CDOs and tranches with insurance contracts on them no one is going to honor unless they are found to b invalid.

    But yeah, Galbraith knows a whole lot the President doesn't know like how the federal budget operates etc. Bill Mitchell. Marshal Aurback. etc.

    This whole debate either shows the president is stuck on stupid or he's up to something.

    Pro Life??? Conservatives want live babies so they can raise them to be dead soldiers!- George Carlin

    by priceman on Mon Jul 25, 2011 at 08:40:53 AM PDT

    [ Parent ]

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