EU asking for a lot of money

[JPFisher55]

At least there is one US citizen who realizes that the social security system has been turned into the "Mother of all Ponzi Schemes."
I'm 52 and I do not expect to receive 50% of what my planned benefits are from Social Security.

[Uglyowl]

Like I said in another thread that it makes me mad that the social security system is a ponzi scheme, but it makes me livid that government officials know it and are not paying into it themselves.

[Legislurker]

[ QUOTE ]
Uh, the Social Security Trust Fund consists of U.S. Treasury obligations, backed by the full faith and credit of the U.S. Government. U.S. Treasury debt is still considered one of the very safest investments in the entire world. It would be blatantly unconstitutional under the Fourteenth Amendment for Congress to simply "tear it up."

It's such a myth that the Trust Fund consists of "worthless paper." Let's see, we have a surplus, that we want to use to keep Social Security solvent for as long as possible. Should we invest it in one of the safest investments in the world, namely U.S. Treasury obligations? Or should we just leave it as a pile of cash in a drawer somewhere, earning no interest whatsoever? Which one sounds like a better plan?

[/ QUOTE ]

Ummm the SS Trust fund really is a bunch of checks in a vault. Whether or not cash will exist that means anything when they are cashed is up in the air.

[DeadMoneyDad]

[ QUOTE ]
Uh, the Social Security Trust Fund consists of U.S. Treasury obligations, backed by the full faith and credit of the U.S. Government. U.S. Treasury debt is still considered one of the very safest investments in the entire world. It would be blatantly unconstitutional under the Fourteenth Amendment for Congress to simply "tear it up."

It's such a myth that the Trust Fund consists of "worthless paper." Let's see, we have a surplus, that we want to use to keep Social Security solvent for as long as possible. Should we invest it in one of the safest investments in the world, namely U.S. Treasury obligations? Or should we just leave it as a pile of cash in a drawer somewhere, earning no interest whatsoever? Which one sounds like a better plan?

[/ QUOTE ]

Acting like the "securities" are actually markible is insane. You try to flood the market with that amount of paper and even the Chineese will start a run on us.

That full faith and credit mean you and me bub!

All the full faith and credit means is the Governments ability to raise taxes to collect anything it needs to pay it's bills.

Well unless we want to start sell off unpopular States, or National Parks? Hey since the Enviros don't want us to drill in ANWAR perhaps we should sell it to the Japonieese they need a nice cheap source of oil and would ultimately buy most the North Slope oil. Russia sure as hell can't afford it.

We have borrowed to the extent the full faith and credit of the US is getting to be near meaningless as realistically at some point the government will be unable to borrw any more. SS is just the most visible ticking time bomb.

But don't listen to me I'm mostly invested in gold and related industries and have been for quite awhile now, well since the US markets stopped working for me in 2000, but they did have a nice 10 year run. But as advice I think most of the move in gold is in the market. But I often get out before a top.

D$D

[JPFisher55]

[ QUOTE ]
[ QUOTE ]
Uh, the Social Security Trust Fund consists of U.S. Treasury obligations, backed by the full faith and credit of the U.S. Government. U.S. Treasury debt is still considered one of the very safest investments in the entire world. It would be blatantly unconstitutional under the Fourteenth Amendment for Congress to simply "tear it up."

It's such a myth that the Trust Fund consists of "worthless paper." Let's see, we have a surplus, that we want to use to keep Social Security solvent for as long as possible. Should we invest it in one of the safest investments in the world, namely U.S. Treasury obligations? Or should we just leave it as a pile of cash in a drawer somewhere, earning no interest whatsoever? Which one sounds like a better plan?

[/ QUOTE ]

Acting like the "securities" are actually markible is insane. You try to flood the market with that amount of paper and even the Chineese will start a run on us.

That full faith and credit mean you and me bub!

All the full faith and credit means is the Governments ability to raise taxes to collect anything it needs to pay it's bills.

Well unless we want to start sell off unpopular States, or National Parks? Hey since the Enviros don't want us to drill in ANWAR perhaps we should sell it to the Japonieese they need a nice cheap source of oil and would ultimately buy most the North Slope oil. Russia sure as hell can't afford it.

We have borrowed to the extent the full faith and credit of the US is getting to be near meaningless as realistically at some point the government will be unable to borrw any more. SS is just the most visible ticking time bomb.

But don't listen to me I'm mostly invested in gold and related industries and have been for quite awhile now, well since the US markets stopped working for me in 2000, but they did have a nice 10 year run. But as advice I think most of the move in gold is in the market. But I often get out before a top.

D$D

[/ QUOTE ]

Amen. The last time I went to Canada, the Canadian dollar was worth $.97. For most of the intervening time, it was worth much less. Now it equals or exceeds $1.00. The federal government is heading for a fiscal train wreck.
But we don't have to lose our freedoms because the federal government goes broke. That is why the fight for our right to play online poker is so important. So is the right to gamble online in your own home.