In response to Krugman column on the last day of 2012:
Every dollar in circulation is nothing more than a certificate of a certain obligation — that someone owes something to someone else. Even getting rid of all the dollars would not negate the debts/obligations. Our obligations would just be harder to count.
So, what is the agitation over the debts really about? Nothing more than an effort to deny that dollars are debts. One is reminded of a similar effort to deny that Catholics buying indulgences involved the removal of a spiritual debt.