Yes Paul, the fact that the US can never repay its debt is somewhat of a challenge. Mr Volcker who is an economic adviser to President Obama says that the European debt crisis shows the risk to the US of uncontrolled borrowing. What he doesn’t say is that the recent rise in the USD poses a major problem for the very vulnerable economy trying to stage a recovery. I’m surprised that more administration officials are not out there trying to gas-bag their currency lower. It’s a race to the bottom and the EUR and GBP have stolen a big march on their rivals.