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That’s absolutely the wrong question. The question that SHOULD be asked (and answered by way of explanation to the American people) is, who OWES the national debt. Who is it that’s responsible for paying back all those bond holders that LOANED the money to FedGov? A T-Bond or T-Bill is nothing more than an IOU. In this case, the IOUs are held by the above-mentioned entities. So who is it that’s responsible for PAYING that debt? That’s the question. (The answer doesn’t go down well, but is all too painfully obvious.)