Another of my pet peeves. Bonds are sacred. These fine people (ha) bought these bonds to fund their retirements of golf and pederasty. They need their money...blah...blah....blah.
First things first, when you buy a bond you are loaning an entity money. It is a business decision, just like when Louie does it down at the docks. But, here is the kicker, when Louie lends money, he has the good sense to hire Guido the legbreaker to ensure prompt repayment.
Idiot individuals who buy bonds are loaning money to the big boys. The big boys have the morals of an alley cat. So, in toto, if you buy a bond from a corporation you are lending money to the most rapacious group of people in our society. If you lend money to the government, outside of a war bond, you are loaning money to an extremely eccentric uncle with a poor prior history.
So, we can safely say that any individual that holds bonds is less than sharp, and, while not deserving a schooling, shouldn't feel an immense set of moral outrage.
But the main holders of bonds are corporations and other countries. Well fuck them, haircuts for all.