Reply #13: Huh? Pt III

[orwell]

I trust Congress? You are not only unfamiliar with me, but must rarely read what I write.

Congress is not the "full faith and credit". Neither is the Pretzledent, nor the Courts. I hate to break this to you but the full faith and credit is us, the taxpayers.

Guess what. Pay as you go is paid by us as well, the FICA taxpayers.

If the guarantor is the same, and we are discussing default, there is no functional difference.

I hate to break the news to you, but the Fed has been inflating since they came into creation. I have been discussing this ad nauseum at DU for years. They need no further incentive. They have stated it as a policy goal. Remember Governor Bernanke's recent bromide: "We'll drop money from helicopters if necessary". Deflation is public enemy No 1 at the Fed.

Over the long term the whole US debt fueled ponzi scheme is going to collapse. The Social Security "crisis" is a distraction from the true structural rot that is our economic system. While we sit here chatting, rearranging the deck chairs on the Titanic, global elite capitalists, and their privileged pundits and blowhards, are quickly dumping dollars and moving assets and capital into the latest greatest growth engines where the rape and pillage will continue unabated.

So in the end, you and I as taxpayers will be responsible for the coming private pension and Medicare bombs (far more imminent and far worse than the SS "crisis" by the way), as we would be no matter what flavor of paper or holding tank it resides in.

That, I'm afraid to say, is the reality of Full Faith and Credit.

Enjoy!