[lbo-talk] Krugman: The Zombies Who Ate Alan Simpson's Brain

[Max Sawicky]

It is not lying to say the Fund has bonds, the law obliges the Gov to redeem
the bonds, the law can be changed hence the status of the program depends on
the program's political support.  Wages depend on class struggle too, but
you wouldn't say a wage increase is meaningless because it can be taken
away.  By contrast, it is inaccurate to say the bonds are worthless, any
more than that bonds held by private parties are worthless.  After all, the
latter's value can be erased as well by political actions (e.g., inflate
away their value, tax away their proceeds, or just default on them).

Why disparage the defensive institutions and benefits won by the working
class?

On Wed, Jun 23, 2010 at 12:01 PM, Doug Henwood <dhenwood at panix.com> wrote:


>
> On Jun 23, 2010, at 11:47 AM, Max Sawicky wrote:
>
>  Granted repayment or default on the bonds is a political matter, hence
>> 'money of the mind,' but as Daniel Moynihan said in one of his infrequent
>> spasms of lucidity, if people believe the Trust Fund is meaningless and
>> the
>> program broken, it's easier to take it away.
>>
>> Ergo dogging the Trust Fund is unhelpful.
>>
>
> So let's lie about it instead?
>
> ___________________________________
> http://mailman.lbo-talk.org/mailman/listinfo/lbo-talk
>