" It is also likely that the near junk bond status of the Federal debt, as it is retired and gets reissued, will be at so costly a higher interest rate as to render the government insolvent. "
I didn't understand this point, Could you please provide more detail? For whatever reason, the US Treasury Debt is still being bought off enthusiastically by other sovereign nations at 0.25% interest rate...So, how is it "Junk Bond Status"?