Skip to main content

View Diary: China Cuts US Credit Rating. Obama Cuts Hawaii Vacation Short. (171 comments)

Comment Preferences

  •  Gimmick? (1+ / 0-)
    Recommended by:
    ozsea1

    I don't agree that investing surplus money (such as the surplus that the social security trust fund accumulated up until this decade) in the US Government is a gimmick.  Exactly what would you have them do with the surplus?  US Government treasury notes and bonds are the safest investments in the world and is where people, governments and businesses invest their money when they want it to be in a safe investment vehicle.  I don't understand why you feel like that is some sort of gimmick.

    [Terrorists] are a dime a dozen, they are all over the world and for every one we lock up there will be three to take his place. --Digby

    by rabel on Wed Dec 26, 2012 at 10:23:24 AM PST

    [ Parent ]

    •  I repeat (2+ / 0-)
      Recommended by:
      chuck utzman, Wolf10
      All social security, medicare and Lockheed Martin payments come out of the same Treasury General Account at the Fed.
      Despite what you believe, the government does not store up dollars for future use any more than the scorekeeper at Fenway Park stores up points for future games. I'm afraid you fundamentally misunderstand the nature of fiat money.

      And this:

      US Government treasury notes and bonds are the safest investments in the world and is where people, governments and businesses invest their money when they want it to be in a safe investment vehicle.  I don't understand why you feel like that is some sort of gimmick.
      Isn't it nice of us to provide the wealthy with not just a safe place to store their money, but one that guarantees payment of interest in addition to the elimination of risk. Where is it, exactly, that you find this accord in the social contract or the constitution?
      •  Yep, you're off the deep end (0+ / 0-)

        Sorry, bub, but you're not nearly as smart as you think you are.  I do in fact understand that the government takes the bond income and uses it in the general fund. You cannot, and will not, provide any explanation as to why that's a bad thing, and you cannot argue against why a US government backed bond is not the safest investment in the world.

        As I stated, government bonds are not just a tool for the wealthy. You really don't have any credibility or room to stand on with your little conspiracy theories gleaned from the worst of Glenn Beck and Libertarian scare-mongering.  

        It's perfectly acceptable for the US Government to raise funds by selling savings bonds and treasury notes and to then provide a guaranteed return on that investment.  Banks do it, other governments to it, States and Local governments do it.  You're really out there, Old Surgeon.  

        Go on back to your little gold-standard CT web sites and argue with your equally-ignorant little peers about "fiat" money and other ridiculous bullshit that has absolutely no basis is reality. Hey, I know, why don't you go buy yourself some of those Ron Paul dollars - I hear they're a great investment.

        [Terrorists] are a dime a dozen, they are all over the world and for every one we lock up there will be three to take his place. --Digby

        by rabel on Wed Dec 26, 2012 at 03:58:14 PM PST

        [ Parent ]

        •  Are you a completly out to lunch or what? (0+ / 0-)

          The one thing you seem obsessed with is gold and paulism, both of which I find ridiculous positions. One would have to be illiterate to read some latent desire for a return to the gold standard from any of my writings on this site or any other site. I have stated repeatedly that abandonment of the gold standard was the re-institution of monetary sovereignty, and was one of the most important and positive economic developments of the 20th century, but we haven't quite figured that out yet. That's why we modernized the monetary system and nothing changed but the actors. You clearly have no understanding the arguments I have made or of the US monetary system and its interplay with fiscal policy. Go study some MMT and get you head out of Ron Paul and his idiocy.

          •  Yep (0+ / 0-)

            You cannot, and will not, provide any explanation as to why that's a bad thing, and you cannot argue against why a US government backed bond is not the safest investment in the world.

            [Terrorists] are a dime a dozen, they are all over the world and for every one we lock up there will be three to take his place. --Digby

            by rabel on Wed Dec 26, 2012 at 08:10:33 PM PST

            [ Parent ]

            •  I never said what you claim - you did! (0+ / 0-)
              You cannot, and will not, provide any explanation as to why that's a bad thing, and you cannot argue against why a US government backed bond is not the safest investment in the world.
              Since I never made such a statement I have no reason to defend it. That was all your inability to comprehend plain language. But no matter, I respect your intellectual limitations. If that's how you choose to perceive the world, have at it. I hope it serves you well.
              •  Yep (0+ / 0-)
                Isn't it nice of us to provide the wealthy with not just a safe place to store their money, but one that guarantees payment of interest in addition to the elimination of risk. Where is it, exactly, that you find this accord in the social contract or the constitution?
                You cannot, and will not, provide any explanation as to why that's a bad thing, and you cannot argue against why a US government backed bond is not the safest investment in the world.

                You sir, are a joke.

                [Terrorists] are a dime a dozen, they are all over the world and for every one we lock up there will be three to take his place. --Digby

                by rabel on Thu Dec 27, 2012 at 09:03:43 AM PST

                [ Parent ]

                •  I asked a very specific question which you quote (0+ / 0-)

                  but don't bother addressing. Obviously, you believe that it is a good thing for the people to pay financial elites to store their money risk free for them. I think it is a foolish thing for us to do for reasons I have already stated and that are self evident from my statement. As for your personal insults, I consider the source and laugh at the clown acting the fool. But now I have gown weary of your sad attentions so I bid you farewell.

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site