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The Trust has been redeeming since 2010. It is cash flow negative in that the SS revenue coming in is less than the benefit payments going out. This is in part due to the reduction in the SS Employee Tax, the high level of unemployment in a stagnant economy, and by the demographic trend of...

Piezo you admit, as I said above, that the jist of our disagreement is in the nature of what a 'special government obligation' is, compared to a marketable government security. The rest of you thoughts about the legitimacy of SS as a social program, at least in its intent if not its present...

Its funny, if you read the thread, back and forth, you will see, piezoe, that you agreed with all of my substantive points. It comes down to you thinking that a Gov't political IOU is as good as a Gov't. bond. We will see, it may turn out that way, but you also concede that the terms of the...

No, I gave you free expert opinion as a licensed attorney, you moron.

Piezoe, we went through this once before. In order for SS to sue the Treasury for performance on an IOU...you would first need a leagal security...which provides a legal remedy in the event of default; which you don't have. I know you refuse to understand that, so lets just assume that you...

Well, I have been short Spanish Banks for over a year and I am Short Europe generally through the ETF, "EPV"; I own some gold physically and I am short the GDX and the SDS. I sold my big house last year, now rent...kept the Ski house as a retreat. I hold a cash position. My longs are in...

Piezoe, you just don't know how to read the SS site...take this from the spin you pasted: "How are the trust funds invested? By law, income to the trust funds must be invested, on a daily basis, in securities guaranteed as to both principal and interest by the Federal government. All...

I am done with your obfuscation, this is just more. You are just playing games now. We have no more claim on SS assets then we have on our other taxes. They will means test and poof, those who paid the most will get nada. Grow up and tell the truth. There is no there there, your claims...

You imply that if they bail out the banks then everyone will get to keep thier savings and thier pensions whole. Looks like they are in trouble either way.

Iceland refused to bail out its banks and its banks failed. The savings of the people of iceland were partly reimbursed by the Gov't, but the Gov't refused to stand behind Dutch and UK 'ice-savers' who lost high yield deposits in Iceland Banks. To rebuild its credit structure Iceland borrowed...

Piezoe, I am done with this again. You have admitted all my pionts but you continue obfuscate the issues with smarmy false assertions and accusations as if you hadn't already concede the substance. The difference matters...shit and chocolate are both brown but there is a substantial...

I am not aware of any constitutional mechanism to throw a country out of the Euro. I think from a practical sense if you witheld other subsidies in agriculture and such, you would encourage them to leave on their own.

Ghost, Greece and now Spain are out of the credit markets now. When you take IMF or EFSF money that money gets a priority and you lose your access to public markets, becuase public investors don't want to be subordinated. That is why the Spanish bank bail out is falling apart in its first day...

They borrow it from themselves. Why are you being such an idiot about this. Can't you tell the difference between intergovernment lending and lending to thir parties by contract. Don't you appreciate the difference between taking the surplus money and putting a note on the account that you...

Piezoe, you must know that all the SS payrol tax funds paid to the U.S. Treasury are credited to the SS Trust Fund account. At the same time all the benefit expenses paid by the U.S. Treasury are deducted from the SS Trust fund account. In the event that there is a surplus, the U.S. treasury...

The European Banking Authority required that EU banks achieve a Tier I core capital ratio of 9% by the end of June 2012. This is preperation for the full compliance with Basell III. I am not aware that the Tier 1 caital requirement has been extended.

Piezoe, you admit that the deficit of SS benefits due agains SS revenue will be paid by borrowing money from private investors. The amount of borrowing will accelerate dramatically for demographic reasons from here forward. You minimize this problem and dismiss the truth that the Special...

Swan, the reason they are moving now is because of the Banks. Under a EMU mandate last year the EU Banks had to meet a Basll III capital threshold by the end of this month. If Greece or Spain reverts back to there old currency the new currency will be immediately reduced by an estimated 50%...

Piezoe, you are just wrong. A treasury bill is a contract that can be enforced at law. The Special Government Securities are not a contract that can be enforced at law. They are a political promise to borrow money in the future. They assume a political will to do so, and they assume a market...

You read the reports and you look at the SS site Piezoe bu you don't know what you are reading, or if you do then you intentionally misrepresent. There are not real assets there; its all Orwelian language deceit.