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Economy

mbperrin

(7,672 posts)

2. I own not one dime of government securities, which is how we finance the national debt.

Reply to Tansy_Gold (Reply #1)

Sat Dec 31, 2011, 03:08 AM

Dec 2011

China, Japan, UK, oil exporters, Brazil and lots more:

http://www.treasury.gov/resource-center/data-chart-center/tic/Documents/mfh.txt

own nearly $5 trillion or a third of it, while big banks, insurance companies and so on own the rest.

None of these are me. I don't owe myself a damn thing, but you can be sure I owe all those on this list.

If we really "owed it to ourselves" we could just forgive ourselves and move forward.

Sorry.

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Debt Is (Mostly) Money We Owe to Ourselves [View all] phantom power Dec 2011 OP

Well, correct me if I'm wrong, but Tansy_Gold Dec 2011 #1

I own not one dime of government securities, which is how we finance the national debt. mbperrin Dec 2011 #2

Well, that's pretty much what I meant Tansy_Gold Dec 2011 #3

You've said it well, and flawlessly. mbperrin Dec 2011 #4

The Federal Government does not have to obtain money (American dollars) from any one. Sam1 Jan 2012 #6

Please cite the economist and formula that shows that government debt creates savings in the private mbperrin Jan 2012 #10

You have a degree in economics and have never heard (or studied) the chartalist perspective? jtuck004 Jan 2012 #18

I see now. It's the rather old fashioned notion that money is meant to be a store of value. mbperrin Jan 2012 #19

Yep, goods and services much more modern. Better go round up some goats jtuck004 Jan 2012 #20

Didn't read a word, did you? The money is a CLAIM for goods and services. mbperrin Jan 2012 #21

What really has value is human potential, not goods and services, and not jtuck004 Jan 2012 #22

I posted this in response to someone else. JDPriestly Jan 2012 #9

This is a little different because Tansy_Gold Jan 2012 #12

Money from the Social Security Trust Fund which was created because JDPriestly Jan 2012 #14

Exactly. And furthermore, Tansy_Gold Jan 2012 #15

So, if you can afford it, invest for yourself also. JDPriestly Jan 2012 #16

If you have paid your payroll taxes -- your Social Security taxes -- your old-aged JDPriestly Jan 2012 #8

I pay the Teacher Retirement System of Texas. mbperrin Jan 2012 #11

Repudiate the national debt and let the chips fall where they may. Or Blue Hen Buckeye Jan 2012 #5

I wonder what portion of the debt is owed to the Social Security Trust Fund. JDPriestly Jan 2012 #7

About 27-30% from memory dmallind Jan 2012 #13

SSA Trust fund = $2.6 trillion - total debt now over $15 trillion banned from Kos Jan 2012 #17