Stein's Law says that trends which can't continue don't. Since our national debt is assumed by virtually all economists to be unsustainable, and since it seems increasingly unlikely that Congress will act before it has a gun at its head, a few analysts are starting to think about when and how a debt crisis will ultimately emerge and how the government will respond.(writes Bruce Bartlett in Capital Gains).US debt is unpayable but it is not necessarily leading to a crisis. It can be solved by inflation. I read about deflation, but I cant see any. When the media talks about deflation and its horrors, it is in fact justifying the gradual loss of purchasing power of the US dollar (and all the other currencies, because they move in tandem).
Follow Up from the comments:
And the American public is gonna go, "hey, my paycheck is now worth a roll of toilet paper"?
No, it will happen gradually, like the frog acclimatizing to the slowly heating water in the pot.