Comment: Your points

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In reply to comment: Stop attacking Rand (see in situ)

Your points

1. I never made a comparison to Iceland. At any point.

2. This is some kind of circular logic...there is no specific "fund" by which Social Security payments are made from. To say "a large portion of the social security fund is invested in Treasuries" tries to pretend there is such a thing as a Social Security fund. Since there is no fund, essentially all Social Security payments come from existing revenues, regardless of what specific financial instruments the Treasury Department uses to pay them. The Federal Reserve is the largest holder of U.S. Debt.

3. I also dd not make an "assumption" of any kind, I explained the reality of "public debt' vs. "private debt", and 100% of the U.S. debt I am referring to is public debt. Any funds, whether it's the government's own funds or the funds of private citizens, which hold U.S. debt do so as part of the overall coercive tax system. It is not the fault of the man who is being taxed or the man whose money is being inflated that someone else promised his money to a third party. If my neighbor comes to my door demanding all my money and I refuse, the conversation does not change when he says "but I PROMISED I'd give all your money to my sick grandmother."

4. There SHOULD be a rush to sell U.S. treasuries, and there will be at some point no matter what, so there should be no attempt to prop them up. This only encourages further "kicking the can down the road" and further expansion of government. Last time the debt ceiling was raised the U.S. had it's credit rating lowered. The world did not end.

The only responsible thing to do is to denounce and call for an end to the coercive taxation system that allows government to go into debt upon behalf of it's citizens. Any serious analysis of the debt shows that it cannot, under any feasible circumstances, be "paid off", so any attempts to act as such are merely propping up the current system. The debt needs to, at the least, be negotiated down in a Chapter 11 type situation, because any wise creditor knows he won't keep getting paid once the U.S. defaults.

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