PIC makes a claim for cash purchases of sundry items required on an emergency basis.

But when you dug into their argument, it turned out thatwhat they really meant was the second: whenever private-marketinstability threatened to cause a depression, the government couldavert it or produce a rapid recovery simply by purchasing enoughbonds for cash to flood the economy with liquidity.

Discounts are given to the winning bidder or negotiated sale offer or at the rate of 10 per cent for cash purchases and 5 per cent for purchases made through installment or housing loans.