Whoops: PolitiFact's 'Lie of the Year' Turns Out to Be True

[Ricter]

Quote from Tsing Tao:

No, it's not, and we do not, for the aforementioned reasons (re-read the post and feel free to ask questions if you are confused). Unless, of course, you are generalizing and considering every possible entity that operates in the jurisdiction of the United States as "ourselves", which is silly.

Thanks.

Most of what we owe is to ourselves. You need to stop rereading... zerohedge, it's silly. Thanks.

 

[PHOENIX TRADING]

Quote from Ricter:

Most of what we owe is to ourselves. You need to stop rereading... zerohedge, it's silly. Thanks.

Ok I'll bite, how much of that debt do YOU OWN?

ok good now subtract that 5$ from what YOU OWE, from which the gubbermint has BORROWED ON YOUR BEHALF.
Now, don't you feel better?

 

[Tsing Tao]

Quote from Ricter:

Most of what we owe is to ourselves. You need to stop rereading... zerohedge, it's silly. Thanks.

So instead of debating the point, you simply repeat your flawed statement (because you know it is incorrect) with no support whatsoever. Incidentally, none of my analysis here came from Zerohedge, but I don't expect you to know truth when it's shown to you.

The Fed is not "ourselves". It is a private bank that has no intent in paying it's interest to the US tax payer. The US Civil service Pension fund is not "ourselves". It is a pension fund designed to divest some of it's earnings into "Safe", low volatility instruments and gain the meager interest it pays so it can pay that later to civil service employees that have retired.

So, too, with the military retirement fund, but that is obviously for those in the military. None of this goes back to the US Taxpayer Public. Key word for you: Public.

Who is the public?

These guys:

Quote from Ricter:

Actually, most of that is from mom, dad, and the grandparents buying treasuries, on their own or through an investment agent.

You do realize that you don't have to admit you are wrong to actually be wrong, right?

 

[Ricter]

Quote from Tsing Tao:

So instead of debating the point, you simply repeat your flawed statement

You do the same.

Most government liabilities are Fed and public assets.

 

[Tsing Tao]

Quote from Ricter:

You do the same.

I just did. Several times.

Quote from Ricter:
Most government liabilities are Fed and public assets.

Yes, Fed AND Public assets. But the Fed is NOT the public. So saying "most" (aka the majority or 50+ %) is owned by moms, dads and grandparents is outright false. Subtract the Fed from that and you have a small percentage actually owned by the public.

 

[Ricter]

Quote from Tsing Tao:

I just did. Several times.

Yes, Fed AND Public assets. But the Fed is NOT the public. So saying "most" (aka the majority or 50+ %) is owned by moms, dads and grandparents is outright false. Subtract the Fed from that and you have a small percentage actually owned by the public.

Fair enough. Still, most of what we owe is to ourselves. As to foreign debt, most of that is offset by foreign investments.

 

[Tsing Tao]

Quote from Ricter:

Fair enough. Still, most of what we owe is to ourselves. As to foreign debt, most of that is offset by foreign investments.

From a sovereign argument, you are correct. However, I would argue that it is worse to have the Fed buy "most" of the treasuries, and not the market (which is primarily made of foreign entities). We're monetizing, and it's not smart. Forget about the whole inflation and printing money argument. It keeps rates artificially low and enables idiot politicians to spend without concern of efficiency.