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Thread: Restructuring of Puerto Rican Dept

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    Senior Member jet3534's Avatar

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    Restructuring of Puerto Rican Dept

    Well for now, it looks the the bond holders will get to take it up the ass rather than the U.S. taxpayer with respect to keeping Puerto Rico afloat economically. It is telling that Bernie Sanders is all upset because of the austerity measures imposed by the debt restructuring. Bernie is a dangerous man. A late starter, but potentially another Moa or Stalin IMHO.

    This Puerto Rican thing is bad juju - it does not bode well for the future.
    Last edited by jet3534; 05-25-2016 at 08:52 AM.

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    I dunno. I heard yesterday that 0bama was going to bail them out. At first he was like f them, I'm not giving them anything, likely because they're not muslim or black. Then he musta figured out it'd hurt America more if he bailed them out, so he's bailing them out.
    Also, on your bond market being bad juju, yes. There's much fear in the major banking institutions of some place, say like PR or some major city defaulting, the world bond market collapses like a string of dominoes, and that pops the rest of the rotten bubble aka the global economy. And all of it is by design. They know what they're doing.
    Last edited by 5.56NATO; 05-25-2016 at 08:43 AM.
    "And how we burned in the camps later thinking, what would things have been like, if every security operative, when he went out at night to make an arrest, had been uncertain, whether he would return alive and had to say good-bye to his family?"

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    Guns Network Lifetime Member #2

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    They screwed the bondholders in GM, I still can't figure out how they got put last in line legally. Because it was illegal. Next up will be all the liberal states that can't live within their means....... The Republicans again roll over and make us question why we bother putting them in power. WTF have they done for us?

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    Quote Originally Posted by 1 Patriot-of-many View Post
    They screwed the bondholders in GM, I still can't figure out how they got put last in line legally. Because it was illegal.

    I'm not sure but it may be in the same wise as what they're about to do to the teamster retirements.

    IE, accept half of what we owe you or get...... nothing.

    I'm guessing every pension (as well as soc sec) is in great danger right now, public or private.
    "And how we burned in the camps later thinking, what would things have been like, if every security operative, when he went out at night to make an arrest, had been uncertain, whether he would return alive and had to say good-bye to his family?"

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    Senior Member jet3534's Avatar

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    Quote Originally Posted by 5.56NATO View Post
    I'm not sure but it may be in the same wise as what they're about to do to the teamster retirements.

    IE, accept half of what we owe you or get...... nothing.

    I'm guessing every pension (as well as soc sec) is in great danger right now, public or private.
    I cannot comprehend the poor fools who think the special issue securities given to the Social Security Trust Fund in return for the money stolen by the Federal Government represent an investment. People who bankrupt pension funds should be given the death penalty. There are few crimes as vile as depriving an old person of a retirement that they paid for over a period of decades. What is wrong with this country that the people are so bamboozled by corrupt politicians? My fear is that when the collapse comes it will be quick, i.e., like the USSR, a country that totally collapsed in about 30 days.

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    Quote Originally Posted by jet3534 View Post
    I cannot comprehend the poor fools who think the special issue securities given to the Social Security Trust Fund in return for the money stolen by the Federal Government represent an investment. People who bankrupt pension funds should be given the death penalty. There are few crimes as vile as depriving an old person of a retirement that they paid for over a period of decades. What is wrong with this country that the people are so bamboozled by corrupt politicians? My fear is that when the collapse comes it will be quick, i.e., like the USSR, a country that totally collapsed in about 30 days.
    Well said, but I imagine nothing will set off a revolution faster than ss and food stamps failing to be mailed out.
    "And how we burned in the camps later thinking, what would things have been like, if every security operative, when he went out at night to make an arrest, had been uncertain, whether he would return alive and had to say good-bye to his family?"

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    Senior Member Viking350's Avatar

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    Quote Originally Posted by jet3534 View Post
    I cannot comprehend the poor fools who think the special issue securities given to the Social Security Trust Fund in return for the money stolen by the Federal Government represent an investment. People who bankrupt pension funds should be given the death penalty. There are few crimes as vile as depriving an old person of a retirement that they paid for over a period of decades. What is wrong with this country that the people are so bamboozled by corrupt politicians? My fear is that when the collapse comes it will be quick, i.e., like the USSR, a country that totally collapsed in about 30 days.
    If they didn't invest the excess funds in government bonds, what would you like them to do with it?

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    Senior Member jet3534's Avatar

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    Quote Originally Posted by Viking350 View Post
    If they didn't invest the excess funds in government bonds, what would you like them to do with it?
    I would like the Social Security Trust Fund to invest the surplus money in a real investment, i.e. the same type of real investments you or I would make. The excess funds are not exactly invested in government bonds. Rather they are invested in "special securities" that cannot be sold on the open market and are backed by nothing. This hardly represent a real investment. Rather it represents accounting chicanery. The key thing to ponder with respect to these special securities is they are NON-MARKETABLE! Pondering that fact should clearly illustrate that the Social Security system is no different than any other ponzi scheme other than there will be political hell to pay when the system becomes insolvent.

    Buying an IOU is not an investment.
    Last edited by jet3534; 05-25-2016 at 03:01 PM.

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    Senior Member Viking350's Avatar

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    Quote Originally Posted by jet3534 View Post
    I would like the Social Security Trust Fund to invest the surplus money in a real investment, i.e. the same type of real investments you or I would make. The excess funds are not exactly invested in government bonds. Rather they are invested in "special securities" that cannot be sold on the open market and are backed by nothing. This hardly represent a real investment. Rather it represents accounting chicanery. The key thing to ponder with respect to these special securities is they are NON-MARKETABLE! Pondering that fact should clearly illustrate that the Social Security system is no different than any other ponzi scheme other than there will be political hell to pay when the system becomes insolvent.

    Buying an IOU is not an investment.
    They are backed by the full faith and credit of the U.S. Government, just like any other note or bond issued.

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    Senior Member jet3534's Avatar

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    Quote Originally Posted by Viking350 View Post
    They are backed by the full faith and credit of the U.S. Government, just like any other note or bond issued.
    Why do you think they can't be bought or sold -- unlike any other bond or note issued?

    To make one final point I will quote from what the U.S. Government says (2000 budget) about the fund in their own words (taken from the Heritage Foundation web site).

    These [Trust Fund] balances are available to finance future benefit payments and other trust fund expenditures--but only in a bookkeeping sense. These funds are not set up to be pension funds, like the funds of private pension plans. They do not consist of real economic assets that can be drawn down in the future to fund benefits. Instead, they are claims on the Treasury, that, when redeemed, will have to be financed by raising taxes, borrowing from the public, or reducing benefits or other expenditures. The existence of large trust fund balances, therefore, does not, by itself, make it easier for the government to pay benefits.
    Last edited by jet3534; 05-25-2016 at 09:48 PM.

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    Team GunsNet Silver 07/2012 Hobe Sound AK's Avatar

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    P.R. is just Hawaii on our Side of the Country, you watch we will be doing the same thing for Hawaii! Paul
    Honored Nephew, of RM2. Robert E. Truitt, CA-35, U.S.S. Indianapolis, 30-July, 1945.

    In Loving Memory of CW4. Paul E. Truitt 22-September, 1929, 23-February, 2018.

    In Loving Memory of Montell W. Truitt 8 March, 1933, 3 June, 2021

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