Friday, July 29, 2011

Feeding the vigilants first

U.S. Contingency Plan Gives Bondholders Priority

The U.S. Treasury will give priority to making interest payments to holders of government bonds when due if lawmakers fail to reach an agreement to raise the debt ceiling, according to an administration official.
The official requested anonymity because no announcement has been made. The Treasury has said about $90 billion in debt matures on Aug. 4 and more than $30 billion in interest comes due Aug. 15. Overall, more than $500 billion matures in August.
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Comment: At a time when the vigilants behave more like sheep than watchdogs, any chicken feed will do to keep them calm in the face of any mega disaster that may be coming.

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