(T)he US is in a superior position for a separate reason. We own the printing presses for the currency in which our debt is denominated. Furthermore, that debt just so happens to be the reserve currency of the world.I've seen this on blogs and in pundit pieces from both left and right and it reminds me of the story of the frog being slowly boiled. Up until the point where it expires, the frog feels things are just fine.
We're now at the point where people blandly talk about printing money to solve our debt problems as if that's no big deal at all.