I think you have it backwards. You say that property rights are inherent upon an object's creation and that ownership is granted via time and effort. However, I don't think a human being has any natural right to ownership over any object through recourse to the time and effort put into it.
Your actions in day to day life do not reflect this position. Right now you are working hard towards a graduate degree. You would not do so if upon completion, I could simply assume the degree and the knowledge, leaving you with neither.
In a world where that was possible and common, you would not work towards that degree/knowledge, I would not be able to take what does not exist, and we would both be poorer for it. However, in a world of property, you may work towards things, and then trade them or the knowledge, and we are both the richer for it.
You have tried to change the logical foundation from the aspect of irreplacable personal time/life itself expended, and attempted to treat the end product as existing in a vacuum. This is irrational.
These are abstract concepts that are not inherent in an object; they can be measured, perhaps, but the object itself bears no trace of their quantity. You would say that force infringes upon property rights; but I disagree.
The object would not exist without time/labor/skill, which are most certainly not abstract. Any particular method of quantification may be arbitrary, but not what is being measured.
I would venture that property is only viable with recourse to force (either personal or governmental, i.e. calling the police because someone stole your wallet). However, since force is the lowest common denominator, and that which we (in our discussions) are trying to avoid, or transcend, this means the entire notion of property itself is derived from an illegitimate relationship. "Property" became an issue only once individuals realized they could forcibly take something from someone, and property only became legal and legitimate once government regulation attempted to enforce it. "Property," in itself, is not inherent in things. It is only actualized through an appeal to force.
"Legality" assumes government/law, and is irrelevant to rights. Negative rights exist whether they are legal or not, whether they are protected or not. Otherwise, there are no such things as rights abuses in countries that don't supposedly legally protect them.
As far as realizing things down to the level of force, I have been here before and have to acknowledge that superior force trumps all ideals/arguments/discussion. This is not debatable. It is also not philosophic, and bears no discussion. While I wax on about negative rights, you may merely kill me and walk off with your new "property". This does not mean my rights weren't violated, merely that ideas are not an immediate defense against lead and steal.
However, as I pointed out to the force proponent I met before, ideas do outlast every bully, and there is ALWAYS a bigger bully waiting to do in the lesser bully in turn. So entering force into the debate instantly nullifies all discussion and sends humanity into a race to the bottom.
zabu of nΩd;10128770 said:
Also worth pointing out that the interest rates on bonds probably has little to do with the US's creditworthiness, which begs the question of how much big lenders are rent-capturing their way to artificially higher rates.
Bond vigilantes? I see no problem with this. By pursuing a debt based economic foundation, you have already put yourself at the mercy of debt holders. This is just a byproduct of a horrible system. You play with fire, you get burnt. Also, since the US debt level is past the total annual GDP, and skyrocketing, with no revival of manufacturing/increase in raw material exports/increase in employability in sight, the US creditworthiness would have been officially trashed long ago if not for world reserve/petro status of the national currency. Currently, the nations holding the debt and dollar reserves are trying to exit as slowly as possible to try and eek out as much value as they can. No one is ready to start the run on the dollar yet.
But a commodity's cost still only reflects what others are willing to pay for it.
Only to a point. If the seller refuses to sell at the highest bid, then there is an impasse until one or the other budges. This happens at auctions often enough. A seller can always hold out for higher or new demand.