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All accounting is numbers on a ledger. Money is just a piece of paper...a IOU...Are you saying that bonds and notes are just accounting gimmicks ?
Does the government owe SS $2.6 trillion or not ? Saying that the government will have to shut down if the debt ceiling isn't raised is the big lie. The Government will still collect over three fourths of there spending, so at worst one fourth of the government would be shutdown.
The government isn't going to take peoples 401K's and IRA's, people would just stop putting money in them. How will that be a steady stream ?
The government does owe SS just as they owe China or anyone else that holds T-Notes. Investors have been getting out of emerging markets bonds in anticipation of higher rates in treasuries. Those emerging markets have had to raise their rates to attract investors, like China. China is more willing to take a higher risk for higher rates then most investors.
Now if you want to go long or to short bonds then you would want to go with an ETF like IEF or PST, they trade like stocks and makes it a lot easier. At this time I would go with the PST.
Japan has had to sell treasuries to back up their currency, they don't like it to be more then a 100 to the dollar.
Anyway I have to do payroll tomorrow, so not my best day of the week. Then I get what's left Saturday, and sometimes there is some.