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It is closer to trading cash today for IOUs with your name on it.

>Sure, in one case the parties are me and the US Department of the Treasury.

It would be the same situation if the DOT taxed you when the T-bills come due.

Trade 1$ for a treasury today. Tomorrow get taxed $1.1 and paid back with your own money.

If you issued the treasuries yourself it would be.

The government issues money as well.

It would not be. The Social Security Trust Fund is called that because money is held in trust for the person who paid into it.

It’s the same concept as a trust, but essentially at scale for multiple parties.