Underneath that high-level hand-waving there’s still a pretty simple concept. If I buy T—Bonds, I bloody well expect them to be cashed at maturity. Otherwise,

Underneath that high-level hand-waving there’s still a pretty simple concept. If I buy T—Bonds, I bloody well expect them to be cashed at maturity. Otherwise, who’d buy them? And I am under no obligation to buy goods and services from the US for the dollars received.