John Vertegaal wrote: > ... When economists of > all stripes are transfixed by the "power" of investment funds that is > flowing from a vulgar accumulation of money, all the while fully > realizing that whenever growth is required, money can and will be freely > created out of thin air, then not only have the inmates taken over the > asylum and in effect are running it, but the power they confer on > financial markets is just as bogus.
It's not the social security trust fund that's "powerful." Rather, it's the US federal government, which has the power to tax people enough to pay the interest on that part of its outstanding debt held by that fund and to pay for those bonds when they are sold. Currently, not only is the federal government powerful enough, but it's legally obligated to do so. -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
