The U.S. borrows money by selling bonds. So the end of debt would mean the end of Treasury bonds.
But the U.S. has been issuing bonds for so long, and the bonds are seen as so safe, that much of the world has come to depend on them. The U.S. Treasury bond is a pillar of the global economy.
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If Treasury bonds disappeared, would the world unravel? Would it adjust somehow?
Apparently the politicians were so worried about the lack of Treasury bonds they decided to make sure such a crisis could never happen again.
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