Question: During the Burgfriedenspolitik, the SPD voted for debt securities that finance what?
Context: A corporate action is an event initiated by a public company that affects the securities (equity or debt) issued by the company.  Some corporate actions such as a dividend (for equity securities) or coupon payment (for debt securities) may have a direct financial impact on the shareholders or bondholders; another example is a call (early redemption) of a debt security.  Other corporate actions such as stock split may have an indirect impact, as the increased liquidity of shares may cause the price of the stock to decrease. Distressed securities are securities over companies or government entities that are experiencing financial or operational distress, default, or are under bankruptcy.  As far as debt securities, this is called distressed debt.  Purchasing or holding such distressed-debt creates significant risk due to the possibility that bankruptcy may render such securities worthless (zero recovery). Security analysis is the analysis of tradeable financial instruments called securities.  These are usually classified into debt securities, equities, or some hybrid of the two.  Tradeable credit derivatives are also securities.  Commodities or futures contracts are not securities.  They are distinguished from securities by the fact that their performance is not dependent on the management or activities of an outside or third party.  Options on these contracts are however considered securities, since performance is now dependent on the activities of a third party.  The definition of what is and what is not a security comes directly from the language of a United States Supreme Court decision in the case of SEC v. W. J. Howey Co..  Security analysis is typically divided into fundamental analysis, which relies upon the examination of fundamental business factors such as financial statements, and technical analysis, which focuses upon price trends and momentum.  Quantitative analysis may use indicators from both areas. Farm Credit Bank of Texas is a federated cooperative owned by the local Farm Credit association cooperatives, which directly finance rural real estate, agricultural production, country homes and agribusiness firms.  Together with the other three banks of the Farm Credit System (AgFirst Farm Credit Bank, Columbia, South Carolina; AgriBank FCB, St. Paul, Minnesota; and CoBank, ACB, Denver, Colorado), the bank generates funds from the issuance of debt securities in the national and international financial markets through the Federal Farm Credit Banks Funding Corporation, a joint subsidiary of the banks of the Farm Credit System.  These debt securities are the joint and several liabilities of the banks of the Farm Credit System and are neither guaranteed by the federal government nor backed by the full faith and credit of the federal government.  The Farm Credit Insurance Fund is available to protect investors in Farm Credit System debt securities. War bonds are debt securities issued by a government to finance military operations and other expenditure in times of war. Rediscount is the act of discounting a short-term negotiable debt instrument for a second time.  Banks may rediscount these short-term debt securities to assist the movement of a market that has a high demand for loans.  When there is low liquidity in the market, banks can generate cash by rediscounting short-term securities. The National Settlement Depository (NSD) – is a Russian non-bank financial institution, central securities depository, and professional securities market participant engaged in depository business.  NSD is a member of the Moscow Exchange Group and provides depository, settlement (bank account), and related services to financial market players.  NSD is the central securities depository (CSD) of the Russian Federation, whose services cover both securities listed in Russian Federal Law No. 414-FZ dated 7 December 2011 "On the Central Securities Depository", and other Russian and foreign equity and debt securities.  NSD was assigned the CSD status by the Russian Federal Financial Markets Service by Order No. 12-2761/pz-i dated 6 November 2012.  NSD is the largest securities depository in Russia by market value of equity and debt securities held in custody.  NSD is headquartered in Moscow. Burgfriedenspolitik (] )—literally "castle peace politics" but more accurately a political policy of "party truce" — is a German term used for the political truce the Social Democratic Party of Germany and the other political parties agreed to during World War I.  The trade unions refrained from striking, the SPD voted for war credits in the Reichstag and the parties agreed not to criticize the government and its war.  There were several reasons for the "Burgfrieden" politics: the Social Democrats believed it was their patriotic duty to support the government in war; they were afraid of government repression should they protest against the war; they feared living under an autocratic Russian Czar more than the German constitutional monarchy and its Kaiser; and they hoped to achieve political reforms after the war, including the abrogation of the inequitable three-class voting system, by cooperating with the government. Refunding occurs when an entity that has issued callable bonds calls those debt securities from the debt holders "with the express purpose" of reissuing new debt at a lower coupon rate.  In essence, the issue of new, lower-interest debt allows the company to prematurely refund the older, higher-interest debt. The Trust Indenture Act of 1939 (TIA), codified at , supplements the Securities Act of 1933 in the case of the distribution of debt securities in the United States.  Generally speaking, the TIA requires the appointment of a suitably independent and qualified trustee to act for the benefit of the holders of the securities, and specifies various substantive provisions for the trust indenture that must be entered into by the issuer and the trustee.  The TIA is administered by the US Securities and Exchange Commission (SEC), which has made various regulations under the act.
Answer: military operations