On the Road to Government Default...

[redcliffsw]

It's an accounting trick. First, the Federal government funds the pension funds with money.  Second, the funds buy Treasury bonds. Third, the government immediately spends the money. It's like Social Security, whose Trust Fund is a pile of IOUs from the government.

It's not about solving the deficit problem.  It's about solving the November election in 2012.
-Gary North

http://lewrockwell.com/north/north1006.html