????消失的債券（和信貸）

????假設違約的美國債券將繼續(xù)交易。但這些債券可能不只是價格下跌。它們可能會完全消失。

????美國證券業(yè)與金融市場協(xié)會（Securities Industry and Financial Markets Association）的律師羅布?圖米一直關注政府債券，他表示這些違約證券如果不事先公告，不得交易。結果是這些違約債券將暫時消失。在一段時間內交易員們將無法買賣這些債券，投資者也不能拿回他們的投資。

????僅10月24日一天，美國國債市場就將消失1200億美元。這可能造成信貸緊縮。第二季度，銀行貸款額整體僅增長了750億美元。

????Disappearing bonds (and credit)

????The assumption is that defaulted Treasury bonds would continue to trade. But the bonds might not just drop in value. They could disappear altogether.

????Rob Toomey, a staff attorney at Securities Industry and Financial Markets Association who watches government bonds, says that defaulted securities aren't allowed to trade without advance notice. The result would be that defaulted bonds would temporarily vanish. Traders won't be able to buy and sell them, and investors wouldn't be able to get their money back, for a time.

????On October 24th alone, $120 billion could disappear from the Treasury market. That could cause a credit crunch. Overall bank lending only rose by $75 billion in the second quarter.