Debt doesn't need to be paid off so long as everyone believes that each
individual debtor could, in theory, be paid off.
An IOU note is as good as any other form of currency.
If that belief was lost then this financial crisis would look like the smallest
of trifling trifles.
It is unthinkable that the USA's ability in theory to pay back creditors
would be seriously questioned. After all, the US, like most countries,
has been in debt since the dawn of modern banking.
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