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Debt is just another asset. As long as the US dollar is the world currency nobody can afford to collect on the debt as that would only kill their own assets.

Foreign debt is much lower, interestingly Japan holds a lot of it while being very much in debt itself.
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Debt creates money, it's been that way since the gold standard was abandoned.
http://positivemoney.org/how-money-works/how-banks-create-money/