I stumbled recently onto a fascinating document that was written near the end of the Clinton administration. Basically it details and hypothesizes what would happen to the global economy if the United States to paid off the entirety of its debts (which wasn't far fetched since the Clinton administration was running a budgetary surplus if I remember correctly). What do you make of it?

http://media.npr.org/assets/img/2011/10/...erDebt.pdf