The National "Debt": Who Owns It?
The term the National Debt is a misnomer. This section will make the case that the National “Debt” is really a measure of wealth both for the nation and the world. Unlike any other debt the national debt is only secured by the promise to redeem the obligation in dollars. There are no other national assets pledged against this debt. And since the government can create dollars anytime it needs, there is never any possibility of default. Also, much of what is called debt is really the savings of Americans in the Social Security Trust Fund, Student Debt Obligations and Government Bonds. History does not support the concerns of the deficit chicken littles.