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No, they are not actually.

Sometime around 1970 or 1980, they switched from bonds that could be bought and sold on the secondary market to bonds that are not marketable. They can only buy bonds sold by the Treasury.

Yes, and thank you for making such a fine distinction which actually has no difference. The bonds are issued by the government. They are guaranteed by the government. They are backed by the future revenues of the government. They rest solely on the faith and credit of the government.

So yes, I can see how you think they are "different", except that in no material way are they.
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