baby steps to jubilee: "The Treasury owes dollars, America’s own currency (unlike Greece or Italy, whose debt is denominated in euros). So Treasury can always make payments when due — unless it is prevented from doing so by political blackmail. Notwithstanding the unprecedented credit-rating downgrade by Standard & Poor’s in 2011, no foreign lenders realistically expect us to default. If they did, they would be insisting on higher interest rates, which they aren’t."
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Our Debt, Ourselves - Robert M. Solow
www.nytimes.com
Six facts about the federal debt that many Americans need to be aware of.
http://www.nytimes.com/2013/02/28/opinion/our-debt-ourselves.html?_r=2