The US Slave Trade
Debt slaves, that is.
U.S. Treasury bond prices climbed after a successful auction of inflation-indexed debt.
"The TIPS auction was better than anticipated, especially the indirect bid."How is this auction any different from the slave auctions in days of old?
[T]he primary catalyst for the market's upward thrust was the auction of $9 billion in 10-year inflation-protected securities.
The sale garnered a high yield of 2.025 percent and drew 1.85 bids per dollar of debt on offer, up from the 1.78 average of the two 10-year TIPS auctions in 2005.
Not only is the bond an obligation, on the tax payer, to pay the value of the bond plus interest over the life of the bond, but this particular bond is inflation-indexed, which means that while our dollars are decreasing in value, theirs are increasing in value.
Coincidence? No. Try causal relationship.
[image edited by vper1]