Along with that piece of paper is a promissory not to pay it back with interest and often other countries purchased those notes. Had you not heard that China was the largest holder of US debt. When they monetized the deficit, they skipped the sale of the treasury notes and just printed more money.
“When they monetized the deficit, they skipped the sale of the treasury notes and just printed more money.”
Really? Read the link I posted @26. That will give you an a good understanding. A lot of what you are saying simply isn’t true.