Thanks ML for your input, although we do seem at odds sometimes when it comes to other matters (dare I say it, the "P" word) I do appreciate your views and insight. I have just been doing some reflecting this week, wondering how it may be possible that we as a nation may have forgotten lessons we had learned in the past. I look around and I see a lot of things that seem to be teetering on this fence of lessons learned and lessons forgotten.
mlsoft: <"In the real world. the US government would never default on it's obligations..."> I agree. Nor would ,initially, they have to drive the value of the currency so low that repayment would be "cents" on the dollar. There are other methods. The boys over at Fed and Treasury are clever, and prepared.