> it's not just numbers on a balance sheet I think you will find that it is, actually. The only thing stopping some deux ex machina reaching down and writing n

> it's not just numbers on a balance sheet I think you will find that it is, actually. The only thing stopping some deux ex machina reaching down and writing new numbers is a desire to not mess with "the system". But what happens when the situation is such that its very existence calls "the system" into question? Japan's debt is such a situation - and the USA's, too, actually. Let's put it another way. There is no risky debt issued at 1% interest, ever. So why is this debt issued at 1%, hm? Are all parties involved simply stupid? Of course not. The whole thing is a sham. It is simply covert, deferred, inflation. The only way a government can have in-country, in-currency debt is if it chooses to. The Japanese debt will never be repaid. The USA's debt will never be repaid, for that matter. What do you think would happen if the USG tomorrow issued a statement that it was defaulting on all its debts, immediately and irrevocably? I'll tell you what would happen: nothing. At this level, debt is no longer about money, it is about fealty.