????消失的债券（和信贷）

????假设违约的美国债券将继续交易。但这些债券可能不只是价格下跌。它们可能会完全消失。

????美国证券业与金融市场协会（Securities Industry and Financial Markets Association）的律师罗布?图米一直关注政府债券，他表示这些违约证券如果不事先公告，不得交易。结果是这些违约债券将暂时消失。在一段时间内交易员们将无法买卖这些债券，投资者也不能拿回他们的投资。

????仅10月24日一天，美国国债市场就将消失1200亿美元。这可能造成信贷紧缩。第二季度，银行贷款额整体仅增长了750亿美元。

????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.