We all acknowledge the ballooning national debt; we have already reached the tipping point where our debt to GDP ratio now results in a contraction each time the government grows.
What has every scared out of their minds, and will result in more rounds of QE, is the derivitive bubble of $700 trillion.
Our toxic assets, guaranteed by the full faith and credit of Bernake's printing presses and the American taxpayer, were sold across the globe. Leveraging these resulted in more risky loans. It's a financial house of cards built right over a fault line.
When it comes down, it will come down hard. It will start in Europe, there will be a run on banks, and we are back in the 1930's again.
The thirties are a walk in the park compared to what is coming.