How do you define a bond?

In many ways a bond is an IOU. But, whose IOU is worth more: mine or that of the US government? President Bush may prefer mine as yesterday in his visit to the Bureau of the Public Debt he dismissed the bonds of the US by declaring, “There is no trust fund (i.e. Social Security trust fund), just IOUs that I saw firsthand.”

Let’s hope that the holders of the US bonds financing our deficit ways don’t think the same way as our President.