April 30, 2005 Vortex, Hi Keith, I do not believe Pres Bush understands what he is talking about which is a Shell Game. And Who pays off (if ever) the "Special" bonds? We do(citizen taxpayer). And who pays off the gov. bonds of any kind? We do. Its a sucker game all around while the "Legal Tenders" are printed in ever increasing numbers as most people don't get it, blaming it on "inflation". I believe that is one of the reasons the Eurodollar and the EU was created. We'll see if it itself works. Watch out when nations start to demand purchases and payments in Eurodollars. Why should central banks of nations keep their currency reserves in so called Federal Reserve U.S. Gov. bonds which loses value faster than the interest it accrues? Alexander Hamilton established the sound Dollar that held its intrinsic value but this was deteriorated and eventually destroyed by today, according to history. Let's see if financial chaos eventually appears someday. I hope not for my nation but its getting pretty slippery as politicians of unwashed principles try to figure it out.
-ak- > [Original Message] > From: Keith Nagel <[EMAIL PROTECTED]> > To: Vortex <vortex-l@eskimo.com> > Date: 4/28/2005 8:54:59 PM > Subject: OT : Social Insecurity > > Mr. Bush on Social Security...tonite. > > ///// Mr Bush sez: > > In a reformed Social System, voluntary personal retirement > accounts would offer workers a number of investment options > that are simple and easy to understand. > > I know some Americans have reservations about investing > in the stock market, so I propose that one investment > option consist entirely of TREASURY BONDS, which are backed > by the full faith and credit of the United States government. > Options like this will make voluntary personal retirement > accounts a safer investment. > > ///// Mr Bush continues... > > Now, it's very important for our fellow citizens to understand > there is not a bank account here in Washington, D.C., where we > take your payroll taxes and hold it for you and then give > it back to you when you retire. > > Our system is called pay as you go. You pay into the system > through your payroll taxes and the government spends it. > It spends the money on the current retirees and with the money > left over, it funds other government programs. > And all that's left behind is file cabinets full of IOUs. > > ////// Hmmmmm.... IOUs? What are those? Sounds risky... > > From the US government site Social Security Online > http://www.ssa.gov/qa.htm > > Social Security is largely a "pay-as-you-go" system with today's taxpayers > paying for the benefits of today's retirees. Money not needed to pay today's > benefits is invested in special-issue TREASURY BONDS. > > ////// Oh, so those IOU's are TREASURY BONDS. How about that. Comments? > > K. >
