If governments do not control debt, at least in theory, though, it is very hard to remain a reserve currency. The definition of a reserve currency is one you ca

If governments do not control debt, at least in theory, though, it is very hard to remain a reserve currency. The definition of a reserve currency is one you can have confidence in, one that will be managed well. If we decided we were not going to do that anymore, we'd stop being a reserve currency. It seems like the kind of policy that you can flirt with occasionally, but not embrace or actually use. You can get forgiveness for periods of justifiably high deficit spending in a Keynesian model, but if you tell people that you don't think you'll ever need to pay it back...well, they'll try to sell those debts real quick.