Rather than issuing new national government bonds, everybody, from Germany (debt: 81% of GDP) to Italy (120%) would issue only these joint bonds until their national debts fell to the 60% threshold.
And crucially, that collateral (mostly national sovereign bonds), has been marked to current market value.
If the EFSF is going to purchase bonds then national parliaments will have a say.
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Sociologist Dr Anthony King said the flag's influence would create "a new national community with social bonds springing from sport".
The U.S. government still owed trillions of dollars to investors who hold U.S. Treasury bonds (the national debt, which is the accumulation of years of budget deficits).
Politicians will no longer be able to force their banks to support national firms or buy their government bonds.
Tribal bonds remain stronger than national identity in Kenya, with the country's 36 million people claiming allegiance to around 40 different tribes.
Mr Ackermann also said he was opposed to the idea of eurozone-wide bonds replacing those of each national government.
Interestingly, on 14 October 1991, two members of the Center for Security Policy's Board of Advisors made essentially these points in separate speeches to the National Leadership Conference of the State of Israel Bonds Organization in Washington.
While those bonds are expressly non-transferable, which means they cannot be sold to the general public, the federal government can sell new bonds to the public to pay off these Social Security bonds, without exceeding the current national debt limit.
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And on top of that there would be a huge write-off of the separate 50bn euros of Greek government bonds held by the ECB and eurozone national central banks.
William Pitt the Younger, however, discovered the downside of discounted bonds when he tried to reduce the national debt during the lull between the American war and the Napoleonic wars.
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The president does not have discretion under the Constitution to refuse to pay interest and principle on the national debt, including the Social Security trust fund bonds, as long as he has the money to do so, which he would even without an increase in the debt limit, or taxes, as explained above.
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Backed by national treasuries and an endless supply of future taxpayers, bonds presented the potential for appreciation but, mostly, a reasonably safe income flow.
In fact, since the announcement of the OMT, national banks in peripheral economies have been buying more government bonds than ever, apparently strengthening those links.
The Germans, ever fearful that they may be asked to pick up the bill for the profligacy of others, are already squashing any talk of issuing joint euro-area bonds to relieve some of the pressure on national governments.
Their knowledge and techniques express community identity, reinforce social bonds, and build stronger local, regional and national identities.
If Washington had issued bonds the way the private sector does, the national debt would today be several hundred billion dollars less.
Shifting the composition of the trust fund's portfolio in itself raises neither the savings rate nor national income: the fund would own more shares and fewer bonds, the private sector more bonds and fewer shares.
"The start of the president's second term and the formation of a new Israeli government offer the opportunity to reaffirm the deep and enduring bonds between the United States and Israel, " said National Security Council spokesman Tommy Vietor.
Investment bonds were launched in 2011 by Tesco, John Lewis and National Grid.
Some people have questioned the use of city bonds to buy the land which will be given to the National Archives for the library.
In earlier proposed plans for the company, which has strong links to the dominant political party the United Malays National Organization, the government was expected to pitch in with cash to buy bonds issued by Renong.
Europe's banks may have to deal with up to 31 different national and cross-border clearing and settlement systems when trading in European shares and bonds.
The National Development and Reform Commission, the top economic planning agency, is in charge of long-maturity bonds typically issued by major state-run enterprises, while the securities regulator runs a separate exchange-based bond market for listed firms.
By the end of the wars, the government was borrowing all of the money for the fund from the same markets that the fund bought from, in the deluded belief that reinvesting the interest on the bonds held by the fund would yield compound returns sufficient to pay off the whole of the national debt.
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City had used its securities affiliate, National City, to prop up the bank's own stock by flogging it to customers and to sell bonds that its own analysts deemed dubious.
Two-year Treasury notes now yield significantly more than 30-year bonds--and that's not just because in a decade or so long-term government bonds may be listed as an endangered species because of the reduction of the publicly held portion of the national debt.
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