The trust fund holds Treasury bonds; when these are redeemed, the needed cash can be raised only by borrowing, taxing, or cutting other programs.

信托基金持有国债，当其被赎回时，所需的现金只能通过借征，税收或是削减其他项目来增加。

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And buyers of index-linked bonds have protection against deflation, since they will always be redeemed at their face value or higher.

买入指数关联型债券可以防止缩水，因为总是能够以面值甚至更高值赎回。

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As bonds are redeemed, you redeploy the money at the new higher rates.

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And when the Treasury does, total government debt subject to the debt limit falls by the amount of the redemption thus freeing up the Treasury's ability to issue new bonds equal in amount to the redeemed Trust Fund bonds.

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There would be no sacrifice by German taxpayers, as the hard assets would gradually be sold, whereupon the bonds would be redeemed.

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